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 

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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 

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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 

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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┬ásurgeon removes too little, too much, or the wrong tissue. A hair stylist misuses chemicals and burns the client. A┬ácomputer consultant provides incompatible software, causing damage Some examples of actual, but 

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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 

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