As the Coronavirus continues to spread, businesses are increasingly concerned about whether their insurance programs will cover Coronavirus-related losses.
Do I have Business Interruption coverage for this?
Business Interruption insurance, which offers protection against income losses sustained from disruptions to business, is typically purchased as part of a commercial property insurance policy. In order for the Business Interruption (Business Income) policy to trigger coverage, there has to be a “covered cause of loss.”
Fraud takes many shapes and forms, among them corporate fraud, consumer fraud, tax fraud, identity theft, and many others. According to ACFE (Association of Certified Fraud Examiners), organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, costing the world $3.7 trillion each year.
International Fraud Awareness Week is a global movement to minimize the impact of fraud through awareness and education.
It's no secret that many companies rely heavily on consumer-generated data to inform many activities, from product development and strategic planning to targeted marketing campaigns. When the information is used effectively, however, it is the consumer who may ultimately benefit, as it can enable companies to enhance the customer experience and provide innovative products and services. But how willing are consumers to provide their information, and what concerns do they have about sharing and protecting it?
Malicious software, also known as malware is a term that can be used for various viruses, spyware, worms and programs that attack your device or computer. The goal of malware is to target and retrieve protected data, remove confidential documents or add software without user consent or knowledge. Software is identified as malware based on its intended use, rather than a particular technique or technology used to build it.
A computer virus is a malicious software which self-replicates and attaches itself to other files/programs. It has the capability of executing secretly when the host program/file is activated. The different types of Computer virus are Memory-Resident Virus, Program File Virus, Boot Sector Virus, Stealth Virus, Macro Virus, and Email Virus.
With the number of data breaches increasing every year, it’s not a question of if your business will suffer a breach, but when. The threat affects companies of all sizes and in every industry, including manufacturers.
In fact, manufacturers are one of the most susceptible to cyber threats. According to a Kaspersky Labs report, manufacturers’ computers accounted for about one-third of all attacks as sophisticated attackers are after intellectual property.
Businesses frequently enter into contracts with suppliers, vendors, independent contractors, landlord/tenants, and other service providers.
In those contracts it is common to find language which transfers the liability of one party to the other in the event that bodily injury, property damage (tangible and intangible) and other liabilities arise out of the contractual relationship. The liability may involve both insurable and non-insurable liabilities upon the contracting parties.
The contracting parties, and their supporting legal and risk advisors should review in detail the contractual language and what liabilities may be assumed due to the contract.
Contractual Risk Transfer is one of the five traditional risk management techniques within a business.
Injuries due to slips and falls are one of the most frequently reported workers’ compensation claims. While these accidents can happen anywhere, any time, they typically spike during the winter months. According to the U.S. Bureau of Labor Statistics, over 20,000 workplace injuries due to falls from snow, sleet, and ice occurred in 2016. Of those, 28 percent resulted in more than a month off of work.
Employees and visitors alike are at risk, but with a proactive safety plan, slips and falls can be prevented.
The Department of Labor (DOL) issued a final rule that increased the civil penalty amounts that may be imposed on employers under various federal laws. The DOL’s final rule implements the 2018 annual adjustments for civil penalties assessed or enforced by the DOL, including penalties under the FLSA, FMLA, OSHA, and ERISA. The increased penalty amounts became effective on January 2, 2018, and may apply for any violations occurring after November 2, 2015.
The calendar may record the first day of summer as June 21, but Mother Nature has a mind of her own. In the Midwest, we have already broken heat records. While that may be nice if you’re spending the day hanging out at the lake, it can be dangerous for those who work in hot temperatures.
Workplace injuries are a significant risk for any business, and they can lead to costly medical bills, lost productivity, and increased insurance premiums. There are numerous strategies employers can implement to reduce the number of injuries in their workplace.