Tank Commercial Insurance Brokers

03/05/2025

In 2024, cyber insurance rates started leveling off after years of sharp increases. But don’t get too comfortable—the trend is shifting again. According to Business Insurance, 58% of cyber insurers expect risks to increase, signaling that premium hikes aren’t going away anytime soon.

Here’s what that means for business owners who don’t yet have coverage:
🚨 New policies are seeing steeper rate increases than renewals.
🚨 The longer you wait, the more expensive it will be to get insured.
🚨 Carriers are tightening underwriting—meaning qualifying for coverage will get harder over time.

If your business handles sensitive data, relies on digital operations, or works with third-party vendors, cyber insurance isn’t optional—it’s essential. The best time to secure coverage? Yesterday. The second-best time? Right now.

Don't wait until premiums surge again. Let’s find a cyber policy that protects your business before rates climb even higher.

03/03/2025

There can be a domino effect when using third-party vendors to support your business. Mark had built his financial services firm from the ground up. He had top-tier cybersecurity in place—firewalls, multi-factor authentication, regular employee training. He thought his business was secure.

Then, one morning, a frantic client called. Their sensitive data had been leaked. Mark was blindsided. After a deep dive, he discovered the breach didn’t start with him—it came from a trusted third-party vendor who handled his document storage.

Unfortunately, Mark’s story isn’t unique. According to Resilience, ransomware remained the top cause of loss in 2024, with 43% of incurred claims involving first-party ransomware incidents and another 18% involving ransomware attacks targeting vendors. With third-party risk driving a growing share of cyber insurance claims, businesses can no longer afford to treat vendor vulnerabilities as someone else’s problem.

🔹 Lesson learned? Your security is only as strong as your weakest link.
🔹 Risk management move? Vet your vendors, require strong cybersecurity measures, and make sure your cyber insurance policy accounts for third-party risks.

Is your business protected from the risks you don’t see coming? Let’s talk.

02/26/2025

As we close out Black History Month, we celebrate Tonya Washington, a trailblazer whose resilience is reshaping the property and casualty insurance space. Her journey is a powerful reminder of why representation matters—not just in leadership but in the way businesses serve distinctive communities.

Early in her career, Tonya faced direct and painful barriers. She was once told outright, “I just don’t see you going anywhere in this company as an African American woman.” But instead of letting those words define her, she pushed forward, breaking through industry ceilings and proving that different perspectives drive real business success.

Tonya’s career trajectory demonstrates why having dissimilar voices at the table isn’t just about objectivity—it’s about innovation, comprehensiveness, and profitability. When companies embrace expanded perspectives in leadership, they create better products, serve broader markets, and ultimately drive stronger business outcomes.

Her story is a call to action: Who’s missing from your boardroom? Who’s not being considered for leadership? And how can we all work toward a more inclusive and equitable industry?

Representation isn’t just important—it’s essential. Because when opportunities are truly open to all, businesses thrive, communities grow, and the entire industry becomes stronger.

02/25/2025

Small Business Owners: Have You Assessed Your Risks?

Running a business is exciting—but have you considered the risks that could threaten your success? A preliminary risk assessment helps you identify potential pitfalls, both insurable and uninsurable, so you can protect what you’ve built.

✅ Common Business Risks:

Property Damage: Fire, storms, or theft (Insurable ✅)

Liability Claims: Injuries on your premises or lawsuits (Insurable ✅)

Cyber Attacks: Data breaches & phishing scams (Insurable ✅)

Operational Disruptions: Supply chain issues, staff shortages (Often Uninsurable ❌)

Reputation Damage: Negative reviews, PR crises (Often Uninsurable ❌)

How to Mitigate Risks:
- Insurance – Protect against financial losses with the right coverage.
- Contracts & Policies – Solid agreements & clear terms help prevent disputes.
- Security Measures – Cybersecurity, safety protocols, and data protection.
- Contingency Planning – Backup suppliers, alternative revenue streams, and crisis response plans.

Action Step: Take 10 minutes today to list 3 risks your business faces. Then, ask yourself: Can I insure this? If not, how can I reduce the impact?

Need help structuring your risk management plan? Let’s chat!

02/19/2025

Meet Dr. Leroy D. Nunery II, a powerhouse in the insurance space, best known for his groundbreaking study, The Journey of African American Insurance Professionals: Past and Present, commissioned by Marsh Companies. His work has become an industry standard, shedding light on the experiences of Black professionals in insurance and driving meaningful change in multiformity, equity, and inclusion.

As the Executive Diversity Consultant for the Independent Insurance Agents and Brokers Association (IIABA) and a leader in the Women in Insurance Initiative, Dr. Nunery is actively shaping a more inclusive future for the industry. His impact is undeniable, and we’re thrilled to honor his contributions!

💡 Drop a comment and let us know: What does representation in insurance mean to you?

02/17/2025

02/14/2025

💘 Valentine’s Day & Business Insurance—An Unexpected Love Story! 💘

Did you know Valentine’s Day can impact business insurance? From jewelers to florists and restaurants, businesses see a surge in demand—but also in risks!

💎 Jewelry Stores: Higher sales mean increased theft risks—is your coverage up to date?
🌹 Florists & Gift Shops: Supply chain delays and damaged goods can lead to lost revenue—does your policy cover disruptions?
🍽️ Restaurants: More reservations mean more liability risks—are you prepared for slips, falls, or even food-related claims?

This holiday isn’t just about love—it’s about protecting your business from potential heartbreak! 💔

💬 Is your business covered for peak seasons? Give Tank Commercial Insurance a call, and let’s talk!

02/12/2025

Today, we're celebrating a living legend in the P&C insurance space—Roosevelt Haywood III! 🎉💼

As the founder of Haywood & Fleming Associates, Roosevelt Haywood III has been a game-changer in the insurance industry, paving the way for minority-owned businesses and championing diversity in risk management. His dedication to empowering businesses with the right coverage has made a lasting impact, proving that representation matters in every corner of the industry.

Join us in honoring his contributions and leadership! 🙌🏾

02/11/2025

New U.S. tariffs don’t just affect trade—they can have a ripple effect on insurance costs for small businesses. Here’s how:

📈 Rising Costs of Goods & Materials → Higher replacement costs for insured assets (e.g., equipment, inventory, and supplies).
💰 Increased Claims Payouts → Insurers may face larger claim settlements due to inflated repair/replacement costs.
📊 Higher Insurance Premiums → Carriers adjust rates to compensate for increased claims and economic uncertainty.

🚨 Mitigation Strategy: Diversify Your Supply Chain & Review Coverage

- Explore domestic suppliers or alternative international sources to reduce dependence on tariff-affected goods.
- Conduct an insurance review with your broker to ensure your coverage accounts for rising costs and potential policy gaps.

A strong risk management strategy helps small businesses stay resilient in an unpredictable global economy. Don’t wait—start preparing today!

02/10/2025

Climate change continues to be a top ranking concern for most risk managers, and the issue poses significant challenges for small businesses in Virginia, including:

Increased Heat: Rising temperatures can lead to higher energy costs and affect employee health.

Heavy Precipitation: More frequent intense rainfall can cause flooding, disrupting operations, and damaging property.

Drought: Extended dry periods can strain water resources, impacting businesses that rely on water.

These risks are highlighted in the 18th Annual Emerging Risk Survey, emphasizing the need for proactive planning.

As a small business owner, here's a mitigation strategy you can put in place today to protect your business from the negative implications of climate change.

Develop a comprehensive Business Continuity Plan that addresses climate-related disruptions. This plan should include:

Risk assessments specific to your location and industry.

Emergency response procedures.

Communication strategies for stakeholders.

Plans for alternative operations or supply chains.

By implementing such a plan, your business can better withstand climate challenges and ensure long-term resilience.