Ten Cybersecurity Tips for Small Businesses

Kimberly WarnerBusiness Insurance, Insurance

This information is from the FCC’s Cybersecurity Hub. Broadband and information technology are powerful tools for small businesses to reach new markets and increase sales and productivity. However, cybersecurity threats are real and businesses must implement the best tools and tactics to protect themselves, their customers, and their data. Visit www.fcc.gov/cyberplanner to create a free customized Cyber Security Planning guide for your small business and visit www.dhs.gov/stopthinkconnect to download resources on cyber security awareness for your business. Ten key cybersecurity tips to protect your small business.  

Mind the Insurance Gap

Mary LyonsBusiness Insurance, Health Benefits, Insurance, Voluntary Benefits

Is your business unprotected? “Of course not,” you probably say. But how sure are you? Almost 40% of small companies would likely go out of business if the business owner unexpectedly died, according to a new report, the New York Life Small Business Insurance Gap. Tell me more >>> If you would like more information about protecting your business, contact Mary Lyons, GBA, Insurance and Benefits Sales Consultant, Health Benefit Solutions.

Data Breach Preparedness: Critical Risk Management Priority for Small and Mid-sized Businesses

Amy MitchellBusiness Insurance, Insurance, News, Risk Management

After hearing a lot lately about big companies suffering data breaches, it is important to remember that, according to inc.com, half of all cyberattacks target small to mid-sized businesses (SMBs). Based on a 2016 State of SMB Cybersecurity Report, CNBC reported that in the prior 12 months half of all SMBs in the U.S. had been hacked. Read the full article >>>

Why Small Business Owners Shouldn’t Underestimate the Risk of Power Outages

Kimberly WarnerBusiness Insurance, Insurance, News

By Alexander Huls for The Hartford When the electricity goes out at home, it’s often a simple inconvenience. Usually you can remedy this temporary situation with a flashlight and a good book or some board games. But for small business owners, the cost of power outages due to bad weather, accidents, or construction, can be severe – especially if they don’t have business insurance. Tell me more >>> If you have questions about protecting your small business during a power outage, contact Kimberly Warner, Small Business Solutions, Murray.

Executive Liability Insurance for ESOP Companies and Their Executives

Jeff GelburdBusiness Insurance, ESOP, Insurance

The ESOP (Employee Stock Ownership Plan) Association’s endorsed Executive Liability Insurance Program allows its members to purchase insurance protection in the areas of (i) Directors and Officers Liability, (ii) Fiduciary Liability, (iii) Employment Practices Liability and (iv) Crime. Additional coverages are now available such as Cyber Liability Insurance on a group basis thereby providing members with more competitive policy premiums and coverage terms than if they were purchasing this protection by themselves in the traditional marketplace. The program is underwritten for Association members on an exclusive basis by Great American Insurance Company and is endorsed by the Association. Shared Vs. Separate Policy Limits Typically, the D&O, Fiduciary and EPL coverages can be purchased under one policy. The criteria of corporate …

Coverage for Data Breaches – What You Should Know

Jeff GelburdBusiness Insurance, Insurance, Risk Management

A data breach is a loss involving theft, accidental release or accidental publication of Personally Identifiable Information (PII) or Protected Health Information (PHI). It includes social security numbers, bank account, credit or debit numbers, driver’s license numbers, PIN numbers, medical diagnosis, patient history and medications and other private information defined by state or federal law. Data breaches can occur in various ways: Unauthorized access, such as by former employees, vendors or hackers. Stolen or lost paper files, or shipped documents failing to arrive at their proper destination. Mailing, faxing or emailing documents with one person’s PII to the wrong person. Computer system hacked by virus, Trojan horse or improper security. Stolen or lost laptop, computer disks, USB flash drives, portable hard …

Workers’ Compensation Affected by Recent Pennsylvania Supreme Court Decision

Jill RootBusiness Insurance, Insurance, Third Party Claim Administration

A recent Pennsylvania Supreme Court decision, Protz v. WCAB (Derry Area School District), stated the American Medical Association (AMA) guide for evaluating permanent impairment to an injured worker is unconstitutional. Since 1996 Impairment Rating Evaluations (IREs) were used in the management of Workers’ Compensation claims to cap the indemnity exposure on certain claims in which an injured worker was paid Total Temporary Disability (TTD) Benefits for 104 weeks. An IRE could be performed, and if the results were below 50% whole person impairment per the most recent edition of the AMA Impairment Guidelines, then the Injured Worker’s disability status would change from total to partial and the Injured Worker, at most, would only be entitled to 500 remaining weeks of …

Is Everyone on Your Team Using the Same Cybersecurity Playbook?

Amy MitchellBusiness Insurance, Insurance, Risk Management

According to an article on the website, “Leader’s Edge”…Everyone is concerned about cybersecurity, but are key players on the same page about how to protect your company and its customers? Evidently not. A survey by BAE Systems shows that C-suite-level managers and their top IT people often have different ideas about what the cost of a cyber attack on their company would be and who would largely be to blame, top executives or the IT team, Computerworld reports.   Read the full article >>> For more information, email Amy Mitchell, CIC, CISR, Vice President, Commercial Solutions.

Executive Liability Insurance: What to Expect in 2017 and Beyond

Jeff GelburdBusiness Insurance, ESOP, Insurance

ESOP companies should be aware of several important changes that are taking place in the markets for Directors & Officers (D&O) Insurance and Fiduciary Liability Insurance. Here is a quick summary of important trends: Premium increases have leveled off. For the past several years, renewal premiums on existing policies had been on the rise. However, for the past several quarters premiums have not been rising, and we expect them to remain level for the remainder of 2017 for accounts that are claim free and in good financial standing. Minimum premiums for D&O and Fiduciary type policies generally start at $5,500 for a $1,000,000 limit of liability. Broader protection is available on most policies. Insurers have been expanding their coverage, and …