Last year, we published a post highlighting some of the reasons that Directors and Officers Insurance for private companies. Some of the reasons we cited were; providing financial protection from lawsuits due to bankruptcy, regulatory exposures, mergers and acquisitions, and new directors. These are not the only reasons it’s important for private companies to carry directors and officers coverage, however. D&O Insurance coverage serves various goals for privately held companies, even small ones.
One of the goals..
For your clients in the financial sector, mistakes are rare and costly. They could also damage the reputation of the financial institution they work for. Still though, even though mistakes are rare, they do happen. Nobody is immune to errors and omissions, and your financial sector clients are no exception.
Banks and other financial institutions are increasingly facing pressure to comply with regulatory mandates, strengthen balance sheets, and meet high customer demands. Accomplishing each of these objectives puts..
When Colorado enacted Amendment 64 to Article 18 of the state’s constitution in order to legalize marijuana, a provision was included that specifically stated the law does not require employers to permit or accommodate marijuana use and does not affect the ability of employers to have policies restricting the use of marijuana. Not only do Colorado employers need be aware of this, but employers nationwide should pay attention, as it’s likely that other states will see this legalization happen sooner or..
Privacy and Network Security: Get Ahead of Cybercrime
Earlier this week, we looked at what it takes to create an effective cyber security protection strategy, and what the common roadblocks are facing companies when it comes to cyber security. Now we will look at what can be done about all of this. Experts claim that an organizations’ cyber security response falls into three particular stages; activating, adapting, and anticipating. The goal throughout these stages is for organizations to implement increasingly advanced cyber-security measures.
In our previous post, we discussed the importance of creating an effective cyber security strategy, citing factors that present the biggest challenges to business owners nowadays. Of course, when creating any type of security strategy, there will be challenges. A recent report revealed the most common cyber and network security roadblocks facing companies today. Understanding these roadblocks is the first step in successfully getting ahead of cybercrime.
Roadblock 1: Respondents of an EY study stated that they realize..
With the growth of the digital and technological world, cyber threats have continuously multiplied, and show no signs of slowing down. According to experts from EY, in order to get ahead and stay ahead of cybercrime, it’s important to anticipate cyber-attacks. In EY’s 17th Global Information Security Survey (GISS) this year, risk managers focused on how well organizations are managing cyber threats and what they need to do if they are to get ahead of today’s cyber..
No matter what industry your small business clients work in, it is necessary to regularly evaluate the effectiveness of their internal controls. Doing so will help these companies and small businesses obtain reliable financial reporting which will help to prevent fraud and misappropriation of assets, thus also helping to limit small business professional liability risks.
Sources from business website chron.com recently reported a few reasons why audit systems are so important to small businesses; the main reason being that regular audits..
In recent years, cyber-crimes, data breaches, and network breaches have become more of a real threat to business integrity than ever before. Experts believe that the number of breaches will only grow along with the exponential growth of digital transactions and record keeping. We’ve posted blogs in the past about how to prevent network breaches, and how to potentially recover from a network breach, but despite this knowledge, are your clients truly prepared?
When it comes to small businesses, of which there are more than 28 million of in the U.S., insurance agents and producers have specific tactics for how to approach targeting, selling, and renewing small business policies. Vice President of the American Insurance Marketing & Sales (AIMS) Society Jim Mansfield, CPIA, offers the following core basics for targeting small business accounts:
- Deal with the decision makers.
- Ask the right questions.
- Listen to the answers.
- Formulate a plan that best fits your clients/ focus..
According to insurance agency software development site Vertafore, 70% of large agencies that they surveyed said that they felt “very optimistic” about future growth, while only 25% of small agencies felt the same way. The study, called “How Independent P&C Insurance Agencies Are Thriving in Today’s Competitive Marketplace” was conducted in partnership with analyst firm, Aite Group.
In the survey, it was found that 59% of midsize agencies felt “very optimistic” and 46% of small agencies felt “somewhat..
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