Would you believe that about 80% of U.S. businesses are likely to suffer a data breach within 12 months? This is according to a report published by Insurance Business America. While most of the associated costs typically come to less than $1 million, there’s a 5% change the breach will cost the company $20 million or more. This could easily be a financially devastating incident to any of your clients, which is why it’s important to be protected with the right Privacy..
Most retail insurance agents and brokers understand the shift that has occurred in the professional liability market; societal changes, increased online activity, and economic factors have all been driving change in the arena. Agents that understand how to respond to these changes could increase their value to clients in addition to boosting revenue for their insurance firms. So just how can agents break into the increasingly challenging Professional Liability Market?
With the progressively growing pressure to remain relevant in this market, it’s important..
The House recently passed the Cybersecurity Information Sharing Act of 2015 (CISA), a bill designed to encourage the sharing of data between private companies and the government, in order to prevent and respond to cybersecurity threats. Opponents of the bill, however, protested early on that this would create a legal framework for companies to more closely monitor web users and share that data with government agencies.
The growing number of information security and hacking incidents certainly stress the importance of improving U.S. cybersecurity..
In recent months, EEOC-initiated litigation has been a hot topic, with many legal experts and insurance professionals warning that as we progress into 2015, employers will only see an increase in EEOC claims if they are not careful. In 2014, claims of discrimination was the leading cause of EEOC- initiated lawsuits against businesses, according to a report published by legal firm Seyfarth Shaw LLP. In addition to ensuring their businesses are financially protected with the right EPLI Policies as well as Professional Liability coverage, it’s..
Back in January, AccountingWeb published an article that revealed the top concerns for accountants going into 2015, according to a survey conducted by the Hinge Research Institute. In a survey of 530 professional services firms across a wide range of industries, their research concluded the following top 5 business challenges for the year:
- Attracting & Developing New Business
- Finding & Keeping Good People
- Leadership & Internal Change Issues
- Technology Issues
- Dealing with Client Demands & Expectations
As we progress into 2015, are your accountant clients still sharing these same..
No matter what industry your clients work in, they could certainly expose themselves to Employment Practices Liabilities if they are not careful. Even your Non-Profit clients could find themselves exposed to risks for the misuse of interns and/or volunteers. Organizations can of course benefit from free labor, which may be the reason many companies decide to take them on, however plaintiff attorneys and government agencies in the employment practices arena are cracking down on these practices.
As stated in an article published..
We’ve discussed cyber liability, Privacy and Network Security, and how cyber-attacks can happen to any class of business. However, for your clients, just knowing they are susceptible and need financial protection should a data breach occur is a lot different than actually doing something beforehand. While there are certainly cases of data breaches and cyber hacks that could not have possibly been predicted or prevented, there are best practices that your clients could follow.
For example, all employers should invest in the latest cyber..
A profession, in its most general term, is a “calling requiring specialized knowledge and often long and intensive academic preparation.” When it comes to determining your client’s Professional Liability Insurance Coverage needs, however, this term needs to be less vague, as the rules of professional liability vary from state to state. For example, when it comes to medical malpractice, doctors and other healthcare providers are held to a certain standard of care; however the exact definition of this will be different..
Mike Shea, contributing writer of The Legal Examiner, recently took a look at the global market for lawyer’s professional liability insurance. His findings included evidence that the “hard market” is coming, however he notes that there’s only been isolated areas across specific areas of practice that have experienced such hardening. As an agent or broker with lawyer and attorney clients, it’s imperative that you always remain aware of the current state of the Attorney Professional Liability Insurance market.
Shea states that..
Do you know what the most common property and liability claims faced by your small business clients are? As a Professional Liability Insurance Agent, it’s important to be aware of what the top liability claims are, as well as their costs. For example, according to an analysis of The Hartford’s small business claims, 4 out of 10 small businesses are likely to experience a property or general liability claim within the next 10 years.
While the most common claims are burglary and theft, the..
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