Understand that purchasing Cyber Insurance does not protect your organization from hacking. It simply finances some, not all components of the loss. A recent report by cybersecurity company Barracuda reported that Google-branded Spear Phishing attacks are up significantly since the start of 2020. These attacks only accounted for 4% of the total cyber attacks in […]
Business Income Insurance or Business Interruption Coverage is not only the most often overlooked insurance coverage, but the error rate in how it’s calculated is over 90%, and I am being generous here. Skeptical, pull your policy. My guess is your current agent or broker just applied your gross sales to arrive at the Business […]
Effective October 1, 2020, New York State’s Department of Labor requires a new Notice of Pay Rate form for employers. The form is required to be used by home healthcare aide under the Wage Parity Law. The updated changes to the New York Wage Theft Prevention Act (WTPA) states the new Notice of Pay Rate […]
The New York workers’ compensation insurance law requires the majority of employers to have appropriate workers comp insurance coverage in place. However, there are three key exemptions. Sole Ownership If you run your business alone and don’t have any employees, you may not need to have workers’ compensation coverage. You should note, however, that in […]
Buying Cyber Insurance Does Not Protect Your Organization From Hackers Understand that purchasing Cyber Insurance does not protect your organization from hacking. It simply finances pieces of the loss. A recent report by cybersecurity company Barracuda reported that Google-branded Spear Phishing attacks are up significantly since the start of 2020. These attacks only accounted […]
Most business owners view the whole insurance purchase and claims process as a black art, which this writer completely understands. After 25 years in the business, I too scratch my head at some of the “spells” insurance carriers concoct. Let me try and be as succinct as possible as I will focus on three main […]
A common cause for New York workers compensation insurance claims can be overexertion. In fact, the Bureau of Labor Statistics recently published 2017-2018 overexertion statistics. They found that 295,000 in 2017 and 282,000 overexertion injuries in 2018 caused days off from work, and naturally, WC claims. These take up 31% of the non-fatal; work injuries […]
Are you a construction firm working in NY? We found this great presentation by Domenique Camacho Moran, Partner and Head of the Labor & Employment Practice at Farrell Fritz addressing some of the parameters that various state and city agencies are recommending and goes through safety guidance for the construction industry. CLICK HERE for the slides […]
If you have jobs, locations, work, or employees who are now working from home and you are covered by the NY State Insurance Fund you need to make adjustments to your workers’ compensation insurance policy. Understanding the out of state exposure NYSIF compensation policy can be beneficial to keep your insurance and claims costs down. […]