Data breaches are becoming increasingly popular in today’s highly digitized society. While most consider the financial effects of these cyber-attacks, it is also critical to examine the potential reputational damage a company can endure. Protecting and repairing a company's reputation goes beyond a standard Privacy and Network Security policy; it requires constant due diligence and follow-up on updating security measures.
According to the Better Business Bureau, each data breach victim loses an average of $6,300 and 40 hours of repair time due to..
Professional service businesses rely on the quality of work they provide to their customers in order to thrive. Regardless of the service type, the people who provide the amenity are the backbone to the industry. Because poor project management can cause clients and revenue to be lost, it is important to acknowledge the popular mistakes that are commonly made and how to avoid them. While preparing a business for potential mishaps, be sure your clients’ Professional Liability Insurance Risks are managed.
Miscommunication with Clients- According..
While data breaches have historically been deemed a cyber-risk liability, more and more chief information officers (CIO) are being prosecuted for damages related to these breaches. Due to the increased threat of liability as a result of cyber-attacks, remind your customers of the Directors and Officers Insurance Risks involved in your client’s coverage.
The recent lawsuit against CIO of the US Office of Personnel Management Donna Seymour is serving as a platform for transferring liability from cyber insurance to directors and officers..
Over the past several years, there has been a steady increase in malpractice claims against attorneys. While these figures continue to increase each year, some resulting in immense damage loss, it is crucial to protect your clients with a Professional Liability for Attorneys policy.
A survey by Ames & Gough indicated the trend of malpractice suits by polling nine professional liability lawyers at insurance companies that provide coverage to an estimated 80 percent of the top law firms. The survey discovered that five insurers experienced similar..
Cyber risks are more prevalent than ever in today’s digitized society. What was once categorized as an IT issue in this industry, cyber-attacks are becoming more of a focal point for accountants and board members alike. As these exposures are becoming more and more of a threat, your clients need to review their Accountant Privacy & Network Security to ensure they have the protection they need.
According to the Institute of Interamerican Accounting Association (IAA) survey “Pulse of the Profession,” 65 percent of almost 1,900..
Perhaps one of the largest Insurance Acquisitions this year, ACE Limited board of directors has approved the acquisition of The Chubb Corp. for $28.3 billion in stock and cash, also approved by the Chubb board of directors. The two firms agree that this merger will result in complementary business, skills and distribution, plus better growth and earnings than the two companies separately.
The combined company, using the Chubb name and location, had total shareholders’ equity of almost $46 billion and cash, investments and..
Commercial crime can come in many forms; your clients may be the victim of a data breach, or even internal employee theft. In addition to ensuring they are financially protected with an adequate Commercial Crime Insurance Policy, they may also be utilizing another insurance policy, their Employment Practices Liability policy. How could a company director be held liable for an employment practices issue..
Financial Institution Directors have many risk management considerations to make when it comes to protecting their business and the finances of their clients. This starts with identifying what their biggest threats are. According to the Federal Trade Commission, 10 million identity theft incidents occur every year, leaving the victims at risk of losing money and sensitive information.
Large data breaches have topped headlines nationwide, however 30% of all cyber-attacks are targeted at small businesses, including financial institutions. One..
Insurance broker Ames & Gough recently released a report that revealed a large majority of Architect and Engineer insurers are anticipating modest increases in premium rates this year. This will make 2015 the third consecutive year that Architect Liability premiums have risen. Why is this?
According to a recent Insurance Journal article, insurers are keeping a close eye on the factors that are driving up claims costs, and thus increasing premiums. While claim frequency remains relatively unchanged, the..
The Affordable Care Act (ACA) has seen more than 50 repeal attempts since its implementation; both from the house and senate. A recent Supreme Court case, the 2012 NIFIB V Seleblius upheld the rules and regulations set forth by the ACA, despite the heavy opposition at the time. However, a new Supreme Court case has come to light; the 2015 King V Burwell case. While many expect it to still rule in favor of the ACA, business owners and risk..
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