Cybersecurity Insurance is More Important Than Ever
Cybersecurity threats are one of the largest concerns for businesses across all industries. As technology advances, so do the methods used by cybercriminals looking to exploit vulnerabilities. Whether it’s a hospital protecting patient records, a financial institution securing client transactions, or a nonprofit maintaining donor data, organizations must take proactive steps to ensure data protection, […]
Add-on Coverages You May Need to Supplement Your Basic Liability Policy
A Commercial General Liability (CGL) policy forms the foundation of a business’s insurance coverage by addressing basic third-party risks. However, businesses often face additional exposures that require specialized policies to expand upon the Commercial General Liability protections. Here’s a breakdown of key policies businesses might consider to create a comprehensive risk management strategy: Property Insurance […]
How New Building Codes In Certain States Are Saving Lives and Dollars – When Implemented
Last spring, the Federal Emergency Management Agency (FEMA) issued a stern warning to southwest Florida communities still reeling from Hurricane Ian’s devastation in 2022. FEMA announced that some areas risked losing their community-wide discounts on federal flood insurance due to violations related to improper rebuilding in designated flood zones. This lead to new building codes […]
Crisis Management: Protect Your Reputation
Many events can damage an organization’s reputation: a financial scandal, a highly publicized discrimination case, a product malfunction, and more. Part I: A lesson from Boeing “Quality Escape”Following an incident earlier this year when part of a plane’s door blew off during an Alaska Airlines flight. Boeing’s CEO Dave Calhoun referred to the cause as […]
The Difference Between Professional Liability and Errors & Omissions
What do an ice sculptor and a real estate agent have in common? Both may need insurance to protect against errors in their services, typically in the form of Errors & Omissions (E&O) coverage. Standard commercial general liability insurance does not cover professional liability. So professions like doctors and attorneys carry malpractice insurance to protect […]
Cybersecurity Coverage Components To Help Mitigate a “CrowdStrike” Outage
The CrowdStrike outage, significant though it was, could have been much more severe if it had been the result of malicious intent. It might even been the largest IT outage in history that was due to a bad software update from CrowdStrike. The event underscores how critical it is for companies to carry comprehensive cybersecurity […]
Does Your Business Need Flood Insurance?
A standard commercial policy typically does not cover damage due to flooding, including hurricane storm surge flooding. Natural disasters can be devastating to businesses. While damage caused by some natural events—such as lightning or wind—is usually covered by commercial property insurance, you need a special policy to protect against flood damage. This Q&A from the […]
How to Create a Risk Management Plan
When we think of risk, the first thing that usually comes to mind is insurance. But insurance is just one component of a sound risk management plan. A risk management plan includes insurance, plus all the other strategies you need for dealing with the risks associated with your business or organization. The following steps outline […]
Good News, Bad News on Electric Vehicles
According to a report by Mitchell, there are positives and negatives when comparing Electric Vehicles (EVs) and Internal Combustion Engine Vehicles (ICEs). In Q1 2024 electric vehicle (EV) repairable claims frequency rose to 2.26% in the United States and 3.41% in Canada according to the report. That is an increase of approximately 40% and 38% […]
Billboard Attorneys Are Driving Up Insurance Rates
Excessive litigation is compounding the problem of rising auto insurance costs, according to a new report by the Insurance Information Institute. Legal System Abuse – State of the Risk examines the tactics used to initiate more lawsuits, to drive up a defendant’s litigation expenses and settlement payouts, and to secure outsized monetary awards after jury […]