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risk management

Invest in Security Cameras

Authorities say a central New York convenience store’s surveillance cameras caught a man purposely pouring soda on the floor and then faking a fall so he could file an insurance claim against the business. Insurance fraud investigators say the store’s security videotape shows Barnes pouring soda on the floor. Officials say “injured” filed a claim with the stores insurer and later withdrew the claim. Paperless Comment: all business owners, are encouraged to install security cameras, and it doesn’t cost much these days. Those cameras can be setup to record only when there is movement detected. With development of technology, 24/7 access via internet… Read More »Invest in Security Cameras

Business Owners Guide on Cyberthreats

The U.S. Chamber of Commerce on Wednesday released a guide to help business owners and managers identify cyberthreats, as well as adopt solutions to reduce threats and increase network security. “Internet Security Essentials for Business,” released by the chamber at its National Cybersecurity Awareness Month meeting in Washington, is aimed at educating businesses about common threats they face online, specifically cybercrimes such as stealing intelligence, identity theft and trade secrets. The guide was put together to stress that taking care of a business’ cybersecurity should be a “team sport” involving multiple players outside of the IT department. This includes educating… Read More »Business Owners Guide on Cyberthreats

Ban of Texting While Driving Didn’t Reduce Crashes

As for me – it’s too early to judge… As for me, it’s too complicated to prosecute. As far as I can see – people still use their cellphones while driving. They talk and text, and get in trouble. How many time have you noted someone, whose driving style was insulting least to say… and then you noticed that person was on the phone? Although, it’s believed that talking on speakerphone is okay and safer, still road hazards are there, waiting for us to happen. However, a study released Tuesday by the Highway Loss Data Institute found no reductions in… Read More »Ban of Texting While Driving Didn’t Reduce Crashes

Poor Service Leads to Fraudulent Insurance Claims: Survey

More than half of U.S. consumers say poor service from an insurance company is more likely to cause an individual to commit fraud against that company, according to a survey by Accenture. The survey also reveals a significant increase in claims filed, with nearly half of U.S. adults saying they had filed property/casualty insurance claims at some time, up from less than one-third in a similar survey conducted in 2003. The proportion of individuals who have filed an insurance claim increases with age and income the survey shows. For example, among people over 55, more than 60% have filed a… Read More »Poor Service Leads to Fraudulent Insurance Claims: Survey

Hartford Launches Renewable Energy Unit

With the U.S. energy industry on the verge of a “renewable revolution,” fueled by state-level renewable portfolio standards and significant investments by public and private entities, companies engaged in renewable energy will need to protect their assets and investments while seeking ways to capitalize on the industry’s tremendous growth potential. The Hartford Financial Services Group, Inc. today announced the formation of its Renewable Energy Unit to address the unique and evolving needs of the rapidly growing renewable energy industry. The new unit will provide specialized underwriting and a full suite of property and casualty insurance products and services for makers,… Read More »Hartford Launches Renewable Energy Unit

Mitigating Sexual Misconduct & Molestation Exposures

In today’s increasingly litigious environment, entities are being contractually required to carry limits of sexual misconduct and molestation insurance never before carried. These companies need an innovative insurance product that provides the required coverage for their exposure as a contracted employee. Sexual Misconduct Liability Insurance is designed to assist these entities fulfill their insurance needs. POLICY HIGHLIGHTS Coverage includes negligent hiring, employment, training, investigation and retention or failure to report employees who commit acts of sexual misconduct or molestation. Worldwide Coverage – Claims can be brought outside the U.S. Broad definition of Insured Persons includes executive officers, directors, trustees, employees,… Read More »Mitigating Sexual Misconduct & Molestation Exposures

Product Liability Insurance Exposures – Check you Operating and Assembly Manual

Even if you’re importing sourced or someone’s else product, as soon as you attach your label on the product, you become responsible for claims associated with the use of the product. Some of the claims can be avoided if operating manual is well written and easy to follow. How much, do you think, IKEA incurred in losses, because people assembling its products couldn’t figure out how to build that piece of furniture. Although, I have to admit, IKEA has made a great progress in writing its manuals. And their manuals are written without using any single word in any language. Simple. Easy to follow.… Read More »Product Liability Insurance Exposures – Check you Operating and Assembly Manual