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Business Insurance

Malicious Data Breaches Increased 55% in 2020

The number of malicious data breaches increased 55% from 2019 through 2020, driven by several high-profile breaches, according to Advisen data. This spike reverses the downward trend in the previous few years, as bad actors searched for more lucrative options—namely ransomware. Time will tell if the spike in malicious data breaches during a period dominated…

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Going for the Gold: Ransomware Attacks at an All-Time High

From the department of “records we didn’t want to see broken” comes this bit of news: The 4th quarter of 2020 brought a new high in the number of ransomware attacks. As you probably know, the sudden shift to a work-from-home (WFH) environment as a result of the pandemic created a huge range of security…

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Your Commercial Property Insurance Rating: How to COPE

Rating commercial properties for insurance purposes is complex work done by experienced underwriters. While you’ll probably never need to have that level of knowledge, a basic understanding of how properties are rated is useful, especially if you’re considering multiple options for the next location of your business. Let’s take a look: The first decision an…

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2021 ACA Reporting – Draft Forms Released

The Internal Revenue Service (IRS) has released draft versions of several 2021 forms related to reporting required by the Affordable Care Act (ACA). Here’s a brief overview: The forms apply to Internal Revenue Code Sections 6055 and 6066. Draft forms 1094-B and 1095-B will be used by providers of minimum essential coverage (MEC). Those include…

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HR Hotline – Real People, Real Answers

In a recent post we discussed our HR and Compliance Portal, our online portal for convenient access to resources on safety, compliance and much more (read about it here). While this portal is a vast and searchable resource, sometimes you need a little personal guidance, especially when it comes to matters of Human Resources. Chances…

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Reporting Workers’ Compensation Claims: Act Quickly

There’s often some confusion over the proper steps to take when a workplace injury occurs. Here’s a look at what needs to happen in the event of an injury. The most important overall consideration is time. You’ll obviously want workers to promptly seek medical attention, but follow-up interviews and reporting should be done quickly also.…

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Commercial Auto Insurance Trends for 2021

If your company has vehicles on the road, you’ve probably experienced premium increases even if you’ve maintained a good safety record. In some cases those rate increases have reached double-digit percentages, a frustrating state of affairs for any organization. The central issue is that the commercial auto segment has been unprofitable for insurers for much…

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More Hackers to Worry About: Ransomware-as-a-Service

The huge spike in ransomware attacks on businesses over the last year has multiple causes, many rooted in the pandemic. Plenty of businesses scrambled to set up a work-from-home (WFH) model in a big hurry, leaving a trail of security flaws. There have been ample social-engineering opportunities for hackers also, ranging from phony texts about…

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And the Verdict is … Expensive.

The National Law Journal recently released its list of the Top 100 Verdicts of 2019, “Top 100” referring to the dollar value of the awards. The list should capture the attention of every business owner, especially those in higher-risk verticals. Divided into categories including construction, manufacturing, premises liability and motor vehicle accidents, the Top 100…

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The Hard Market: What Can You Do?

In a previous post we covered the factors leading to the current ‘hard market’ in the insurance industry (read it here). Essentially, this year has seen an overall tightening of the market, with premiums going up and insurers less willing to take on new risks. The factors resulting in the current state of affairs are…

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