Catering Business Insurance: Essential Coverage Guide
[caption id="attachment_6557" align="alignleft" width="1920"] Catering Insurance Guide[/caption] Catering Business Insurance: Essential Coverage Guide Running a successful catering business involves juggling many responsibilities, each carrying its own risks. Protecting your catering business with the right insurance coverage is crucial to ensuring long-term success. At Arthur Hall Insurance, we specialize in providing comprehensive catering business insurance solutions tailored to meet the unique needs of catering professionals. The Importance of Insurance for Caterers According to the U.S. Small Business Administration, having the right insurance is essential for any business. Catering is a dynamic and demanding industry. You handle food, manage equipment, and interact with clients daily. Each...
Protect Your Business with EIL Insurance
In today's business world, having the right insurance is crucial. Therefore, Environmental Impairment Liability (EIL) insurance helps protect businesses from environmental accidents. What is Environmental Impairment Liability (EIL) Insurance? EIL insurance started in 1978. It was created to cover environmental risks that standard policies miss. As a result, EIL insurance pays for costs from pollution incidents that regular insurance does not. Learn more about the various environmental topics. Why Environmental Impairment Liability Insurance is Important EIL insurance, also called pollution liability insurance, protects businesses from unexpected pollution events. Additionally, it helps with cleanup costs and legal fees. Real-Life Examples of EIL Insurance For example, here...
The Impact of Inflation on the Commercial Insurance Market
Over the past year, inflation has become a growing concern. Inflation issues have largely resulted from a culmination of labor and supply trends brought on by the COVID-19 pandemic, and they are clearly reflected within the country’s rising Consumer Price Index (CPI). According to the latest data from the Bureau of Labor Statistics (BLS), the CPI for all urban consumers surged by 7.9% in the last twelve months—representing the largest increase over this amount of time since 1982. Inflation issues could create a number of challenges in the commercial insurance market, affecting both insurers and their policyholders. With this in mind,...
Managing End-of-Life Software
At some point, all software will reach the end of its life. This means manufacturers will no longer develop or service the product, discontinuing all technical support, upgrades, bug fixes and security fixes. As a result, end-of-life (EOL) software will have known vulnerabilities that cybercriminals can easily exploit. This article discusses the risks of continuing to use EOL software and discusses best practices for organizations to mitigate this risk. Risks of EOL Known but unmitigated vulnerabilities are among the highest cybersecurity risks. One survey found that 60% of data breaches stemmed from unpatched known vulnerabilities. Another report found that 3 of 4...
The Importance of Two-Factor Authentication
As cyber attacks become more and more common, protecting your data is increasingly difficult. In fact, a study from Juniper Research found that by 2023, cyber criminals are expected to steal an estimated 33 billion records. In light of the growing number of cyber attacks, many companies are turning to two-factor authentication (also commonly called 2FA or multifactor authentication) to enhance their cyber security. While no cyber security method is foolproof, using two-factor authentication can add an extra layer of security to your online accounts. So how exactly does two-factor authentication work? What Is Two-factor Authentication? While complex passwords can help deter cyber...
Cyber Risk Guide for Boards of Directors
Before examining what boards can do to manage cyber risk, organizations need to understand who cybercriminals are, what they want and what’s at stake. In today’s hyper-connected world, nearly every business has some form of cyber exposure. Whether you process payments or store sensitive customer information, chances are cybercriminals have already placed a target on your organization and are primed to strike. Arthur Hall Insurance offers this guide designed for an organization's board members to plan for and respond to cyber incidents. Please contact one of the professional insurance advisors at Arthur Hall Insurance to discuss potential cyber risk. ...
Inflation and the Commercial Insurance Market
Over the past year, inflation has become a growing concern. Inflation issues have largely resulted from a culmination of labor and supply trends brought on by the COVID-19 pandemic, and they are clearly reflected within the country’s rising Consumer Price Index (CPI). According to the latest data from the Bureau of Labor Statistics (BLS), the CPI for all urban consumers surged by 7.9% in the last twelve months—representing the largest increase over this amount of time since 1982. Inflation issues could create a number of challenges in the commercial insurance market, affecting both insurers and their policyholders. With this in mind,...
Business Email Compromise
Cybercriminals continue to become more sophisticated, leveraging a wide range of tactics in order to attack their victims. One tactic that has increased in frequency, complexity and resulting losses over the past few years is the use of business email compromise (BEC) scams. Put simply, a BEC scam entails a cybercriminal impersonating a seemingly legitimate source—such as a senior-level employee, supplier, vendor, business partner or other organization—via email. The cybercriminal uses these emails to gain the trust of their target, thus tricking the victim into believing they are communicating with a genuine sender. From there, the cybercriminal convinces their target to...
Reducing Auto Claims for Businesses
Vehicle-related crashes are the leading cause of work-related deaths. In addition to the potential for loss of life, work-related automobile accidents expose businesses to liability risks, legal expenses, lost time, decreased productivity, and increased insurance and workers’ compensation rates. Whether your business leases a single passenger car or owns an entire fleet of commercial vehicles, auto liabilities must be monitored in order to try to prevent these ramifications. Businesses can actively manage auto risks by setting driver qualifications, creating driving rules, and implementing driver training. Review the following guidance to learn more about how to reduce auto claims for your business. Set Driver...
Trends Driving Social Inflation and How to Respond
As an insurance buyer, you may have heard the term “social inflation” used by your insurer to explain the factors driving up the cost of coverage in today’s market. In general, social inflation refers to the rising costs of insurance claims that are a result of societal trends. Trends such as increased litigation, broad insurance policy interpretation, plaintiff-friendly legal decisions and larger jury awards all drive social inflation in the insurance space. As the insurance market changes, it’s important for businesses to understand what’s currently driving social inflation. Doing so not only provides you with a better understanding of the issues...