When providing employees with company cars, check to see if they have their own automobile policy. If not, drive-other-car coverage can help protect you from any gaps in policy. Click on the image to download or print the information sheet.
Cyber threats have the potential to impact all facets of the supply chain.
An attack against the Colonial Pipeline in the U.S. in May 2020 illustrated how vulnerable critical infrastructure can be as an attractive target for cybercriminals and even other nations hostile to the American economy. The attack – made possible through a single password breach, as disclosed later – shut key conduits delivering fuel from Gulf Coast refineries to major East Coast markets.
According to industry sources, shipping and logistics companies saw three times as many ransomware attacks in 2020 as in 2019. A spike in malware, ransomware, and phishing emails during the pandemic helped drive a 400% increase in attempted cyberattacks against shipping companies through the first months of 2020, as well.
While shipping represents a major element of overall supply chain operations, the looming threat of cyber attacks remains just as present and prevalent in every other link of that chain.
As the world economy continues to regain its footing in the wake of the coronavirus pandemic, supply chain issues have contributed to inflationary pressures and the less-than-rapid recovery many had hoped to see. Preventing malicious actors from further disrupting the supply chain remains a key priority.
Cybersecurity impacts every business, regardless of size or location or industry. Make sure your business deploys all preventative measures possible, and have regular reviews of your cybersecurity insurance coverage to protect against potential losses.
Contact the professionals at Evergreen Insurance for more information.
Copyright 2022 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
So much of insurance revolves around who is at fault and who has to pay to make things right again. Waiver of subrogation is one more wrinkle in that complex equation.
Subrogation occurs when an insurer pays their insured for a loss caused by a third- party, and then attempts to recoup their payout by making a claim against the responsible third party.
For instance, if you’re in a car accident and it was the other party’s fault, your insurer pays for repairs to your vehicle and then pursues the other person’s insurance company for the loss. In your insurance policy, which is a contract between you and your insurance carrier, you agreed to allow the carrier to subrogate for any paid loss.
In a typical business contract, one business may ask another business to waive its rights of subrogation because the first business doesn’t want to be held responsible for a loss. When agreed to in such a contract, it prevents the business, and its insurer, who has agreed to waive their right, from seeking a share of the damages paid from the other party, even if they are at fault.
But be aware that when a business gives up its right to recover any losses, it increases the insurer’s risk and transfers responsibility to the insured and its insurer for sometimes uncontrollable losses. This can lead to unnecessary loss history and potentially increased insurance costs.
Conducting regular contractual reviews with your insurer agent can easily point out these exposures and help to you to understand and sometimes negotiate this requirement out of your risk profile.
Contact the professionals at Evergreen Insurance for more information.
Copyright 2022 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
Larger construction projects involve lots of separate parties coming together. When it comes to insuring the risks, it is common for each party to have their own liability policies. An alternative is a wrap-up insurance policy that protects everyone under one policy. Click on the image to download or print the information sheet.
As instances and the scope of ransomware events, and losses associated with them, continue to increase, some insurers are tightening their standards in providing cybersecurity coverage.
According to industry experts, insurers are restricting capacity and implementing increases in premiums to accommodate for businesses not keeping pace with the threat of malware and other online attacks.
Ransomware events began to climb in 2019, leading to the continuing response by insurers. On average, insurance rates have doubled since the surge in attacks began, with rising reinsurance costs expected to drive those rates higher.
Insurers certainly are not abandoning cyber liability coverage, but recognize the underlying issue is that while coverage may be adequate today, the rapidly evolving risk means it may not be adequate tomorrow.
Business owners can help their own cause by implementing as many precautions against online attacks as they can, which can contribute to keeping their insurance costs manageable under the circumstances.
The digital universe has opened a world of opportunity for businesses to grow, expand, and succeed. But the flip side of all that openness poses a threat that continues to grow, expand, and succeed as well.
Managing that risk will be a challenge for business owners and their insurers for the foreseeable future. Eternal vigilance may be the price of liberty, but it’s also the price of keeping your data protected online.
Contact the professionals at Evergreen Insurance for more information.
Copyright 2022 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
Grilling is a fun and delicious way to spend a summer night! When grilling around family and friends, it is important to keep safety in mind. Click on the image to download or print the safety sheet.
Interesting how commitments can accumulate when you’re not looking, isn’t it?
You click on a subscription, you agree to get regular updates from a retailer, you cite a preference for a particular brand. And before you know it, funds have been deducted from your checking account, your email inbox gets choked with nuisance messages, and you can’t seem to escape online ads for something for which you are rapidly losing interest.
What began innocently can end up causing issues that can cost time, money, and patience. The same principle applies to insurance coverage, as a business enters into contracts with partners, suppliers, and vendors.
These agreements are recognized as necessary to conduct, expand, and protect a business’ interests. They make complete sense, and can serve a vital purpose. But caution must be taken when entering these arrangements, to make sure that the business’ insurance policies extend to the terms of any new contracts.
Terms and conditions of insurance coverages are written to specific situations – situations that may take on new wrinkles and specifics under new contractual agreements. The last thing any business owner needs or wants is to discover down the road that a partnership or other agreement under contract with another entity means an existing policy does not offer sufficient coverage.
Working with your insurance provider to conduct a contractual review represents an easy way to safeguard against getting caught in such a scenario.
Contracts and agreements accumulate over time. That’s smart business, typically. Benign, even. Just make sure that your insurance coverage keeps up with the terms of any new situation, to avoid costing you time, money, and patience.
Contact the professionals at Evergreen Insurance for more information.
Copyright 2022 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
Worker’s compensation coverage has been insuring injured workers since the mid 20th century. What exactly does worker’s comp entail? Learn more about its origins and how to manage your own worker’s comp in our latest blog. Click on the image to download or print the information sheet.
The federal Affordable Care Act (ACA), through Internal Revenue Service (IRS) guidelines, has adjusted its affordability percentages downward in 2022, meaning that employers may need to change some of their employee contribution levels.
On August 20, 2021, the IRS issued Revenue Procedure 2021-36 to index the contribution percentages in 2022 for determining affordability of an employer’s plan under the ACA.
For plan years beginning in 2022, employer-sponsored coverage will be considered affordable if the employee’s required contributions for self-only coverage does not exceed the following:
The updated affordability percentages are effective for taxable years and plan years beginning on Jan. 1, 2022.
This is a significant decrease from the affordability contribution percentages for 2021, which had been set at 9.83% and 8.27%. As a result, some employers may have to lower their employee contributions for 2022 to meet the adjusted percentage.
Under the ACA, the affordability of an employer’s plan may be assessed in the following three contexts:
Although all of these provisions involved an affordability determination, the test for determining a plan’s affordability varies for each provision.
Understand where your organization falls within these ACA guidelines. Contact the Team at Evergreen Insurance for more information.
Copyright 2022 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
People carry umbrellas to protect themselves from potential rainstorms. In the same way, your company should carry Excess Liability (Umbrella) Insurance to help protect your company from unforeseen liabilities. Click on the image to download or print the information sheet.
