Courtesy of iii.org There’s a road in my town that’s widely regarded as a speed trap. We all know drivers who say they were unfairly stopped and ticketed on it. I’ve never been and, come to think of it, neither has anyone I talk to about it. Maybe it’s because we live in town and “everyone knows” about the trap. Cyber is a relatively new, evolving risk. Insurers manage their exposures, in part, by setting coverage limits and excluding events they don’t want to insure. Sure, people get ticketed. The road is straight and wide, and I guess some feel they should be able to drive faster than the clearly posted speed limit. Or maybe they think the “real” limit is somewhat north of the number posted. Is that really a “speed trap”? I think of this road when I hear people say they don’t buy cyber insurance because “everyone knows” cyber claims don’t get paid. Poster child for “cyber” denial The example on everyone’s lips when this topic comes up is Mondelez International, the …
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Facts on Cyber Insurance
Courtesy of iii.org There’s a road in my town that’s widely regarded as a speed trap. We all know drivers who say they were unfairly stopped and ticketed on it. I’ve never been and, come to think of it, neither has anyone I talk to about it. Maybe it’s because we live in town and “everyone knows” about the trap. Cyber is a relatively new, evolving risk. Insurers manage their exposures, in part, by setting coverage limits and excluding events they don’t want to insure. Sure, people get ticketed. The road is straight and wide, and I guess some feel they should be able to drive faster than the clearly posted speed limit. Or maybe they think the “real” limit is somewhat north of the number posted. Is that really a “speed trap”? I think of this road when I hear people say they don’t buy cyber insurance because “everyone knows” cyber claims don’t get paid. Poster child for “cyber” denial The example on everyone’s lips when this topic comes up is Mondelez International, the …
Business Insurance Tips & Family Employees
Courtesy of iii.org One might think that family-owned and operated businesses would be relatively immune from employee lawsuits, but that’s not the case according to a recent Gen Re article. The reasons family-owned businesses get sued include: most family owned businesses employ at least one non-relative; the non-relative is likely to be first to be fired when the business is struggling; and family members are reluctant to discipline each other for bad workplace behavior, especially if the family patriarch is the one misbehaving. The article gives several examples of lawsuits against family businesses and the awards paid out, concluding that a family-owned business would benefit from including employment practices liability insurance (EPLI) as a part of its insurance package. According to GenRe: These workplace scenarios and settlement amounts mirror those we see for all businesses. Discrimination and sexual harassment - as well as wrongful termination, violations of …