Cyber Risk – SolarWinds Orion Advisory
The Arthur Hall Insurance team is following the cyber insurance ramifications of the SolarWinds Orion Supply Chain Cyber Incident. FireEye, a cyber-security company, discovered this large cyber incident in December and the extent and scope of the occurrence is still unfolding. malware used in this cyber intrusion is also known as SUNBURST. The hackers compromised SolarWinds Orion software, which in turn impacted a large amount of government entities and private companies. We are providing this notice due to the size of this incident as well as the cyber insurance marketplace response. If you have not already done so, we recommend you contact...
Why Do I Need Directors and Officers Insurance?
D&O insurance protects executives against the consequences of any alleged or actual “wrongful acts” they commit while performing regular supervisory duties. Directors and officers are responsible for making the tough choices that can make—or break—a company’s fortunes. In doing so, they must consider the best interests of employees, customers and shareholders, while also keeping in mind corporate best practices. Limited or imperfect information and tight deadlines add to the overall complexity of the decision-making process and can lead to poor outcomes or even outright mistakes. To hire and retain talented directors and officers, companies need to give them the freedom to make...
Privacy and Cyber Security
With the enormous amount of sensitive information stored digitally, companies need to take the proper measures to ensure this data is never compromised. Ultimately, it is the responsibility of business owners to protect their clients’ data. Failing to do so can result in a data breach, which costs companies billions of dollars every year. Understanding the risks involved with data security can help you prevent a privacy breach. Know the Risks The first step in protecting your business is to recognize basic types of risk: Hackers, attackers and intruders—These terms are applied to people who seek to exploit weaknesses in software and computer systems...
Employment Practices Liability Insurance
From the moment that you start the pre-hiring process until the exit interview, you are vulnerable to an employment-related lawsuit. As a result, your business should take a hard look at whether it can afford to defend itself against alleged wrongful employment practices accusations. If not, there is an insurance solution called employment practices liability that protects against wrongful termination, discrimination or sexual harassment suits from your current, prospective or former employees. This coverage applies to directors, officers and employees, and can sometimes extend to third party liabilities. Why Choose Employment Practices Liability Insurance? According to researchers, three out of five employers...
Delaware Workers’ Compensation Rates for 2017
No Change in Delaware Workers’ Compensation Rates for 2017 As part of our ongoing effort to keep you informed of insurance industry changes and how those changes may affect you and your business, we are able to announce that workers’ compensation rates in the state of Delaware will not increase in 2017. The Department of Insurance and the Delaware Compensation Rating Bureau (DCRB) annually review insurance rates and original filings initially proposed average increases in residual market rates as well as voluntary market loss costs across the board for the upcoming year. However, after consideration, Delaware Insurance Commissioner, Karen Weldin Stewart, announced...
Planning for Business Continuity
Proactive Service: Business Continuity and Disaster Recovery Planning Why do I need a business continuity plan? In today’s world, a disruption in business operations could occur at any time. More importantly, it can occur to any business unit and function, whether it be a loss of a physical location from a flood or tornado to a man-made event such as a cyber-attack. Proactively planning for a suspension of operations now can save an organization time, money, and perhaps business sustainability. There are several steps involved with conducting a business continuity plan. The most important being a commitment from management to develop and...
Workers’ Compensation Protection
Workers' Compensation - Is Your Protection Package Adequate? Is your business headquartered in one state, but occasionally conducts business operations in other neighboring states? Operating a business in the Delaware Valley inevitably leads to employees working, living, or traveling in Pennsylvania, New Jersey, and Delaware. One of many unique risks confronting businesses is how workers’ compensation coverage corresponds to multi-jurisdictional law in our region. Let’s start with a common example: ABC Company, solely located in Pennsylvania, occasionally does work in New Jersey. One day, ABC Company has an employee who suffers a serious workplace injury in New Jersey. The maximum amount of workers’...
What is Business Income Insurance?
What is Business Income Insurance and does your business have the appropriate coverage in place? Could your business survive a shut-down of operations related to an insurance loss? If so, how long would it take you to get back to full operations? 2 weeks, 1 month, 6 months, a year or longer? Is your insurance limit enough to cover you for the length of the shut down? Is there a time limitation on your coverage? When was the last time you completed a Business Income Worksheet to determine the appropriateness of both the limit and length of coverage? If...
Commercial Property Flood Policy Changes
November 1, 2015 renewals will see changes commercial property flood policies. Be sure your commercial building use is verified to distinguish it from a residential property....
Guessing On Property Limits Could Cost You
Are Your property limits adequate? Determining the correct property limit can be a difficult task, but it is an important consideration when evaluating your insurance program. Defining accurate limits, including the proper endorsements and structuring policies to match your needs are key to establishing an appropriate program. Here are some critical items to think about when evaluating your property coverage: * How did you reach your limit? Estimates developed using only company replacement cost calculators, loss control inspections, or appraisals could leave you underinsured when a loss occurs, or paying for additional coverage that can never be used. Onsite property visits can be...