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The total direct financialloss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 The portion of the loss covered under cyber insurance policies … billion, modeling and insurance services firm Parametrix estimates.
and the Kenyan insurer Britam to launch a parametric insurance product, which aims to protect Kenyan coffee growers from financiallosses due … Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has partnered with insurtech firm Sprout Inc.
The history of insurance dates back as far as 2000 BCE, when merchants and traders developed basic risk-sharing agreements to protect against financiallosses from unpredictable events. At its most basic, insurance as a concept was merely a financial safety …
Without proper coverage, businesses risk financialloss, reputational damage, and loss of key contracts, which can all be detrimental. The transportation industry runs on reliability. The consequences can ripple far beyond a single shipment when cargo is lost, damaged, or delayed.
These risks can have severe consequences, including financiallosses, reputational damage, and operational disruption. Data breaches, ransomware attacks, and phishing scams have become common threats, highlighting the importance of cyber insurance with resolution services for construction companies.
These risks can have severe consequences, including financiallosses, reputational damage, and operational disruption. Data breaches, ransomware attacks, and phishing scams have become common threats, highlighting the importance of cyber insurance with resolution services for construction companies.
Email compromise, cryptocurrency fraud, and ransomware increase In addition to record-high financiallosses from cybercrimes overall in 2023, the report revealed trends across crime methodology and targets. Meanwhile, supply-chain attacks increased, and weak notification frameworks further increased cyber risk for all stakeholders.
You might be liable for accidents, damages, or substandard workmanship, leading to financiallosses and potential legal disputes. Risks of Hiring Uninsured Contractors Hiring uninsured contractors exposes you to significant risks.
Hailstorms , winter storms, and tenant-related liabilities can lead to significant financiallosses if landlords are not properly insured. Without the right safeguards in place, landlords could face significant financiallosses from damages, legal claims, or lost rental income.
These risks can lead to significant financiallosses if not properly managed. Warehouse Operations in Michigan: A Risk Landscape Warehouses face a unique set of risks, including damage to goods, equipment breakdown, and liability issues. This is where commercial insurance comes in.
Without concrete proof of disability, substantial payments based merely on assertions or incomplete medical reports could lead to unwarranted financiallosses. Sub-rosa investigationsundercover surveillance designed to discreetly document claimant activityprovide evidence to substantiate or challenge the severity of reported injuries.
However, with opportunity comes risk: property damage, liability claims, and unexpected financiallosses can quickly turn a profitable investment into a costly liability. In Chicago alone, more than 2.7 million residents drive strong demand for rental housing, with average rents exceeding $2,300 per month as of late 2024.
The most unique thing I’ve been asked to insure is an artist’s hands, and the thought process behind that request was if the artist were to be injured, specifically their hands, and they were unable to produce new art, how would they be indemnified for their financiallosses?
Or a trucking company facing a total loss after a rollover accident destroys both the vehicle and its cargo. Without inland marine coverage, these businesses would face significant financiallosses that standard property insurance doesnt cover. Despite its name, inland marine insurance has nothing to do with boats.
Learn how to protect your organization from cyber threats and financiallosses. Discover the essentials of cyber insurance, including how it functions, the coverage it provides, and why it's crucial for businesses in today's digital landscape.
It is basically designed to protect you and your family from financialloss if you should suffer a catastrophic event and your other insurance policies don’t provide enough protection. With Umbrella Insurance you know you have greater protection from the financiallosses that exceed your other insurance policies.
Cyber Insurance war exclusions can leave businesses vulnerable to financialloss. As war is driving cyber security concerns around the globe, more organizations are turning to Cyber Insurance for protection. But these policies may not always offer the levels of protection purchasers think they do.
It is not just about the financialloss; there are many reputational issues too. This may seem negligible, but when you consider that every purchase in an organization can include an element of fraud, the scale of the problem becomes clear. Why Procurement Fraud? There are two main reasons: greed and opportunity.
Protection against damage and theft shields you from financiallosses that could affect your business sales. Enhance your insurance coverage to shield your business premises, equipment, and stored inventory and buffer yourself from financiallosses. In essence, having comprehensive insurance coverage is indispensable.
It provides vital assistance in recovery efforts after a cyber incident, as well as critical protection against financiallosses. But it can significantly enhance your clients overall security posture.
How Cybersecurity Impacts Small Businesses For small businesses, a cyberattack can have devastating effects: FinancialLoss : Cyberattacks can result in immediate financial damage through stolen funds or extortion demands from ransomware attacks. Businesses may also face costly lawsuits if customer data is compromised.
Professional Liability Insurance protects your business against claims of negligence, errors, or omissions that result in financiallosses for your clients. A misconfigured server or software bug might lead to downtime, costing your client thousands of dollars. One oversight could lead to costly lawsuits.
Equipment breakdown: A sudden breakdown of refrigeration units, ovens, or HVAC systems can result in both operational disruptions and financiallosses for a restaurant. Employee-related risks: Claims of wrongful termination, discrimination, or harassment can arise, particularly in high-turnover environments like restaurants.
From financiallosses to reputational damage, legal battles, and even the risk of shutting down, the impact can be severe. How a Liability Claim Can Ruin Your Business And How to Protect Yourself No matter how well you run your business, a single liability claim can have devastating consequences.
Ascension suffered dangerous disruptions to patient care and significant financiallosses. billion operating margin loss. At the same time, as cyber security consultant John Bambenek told SC Media , “many controls … are commonly available to prevent a mouse click from downing an entire healthcare conglomerate.”
Analysts and observers expect cyber security threats will persist and increase, as will the risk of extreme financiallosses from cyber attacks. Failing to do so jeopardizes not only the data they handle but also their operations, reputation, and continued viability.
If an AI-powered system makes an error that results in financialloss, discrimination, or harm, who is responsible—the business, the software provider, or the AI itself?
Sure, you’ll need to assess the compromised data and financiallosses, but to truly understand the breach and protect against future risks, data breach forensics is essential. When a client experiences a data breach, the first move is obvious—find the entry point and stop the damage. But after the initial response , what’s next?
This is further compounded by the fact that many of the financiallosses caused by these disasters are uninsured, leaving customers, businesses, and governments to pick up the bill. Of this, flooding accounted for approximately $82 billion in damages, yet only $13 billion was covered by insurance, as reported by insurance firm Aon.
Ordinance or law coverage : Covers the cost of repairing or rebuilding structures to meet current building codes after a covered loss, even if the existing structure was not up to code. Crime insurance : Protects against financiallosses caused by theft, burglary, or employee dishonesty, covering stolen money, securities, or property.
Protecting Your Business from FinancialLosses Imagine a scenario: it’s a typical busy Friday afternoon, your shop is bustling with customers, and suddenly, an unexpected incident occurs. That’s where retail shop and salon insurance swoop in to save the day.
Commercial Insurance Information Commercial insurance consists of policies to safeguard businesses when financiallosses are inevitable. Commercial insurance is vital for protecting business property, assets, and operations from various risks and liabilities around Plano, TX.
The aftermath of a social engineering attack can be devastating and result in financialloss, data breaches, malware infections, identity theft, operational disruption, reputational damage, and more. So, how do you prevent and protect yourself from these attacks?
Provide indemnity in case of financialloss or bankruptcy : In the event of a company’s complete financialloss or bankruptcy, management liability insurance can provide indemnity to directors and officers.
Provide indemnity in case of financialloss or bankruptcy : In the event of a company’s complete financialloss or bankruptcy, management liability insurance can provide indemnity to directors and officers.
Flooding, storm damage, and subsidence were major contributors to these claims, with homeowners and businesses alike suffering significant financiallosses CityAM AXA UK home page The Growing Cost of Flood Damage Flooding continues to be one of the most significant risks facing UK property owners.
A single breach could lead to devastating consequences, including financiallosses, legal liabilities, damage to your reputation, and the potential loss of client trust. For businesses in the insurance sector, which handles vast amounts of sensitive client data, this threat is especially menacing.
Business Interruption Insurance Unexpected events can disrupt your operations, leading to significant financialloss. This can include everything from a customer slipping on a wet floor to a faulty product causing harm.
In the case of a catastrophic loss, art pieces worth thousands of dollars would only be covered up to that low per-item limit, leaving the collector with significant financiallosses. For instance, many homeowners policies will insure collectible items only up to a certain amount per item, which could be as low as $200 each.
Financial Interest and Named Insureds In a typical Builder’s Risk policy , the named insured is the entity that has a financial interest in the construction project. This could be the contractor, developer, or property owner, depending on who stands to suffer a financialloss if the property is damaged during construction.
This policy can help cover the costs of notifying affected individuals, legal fees, public relations efforts, and even potential financiallosses resulting from the breach. Cyber liability insurance provides coverage for expenses related to data breaches, cyberattacks, and other cyber incidents.
Specifically, SAB 121 asserts that a company is subject to “significant increased risks… including an increased risk of financialloss” when that company controls the cryptographic keys associated with a user’s digital assets.
You can always ask your insurance agent to clarify what perils, or causes of financialloss , are covered by your policy and fall under the All Perils deductible. Coverage: Section II When someone is injured or suffers damage to their belongings while on your property, you are responsible for paying for their financiallosses.
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