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29
Jun
2011
Hardening Management Liability Marketplace
photo credit: wrestlingentropy
In the past 12 months, several management liability insurance carriers have changed their underwriting guidelines for privately held California insureds.
Some of the changes include:
- Increased rates
- Increase retentions
- Reductions in coverage
- Reductions in total limits offered
- Reductions or removal of wage and hour defense cost sub limits
- Non-renewal of certain insureds based on industry
In recent years, there has been a surplus of capacity from Management Liability Insurance carriers to write accounts at attractive rates and terms. The marketplace appears to be reaching a point where this capacity will no longer be utilized to offer terms we have been accustomed to seeing.
Why is this happening?
- Poor economic conditions
- EPL claims expenses rising
- Wage and Hour claims being far more prevalent than anticipated
- Increase in D&O claims
What should I expect?
- Increases in retentions and premiums
- Defense costs for wage and hour claims will be harder to get
- Non-renewals by some carriers based on class of business
The bottom-line is that the California MLI marketplace is changing and there are many advantages in being prepared. Please call 415-257-2100 or click here to visit our website.
Source:
Leftcourt, Paul. Hardening Management Liability Marketplace for California Clients. San Francisco: Socius, Mar. 2011. PDF.
6
Jun
2011
What is Errors and Omissions Insurance and why does it apply to you?
Many people know absolutely nothing about Errors and Omissions Insurance. Some have a general idea, but choose to believe that it does not apply to their personal situation. This is not a good thing. In reality, this type of insurance applies to almost every profession. Errors and Omissions Insurance covers mistakes (errors and omissions) that cause financial harm to another person. It helps an individual or company from bearing the full cost of defense for lawsuits and related cost of “lives or property lost” concerning the error or omission. If you have any effect on the financial standing of the people you work with, you should consider looking at your options for coverage.
How does it apply to technology companies?
Errors and omissions insurance coverage is the cornerstone of a technology company’s insurance program. In addition to coverage for professional services, this policy can cover network security, personal injury, privacy liability, intellectual property, copyright, and trademark.
As you can see, this type of insurance covers a wide variety of liabilities. Come visit our website to find a policy that fits your needs!
23
May
2011
Sony’s Biggest Loss in 16 Years
photo credit: Michele | Mic. Agius Photography
One of the biggest technology manufacturers in today’s market, Sony, is expected to report a loss of 3.2 billion dollars for this fiscal year. Based out of Japan, the company had nine production plants that were damaged by the tsunami in March 2011. This caused massive disruption to supply chains and domestic consumption. A devastating national disaster like this could not have come at a worse time for a company like Sony. A series of hacker attacks on their online networks, a declining DVD industry, lack of a stronghold in the video gaming industry, and declining TV sales were all pre-tsunami issues that the company was dealing with. Not to mention, this will be the third consecutive year that the company is expected to lose money. It is horrible when something like this occurs, but it is never a bad idea to be prepared.
Here are some ways that you can be prepared for a natural disaster:
- Homeowner’s Insurance Coverage
- Flood Insurance Coverage
- Earthquake Insurance Coverage
One of the most important things you can do is be aware of your surroundings and the potential risks that you may face based on your area. If you have any questions contact us today! Call us at 877-500-6997
20
May
2011
How Can I Increase the Number of People that See my Website?
photo credit: barry.pousman
The difference between an internet company’s success and failure is dependent on the number of people who access their website. Trying to figure out how to get more web surfers on your page is a dilemma that companies deal with everyday. One way to promote your website is Search Engine Optimization (SEO). Utilizing an SEO Consulting Agency could be one of the most important things a company does to market themselves on the internet.
Here are some ways that SEO agencies can help businesses with online brand management:
- SEO Consulting helps companies keep up with latest monitoring tools, analytics, and changes to search engine algorithms. These tools give valuable information about what is working and not working.
- They assist brands in improving rakings on search engines and adding to overall public visibility.
- Implementing positive brand strategies to deal with negative search results.
- Help increase brand acceptance, loyalty, and credibility.
When managing a growing brand, businesses should consider different types of technology insurance. Take advantage of our E&O policy, our Office Package, and our Management Liability coverage that we offer on our website.
12
May
2011
Help! Filing a Business Claim
You have purchased your insurance for your business and everything is in order. You’re confident that you and your business have the right protection. But what happens when you actually have to file a claim? Do you know what to do? Well we are here to help!
photo credit: James Cridland
Steps to Filing a Business Insurance Claim:
- Contact the police if necessary
- Contact your insurance broker and company right away
- Read your policy and talk to your broker to ensure you fully understand your responsibilities in making the claim
- Take pictures of property and items damaged
- Secure your property from further damage and make immediate repairs if necessary. Save damage parts for insurance adjuster
- Get at least 2 bids on cost of repairs
- For business interruption claim, present proof of income, records of business activity and expenses
If you are unsure of making your business claim call your insurance broker to clarify. Plus, we would be happy to review your policies. Contact us today! Call us at 877-500-6997
1
Feb
2011
Be Aware: Facebook Posts or Evidence in Lawsuits?
photo credit: anitakhart
Many people are connected to social media every day; it was only a matter of time before the courts would use it too. As reported by Brian Grow on Insurance Journal, “U.S. lawyers are trying to mine the private zones of Facebook and other social-media sites for photos, comments, status updates and other tidbits that might contradict what their opponents are saying in court. And increasingly, judges in civil cases are granting access to online caches that had formerly been considered off-limits.”
Information of the parties is being gleaned from their social media sites. More private photos, comments and other information marked for “friends only” have had greater protection; however, this seems to be changing. More courts are granting access for it to be used. The question is: if you are willing to put more and more information up online, what is your privacy? It seems for litigation it can be overruled.
What could this mean for your business?
If you have a company Facebook page, this could be a concern. A “what if” scenario could go:
An upset customer complains on your page and an employee says something back that makes the consumer more upset. The situation hasn’t been handled in the best way possible. Moreover, if the customer feels personally attacked and decides to take legal action, then Facebook becomes evidence.
You never know how people will react. It’s important to protect your business.
Ways to protect your business:
- Create a Facebook Engagement Policy: Provide policies for your employees to follow
- Obtain Employment Practices Liability Policy
- Obtain Social Media Coverage
27
Jan
2011
Life Science Insurance… What you need to know
Thomas Edison once famously said, “I have not failed. I’ve just found 10,000 ways that won’t work.” Innovation creates great opportunities and through innovation risks are also created. Life science companies are unique in that they deal in innovation daily which exposes them to unique risks.
What is Life Science Insurance?
Life science insurance is specialized coverage for companies dealing in medical devices, pharmaceuticals, biotechnology and other facets of the industry. These companies are exposed to unique liability. Insurance experts that specialize in life science insurance can give you tailored coverage for liabilities in:
- Bio contamination
- Losses associated with research records
- Disclosure of confidential information
- Intellectual property infringement
- Clinical trails
- Research and development property
- Oral and written contractual liability
Your company is specialized and so should your insurance. Get what you need!
1
Dec
2010
Top Mistakes of a Tech Company
With the current verdict of the lawsuit between SAP and Oracle, this will affect how technology companies approach copyright issues and acquisitions. It was an acquisition of TommorrowNow that started the mess for SAP, which lead to a conviction by Oracle of stealing intellectual property. According to the Associated Press, “The $1.3 billion that the jury awarded Oracle is more than half of SAP’s total profit from last year.” However, this should not hurt them financially in the long term but it may as far as brand name.
This case will most definitely impact other technology copyright cases. It also calls attention to intelligential property and the importance of its protection . This falls in the list of top 10 mistakes of technology companies. Here are the bullet points of Daniel Pepper’s, founder of Pepper Law Group, article, The Top 10 Mistakes Technology Companies Make:
10. Failure to register a federal copyright for company-developed software
9. Licensing technology too broadly
8. Failure to provide detailed support and maintenance policies
7. Not contracting customers to recurring support fees
6. Inadequate non-disclosure and non-compete agreements with employees and contractors
5. Giving away intellectual property ownership too liberally
4. Using overly broad or subjective acceptance testing
3. Offering liberal source code escrow release conditions
2. Undervaluing technology
1. Using a form license and/or services agreement that doesn’t fit your business model
Intellectual property is a serious matter and vital to a technology business. You should protect your IP. Errors and omission insurance can cover intellectual property. Don’t fall into these common mistakes.
23
Nov
2010
Are you Black Friday Insured?
The day after Thanksgiving is the busiest shopping day of the year and it is known as Black Friday. Why is it called black? Black in the financial world represents positive and this one day can turn a company’s financial books from the “red” which is the negative to the “black” – the positive. Consumers rush out early in the morning and stand in line to get those limited and low prices items. Tech items and electronics are at the top of most people’s list. According to a survey by Retrevo, 78 percent of respondents are willing to spend more of tech items than last year.
With the mad rush, companies need to be careful and protect themselves in case of any accidents and incidents. According to the Insurance Journal, companies should have agents review and verify insurance policy coverage. Furthermore, some items to look out for are:
- Changes for workers’ compensation
- Product liability in case of product recall or defective
- Theft of money or items
- Director and officers liability
- Property coverage for any damages
For more information about these types of insurance check out the CSI Technology Insurance and make sure you are ready for Black Friday!
15
Nov
2010
Be a star! An Energy Star!
Over the past few years, companies have built energy efficient products and have come up with energy saving programs. However, the task of getting consumers to use it is still an issue. According to the CEO of Ecobee, Stuart Lombard, his company’s energy efficient smart thermostats are being purchased but not being used, “only about 22 percent of smart thermostat owners bother to program their thermostats.”[1] The problem comes from consumers not knowing how to use products or thinking it will be hard to set up. They are simply not taking the time.
There is a general misconception about how to save on energy. Although, turning off lights, changing thermostat settings and unplugging appliances can help save energy it does not save as much as purchasing energy efficient light bulbs, thermostats and Energy Star appliances. The graph below available on a TechCrunch article by Matylda Czarnecka shows survey results of perceived energy savings versus the actual savings:[2]
What should a business do to inform customers of how to saving energy? Iris Kuo, VentureBeat’s lead GreenBeat writer, provides some tips to get people to use energy saving products. Here are those key bullet points:
- Don’t overload users with data. Ease into it.
- Consider making it like a gaming experience.
- Convenience and comfort are key. Keep it Simple!
- Recognizable icons are important.
- Untangle the set-up process.
- Use mobile apps.
- Relate new technologies using analogies.
- Show the dollar amount saving to the user.
- Set it up and forget it.
Be Being energy efficient is vital for now and the future. At CSI being green as been an important part our company. We challenge you to be a star – an energy star!
[1] Kuo, I (2010, Nov. 2). Build it and they’ll unplug? How to get people to use energy-saving products. Green Beat. http://venturebeat.com/2010/11/02/how-to-get-people-to-actually-use-energy-saving-products/
[2]Czarnecka, M. (2010, Aug. 18). Study Shows People Are Clueless About Energy Savings – Here’s What Actually Works. GreenTech http://techcrunch.com/2010/08/18/study-shows-people-are-clueless-about-energy-savings-heres-what-actually-works/
