One of the most popular subjects in today’s property and casualty (P&C) insurance market is still cyber insurance. Cyber insurance prices can be challenging since it is a relatively new coverage (around 20 years1 ). In reality, the major cyber insurance writers’ direct written premiums rose by 92% in 2021 compared to levels in 2020…
In this blog post, we go over what a business interruption is and how cyber insurance may assist your company in coping with its financial repercussions. Digital technology has become the lifeblood of many firms that have gone online. A cyberattack or network outage can impede or stop connectivity, which would obstruct crucial corporate operations.…
Without our cell phones, tablets, and computers, what would we do? But replacing or repairing them when they break down might be expensive, it’s difficult to envision living without them. Extended warranties and home electronics insurance could be useful in this situation. Electronics insurance, sometimes known as “gadget insurance,” covers losses to your mobile gadgets…
The purpose of cyber insurance is to provide a safety net for organizations against financial losses brought on by cybercrime and hackers. Standard coverage is still developing because the concept of this kind of policy is still relatively new. Yet, some things are excluded from coverage by the majority of insurance. HOW DOES CYBER LIABILITY…
The fraudulently communicated instructions from a nonemployee that cause funds to be mistakenly transferred to or from a customer’s checking or savings account are covered by the electronic funds transfer insurance coverage, which is a financial institution’s criminal coverage. Further Details The Surety & Fidelity Association of America (SFAA) financial institution bond for banks includes…
Portable technologies like cell phones, computers, tablets, and cameras have become indispensable in today’s fast-paced society. We regularly utilize these tools for both work and play, and they keep us connected and productive. These gadgets are vulnerable to theft, loss, and damage, which may be expensive and inconvenient. You may be able to lessen the…
If you’re anything like us, you undoubtedly rely on a few (or more) devices on a daily basis. Our technological devices play a significant role in both our personal and professional life. Yet when anything goes wrong, it may be costly and challenging to fix or replace. Because of this, you must need gadget insurance…
The capacity to remain financially viable is a problem for many hospitals and healthcare institutions. Health systems are “face[ing] a margin cliff as the aging of the US population combined with lower reimbursement from government payers put pressure on traditional revenue sources,” according to Deloitte. Nearly $360 billion is spent on administrative costs by American…
According to Influencer Marketing Hub, there are more than 3 billion social media users globally, and this year alone, social media influencer marketing is expected to be worth over $14 billion. As this trend gains traction, more and more companies are forming alliances with micro to mega-influencers on social media to spread brand awareness, create…
Errors and Omissions in Electronics When electronic items malfunction or do not perform as intended, insurance is used to cover claims that result in a financial loss rather than bodily harm (BI) or property damage. (PD). Let’s say an accounting program has a “bug” that results in a firm utilizing it understating its receivables by…