Self Driving Cars May Save Auto Insurance

By now, you’ve probably heard some of the hype surrounding self-driving cars; from Elon Musk’s vision of the future to the numerous concerns from lawmakers. The autonomous car will drive down the costs of transportation as we will no longer need people behind the wheel of taxis, Ubers, or buses. The technology will also eliminate the need for parking garages since drivers can send their cars home when not in use. While that seems like a distant vision; carmakers are surprisingly close to bringing autonomous cars to market, and for business owners and insurers alike, they couldn’t come sooner.

If your business has any sort of fleet of autos you are probably keenly aware of the insurance industry’s ongoing struggle with commercial auto insurance. Insurance companies have been consistently raising auto rates across their commercial books and businesses, especially in the transportation industry, have felt the effects.

Hidden Exposure to Intellectual Property Litigation

In today’s rapidly changing, 'disruption' economy it can be tough to discern whether you are infringing on another’s intellectual property as processes are constantly improving and changing. Finding out the hard way can be a costly mistake. According to the American Intellectual Property Law Association, intellectual property lawsuits cost an average of $4.4 million between defense costs and potential damages. This is problematic as, chances are, every company uses intellectual property at some point in their operations or supply chain and may not even realize it. It should then be alarming that coverage for intellectual property infringement is specifically excluded in the Personal and Advertising Injury part of the Commercial General Liability Policy. Companies are then left with a severe, uninsured exposure that they may not even know they have.

Rise of the Robo-Broker

Over the past couple years, we have seen the advent of the robo-advisor in the financial services industry. Companies like Betterment or Advizr use software to automate the financial planning and advice they provide for customers. The benefit is clear: automation allows the company to operate with less overhead and then passes those savings along to the customer. Naturally, companies are trying to replicate this model in the insurance industry with robo-brokers but will that be a good thing for business owners?

Cyber Threats from Social Engineering

Today, one of our staff received an email from my email address stating that I needed her to send a wire transfer, and was she available to do so.  We have spent hours discussing cyber threats to our company and our clients, and our staff is trained to be aware of suspicious emails, but in this case, the email address sending it was not just similar to my email address, but it was my actual email address!  Ultimately, our staff member was able to determine that the email was fraudulent and no harm was done, thanks in part to our policies and procedures.

How Low Can Your Bid Go? Check Your Workers Compensation Premium.

If you are a contractor who bids for local or state jobs, you may have experienced losing a bid every now and then.  While I am sure you simply moved on to the next bidding process, did you stop to wonder how the winning bidder was able to bid so low and still maintain profitability? Obviously, the contractor that keeps his expenses the lowest will see the highest profits. What is not so obvious is how to keep one particular expense, which likely adds the most to your bottom line, the lowest it can be. The culprit expense is your Workers’ Compensation premium. If you haven’t reviewed your classification codes, your claims history or haven’t implemented back-to-work or safety programs, read on. We'll cover how to lower your Workers’ Compensation premium which will ultimately make your company more competitive when bidding for municipal or state contracts.

Cyber Risk: More Than Just Data Breaches

Cyber risk entails more than you think. It's important for executives whose responsibilities include protecting the financial welfare of their companies to understand that cyber risk goes much deeper than the highly publicized security/data breach.  Learning all facets of cyber risk, ways to protect a company’s data infrastructure and financial well being and what remedies are available in the event of a loss, are all paramount to any financial executive in today’s digital world.

Demystifying Your Insurance Policy

Do you read your insurance policy?  Not many people do, as they rely on their insurance brokers or agents to do the “dirty work” for them. Generally, this is not a good practice to follow when purchasing insurance, and is equivalent to purchasing a car without knowing the mileage, year and past mechanical issues of the vehicle.  Remember: your insurance policies are a contract, and it is imperative to know what exactly you are covered for and if the policy responds to the needs that led you to purchase insurance for in the first place. While reading your insurance policy can be difficult, it is a task that must be done to make sure you are getting what you paid for. In this post, we'll break down the terminology and line items to look for.

Social Media and Insurance: What You Need to Know

More and more businesses are investing in social media as an inexpensive and typically effective marketing tool. While it may seem simple to interact with your prospective and existing clients through this medium, there are situations companies should carefully navigate through, to avoid any unintended negative consequences. Even a company exercising sound risk management practices regarding their program may encounter a situation which gives rise to a claim. A combination of risk management practices and appropriate insurance coverage can help mitigate the unforeseen costs involved with social media.