Cyber Crimes

Cyber crime has grown into a massive expense for businesses and organizations around the world. According to a recent report by Allianz Global Corporate & Specialty, it costs the global economy an estimated $445 billion annually. It costs the world’s four largest economies – the US, China, Japan and Germany – more than $200 billion. And the cost is expected to grow. Because businesses are increasingly interconnected across the globe and cyber crime has become highly profitable, the frequency and severity of attacks has grown rapidly. To combat this, Asian and European governments are following the lead of the US in implementing strict data protection laws. Proposed laws call for harsh fines for data breaches. An increasing concern is business 

Read more

Workers Compensation Experience Rating

How does safety pay dividends to the business owner? Time and resources spent on developing a culture of safety repays the business in the long run. Safety cultures rely on reducing the number of workers compensation claims, in return, the odds of a disastrous claim are reduced. Business owners with workers’ compensation experience modifications above 1.25 need to review their safety policies with professionals. It is possible one year or even one claim causes this situation; but it should not be ignored. Discover and repair the root cause. MOD A 1.01 to 1.25 modification indicates worse than average experience. State rates can be less than adequate for a short period of time. The actuarial or mathematical calculations just incorrectly reflect 

Read more

Caution: The Car You Want To Buy May Have Been Flooded

A car that has survived a flood can be a major repair waiting to happen. Water, particularly salt water, can have major effects on a car, depending on how deeply it was submerged and for how long. According to a new study, these cars are becoming more prevalent. The study, by vehicle history expert Carfax, found that the number of cars on the road with a reported history of flood damage rose 30 percent from 2013 to 2016, to a total of 271,000. More than a third of these vehicles are in four states – Texas, Pennsylvania, Florida and Kentucky – though every state has some. The number has been rising as powerful storms have become more frequent. The Federal 

Read more

Errors and Omissions Insurance

Professional liability insurance funds losses caused by errors or omissions in the rendering of services. What does this mean? Professionals are human and errors do occur. In medicine and science, the client benefits from the best course of action suggested by an experienced practitioner at the time the service is rendered. The best course of action, though, has some risk of failure. It is wise to cover this potential. Professional liability claims An attorney misses a filing date for a lawsuit and the client loses the right to sue a surgeon removes too little, too much, or the wrong tissue. A hair stylist misuses chemicals and burns the client. A computer consultant provides incompatible software, causing damage Some examples of actual, but 

Read more

Do I Need Flood Insurance?

Almost everyone has a risk of being flooded, regardless of where they live. According to the U.S. Federal Emergency Management Agency, more than 20 percent of all flood insurance claims come from areas outside of high-risk flood zones. That still means the vast majority come from high-risk areas. How can a property owner find out what his flood risk is? FEMA FEMA considers a property to be at high risk of flood if there is at least a one-in-four chance of flooding during the life of a 30-year mortgage. Geographic areas with this risk are known as special flood hazard areas (SFHA). Federal regulations require federally regulated or insured mortgage lenders to confirm that mortgaged properties in these areas carry 

Read more

Insuring, Protecting Your Wine Collection

Are you a wine aficionado? Do you have a collection of fine and rare wines? If you fit the bill, you are surely storing the wine properly. But what if you had a major power outage in the summer that lasted for days and your collection simmered in the high heat? What if a hurricane, tornado or earthquake struck, breaking hundreds of bottles of wine in the process? Although broken thermostats and electrical power outages may not be avoidable, there are still risk management measures that can be put in place to help prevent or reduce the loss. While there are a number of measures you can take to protect your wine, in the end, your best efforts could be 

Read more

Cyber Insurance and Why Your Business Needs It

If you’re reading this blog, you’re concerned about protecting your business from cyber attacks and you should be. Cyber liability is no longer nice to have. It is a must have for businesses. Many businesses do not understand just how important cyber insurance is or why they need it. One of the most common targets for cyber thieves is big law firms. Experts say that these firms have large amounts of the personal data that cyber criminals want. In addition to this, large firms typically store plenty of corporate data, trade secrets and other protected information. What Does Cyber Insurance Cover? There are several inclusions in a cyber insurance policy. Any business that stores trade secrets and protected personal information 

Read more

Insuring Your Home – Replacement Cost vs. Market Value

Unfortunately, disaster can strike at any time. No one is immune to the threat of losing his or her home due to any number of possible hazards. But a recent survey found that most homeowners are seriously underinsured.  Marshall & Swift/Boekh, a leading insurance data services company, found  that 66 percent of homeowners had inadequate coverage by an average of 18 percent. That works out to $36,000 for a typical $200,000 home. While few people would willingly choose a policy with a $36,000 deductible, that is the net result of being underinsured by that much on what may well be their most valuable asset. Market Value vs. Replacement Cost The market value of what your home would sell for today 

Read more

What Renters Need To Know About Insurance

Since most homeowners are also mortgage holders, they are required to have home insurance. However, most renters are not required to purchase renter’s insurance according to the terms of a lease. They face many of the same risks as homeowners. Although renters do not have to pay for the actual structure that is rented, they are responsible for covering their personal belongings that they bring into the structure. Most renters do not purchase insurance because they feel that it is too expensive. Average policies range between $10 and $30 per month. In comparison with the cost of replacing expensive belongings, the monthly premium is a good deal. This is especially true since renters have no control over the actions of 

Read more

General Liability vs. Professional Liability Insurance

A consultant recommends that a client purchase and implement software to automate certain manufacturing processes. An update to the software causes it to crash repeatedly, forcing the client to shut down its production lines for 10 days until a fix is available. The client sues the consultant for giving bad advice. A new commercial building develops a roof leak following heavy rains. An investigation shows that the roof structure is insufficient for handling torrential rains common to the area. The owner sues the architect over the design error. An accountant performing an audit for a town government does not notice a questionable pattern of expenditures. Later, it is discovered that an employee in the town clerk’s office embezzled more than 

Read more