Tag Archives: Risk Management

Crime Insurance: Addressing Workplace Fraud

Crime Insurance Addressing Workplace FraudDid you know that the average organization loses five percent of its revenue due to fraud each year? What’s more, according to the Association of Certified Fraud Examiners (ACFE), median fraud loss among U.S. companies is $100,000. Occupational fraud in the workplace comes in the form of asset misappropriation, which is by far the highest participation of fraud at about 85% of all incidents; corruption; and financial statement fraud.

How

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D&O Considerations for Privately Held Businesses

D&O Considerations for Privately Held BusinessesSome small and mid-sized businesses may believe that Directors & Officers (D&O) Liability insurance is meant only for publicly traded firms or large companies. But this is far from the truth. Although privately held firms are not vulnerable to the exposure of securities calls actions, these businesses can still be sued, with executives being held accountable for their actions over the management of company affairs. It’s also important to note …

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Emerging Professional Liability Risks in the Accounting Industry

Emerging Professional Liability Risks in the Accounting Industry A Look at E&O Risks with High-Profile Clients; Cyber Security Issues

According to the U.S. Bureau of Labor Statistics, in 2013, there were 1.17 million accountants and auditors and 1.59 million bookkeeping, accounting and auditing clerks employed in the United States. These numbers are expected to rise with forecasts pegged at 3.44 million in the accounting field by 2022. Revenue from accounting, tax preparation and payroll services industry in the …

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Laptops, Smartphones Sources of Cyber Losses, Privacy Risks

Laptops, Smartphones Sources of Cyber Losses, Privacy RisksLaptops, Smartphones Sources of Cyber Losses, Privacy Risks

Back in May, we were interviewed for an article for an insurance industry publication on the growing exposure and privacy risks that impact today’s businesses, and what steps companies can take towards getting the proper protection. One of the issues discussed is that most losses are typically due to errant reasons, such as a lost laptop or smartphone. A recent case (June …

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Risk Management: Insurance Websites and Agency E&O Issues

An increased digital presence and expansion of on-line services by insurance agents has generated some new concerns and potential exposures to be examined. We touched upon this briefly in our blog last month when talking about how agents are increasingly specializing and getting into niche markets. Here we want to take a more in-depth look on how Internet marketing and social media marketing, while definitely helping to expand an agency’s …

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