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By Shayne Bevilacqua, MBA | 02-28-2024

BUYERS’ MARKET NO MORE   As the digital age deepens, businesses have been benefiting from a buyers’ market in cyber insurance, courtesy of relatively low premiums and generous coverage options. However, with the increasing sophistication and frequency of cyberattacks, this trend is expected to pivot. Industry leaders are now sounding the alarm on an imminent […]

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  In an alarming surge of digital extortion, cyber criminals have shattered previous records by amassing over $1.1 billion in ransom payments in 2023. This figure, released by cybersecurity experts, marks an unprecedented escalation in the severity and frequency of ransomware attacks targeting businesses, governments, and individuals worldwide.   Ransomware, a malicious software designed to […]

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By Shayne Bevilacqua, MBA | 12-13-2023

  The world of professional liability insurance can be complex and confusing, especially when it comes to understanding the difference between an occurrence policy and a claims-made policy. These two types of policies are the most common in the realm of professional liability insurance, and it’s critical for professionals to understand their distinctions to ensure […]

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By Shayne Bevilacqua, MBA | 11-28-2023

The rapid surge in cyber threats has become a significant cause for concern among consumers, yet a surprisingly small percentage are opting for appropriate insurance measures for protection. According to the latest Agency Forward survey conducted by Nationwide, only 15% of American consumers currently maintain personal cyber insurance.   In this age of digital interconnectedness, […]

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By Shayne Bevilacqua, MBA | 11-21-2023

In today’s fast-paced world, staying ahead of the curve is essential for businesses in any industry, and architecture firms are no exception. To thrive in the modern era, it’s crucial for architecture firms to embrace innovation and leverage new tools and strategies. In this blog post, we will explore five simple game-changers that can help […]

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By Shayne Bevilacqua, MBA | 11-09-2023

Being an architect or engineer comes with great responsibility, as the work you undertake can have a significant impact on people’s lives and the built environment. However, despite your best efforts, lawsuits can still arise. In this blog, we will explore effective strategies to avoid lawsuits and how to be prepared in case one does […]

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By Shayne Bevilacqua, MBA | 10-19-2023

In the rapidly evolving healthcare landscape, modernizing your physician practice is crucial to stay ahead and deliver exceptional patient care. By leveraging innovative tools and strategies, you can enhance efficiency, improve patient experiences, and streamline your practice operations. In this article, we will explore five simple game-changers that can help modernize your physician practice and […]

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By Shayne Bevilacqua, MBA | 10-03-2023

The architects and engineers (A/E) market is experiencing growth due to an influx of new construction projects. While this presents opportunities for design firms, insurers providing A/E professional liability coverage are becoming more selective in underwriting due to the increasing severity of claims. This article explores the reasons behind the rise in claims severity and […]

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By Shayne Bevilacqua, MBA | 08-31-2023

In the rapidly advancing field of engineering, it is crucial for firms to stay up to date with modern practices and technologies to remain competitive and provide exceptional services to clients. By embracing innovative tools and strategies, engineering firms can enhance productivity, improve collaboration, and streamline their operations. In this article, we will explore four […]

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By Shayne Bevilacqua, MBA | 07-13-2023

As an architect, you are responsible for designing safe and functional buildings for your clients. However, mistakes can happen, and even a small error in your plans can lead to significant consequences. This is where error and omissions insurance (E&O) comes in. In this blog, we will explore why architects need error and omissions insurance. […]

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By Shayne Bevilacqua, MBA | 05-18-2023

As a professional, you understand the importance of protecting yourself and your business from risk. One of the ways you can do this is by purchasing professional liability insurance, which provides coverage for claims made against you or your business for professional errors or omissions. However, it’s important to understand that adding an Additional Insured […]

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By Shayne Bevilacqa, MBA | 05-09-2023

The legal definition of negligence is the failure to take proper care in certain circumstances. While this may seem straightforward, it’s actually quite broad and can lead to some confusion when applied to the fields of architecture and engineering. For example, what does “reasonable” mean? What are similar circumstances? And who determines whether or not […]

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By Shayne Bevilacqa, MBA | 04-27-2023

Should Professionals Report Claims to Their Insurance Carrier?   You should always speak with your broker or agent before filing a claim. As an insurance professional, you are likely well aware of the importance of reporting claims to your carrier. However, in case you’re not sure why it’s so important, here are some reasons why […]

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By Shayne Bevilacqa, MBA | 04-20-2023

  Risk management is a process that identifies, assesses and manages risks. It’s important for architects to understand this process because they are involved in projects, especially projects that are high-risk or have a large amount of money invested in them. Risks can come in many forms: natural disasters like hurricanes or earthquakes; man made […]

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By Shayne Bevilacqua, MBA | 09-08-2022

Throughout 2021 the employment practices liability (EPL) market saw premium and retention increases between 10-25%, with underwriters increasing prices to remain profitable.   According to a 2021 market overview, primary EPL insurers were not interested in writing new EPL coverage, and their appetite was about 10-15 insurers. Because of EPL insurers hesitation to take new […]

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By Shayne Bevilacqua, MBA | 05-26-2022

Practice Continuation Agreement (PCA) A practice continuation agreement (PCA) is a plan set in place that authorizes another person to take on the responsibilities of an accounting firm under extreme circumstances. Circumstances that may cause the plan to go into effect are disability, ongoing illness, family emergencies and more. Having a PCA in place before […]

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By Shayne Bevilacqua, MBA | 02-16-2022

      What is First-Party Cyber Coverage?   First-Party cyber coverage is liability insurance that can help small businesses protect themselves against cyberattacks. The financial impacts of cyberattacks can be significant, so it is very important to make sure that your small business is protected against the potential financial burden of cyber attacks. First-party […]

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By Shayne Bevilacqua, MBA | 01-14-2022

In this article, it explains that workers’ compensation insurance is one of the most important insurance policies for a small business, and that most small businesses are required to have workers’ compensation insurance. Businesses regularly are losing and adding employees over time, and this can impact the specific level of coverage that the business needs. […]

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By Shayne Bevilacqua, MBA | 04-10-2020

April 10, 2020   UnitedHealth to offer nearly $2B in accelerated payments, financial support to providers (Fierce Healthcare-April 7, 2020) The insurer said that it would accelerate claims payments to both medical and behavioral health care providers across its fully insured commercial, Medicare Advantage (MA) and Medicaid plans. It will also make $125 million in […]

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By Shayne Bevilacqua, MBA | 03-27-2020

Please read this announcement from the SBA regarding their disaster loan program for new applications:   U.S. Small Business Administration   To submit an application:   Email: Email your completed document(s) as attachments to: disasterloans@sba.gov Any information you send to SBA via email is sent via an unsecured email link. Due to the nature of […]

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By Shayne Bevilacqua, MBA | 04-15-2019

When it comes to mistakes done on some work it can be counted as either an error or an omission. Both of them have the same result, work is not completed to a satisfactory standard and both can be central to a claim. However, the difference between the two can make a significant difference in […]

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By Shayne Bevilacqua | 03-09-2016

Error And Omissions (E&O) insurance is one of the most important insurance policies your company must hold. Yet many small businesses don’t carry E&O insurance and are leaving themselves open to financial ruin in the event of a claim – regardless of whether there is negligence by the firm. What Is Errors And Omissions Insurance? […]

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By Shayne Bevilacqua | 06-15-2014

If you’re reading this blog, there’s a good chance you have used YouTube at some point or another. And, if you have used YouTube, there is a possibility you have accessed one of the millions of instructional videos housed there that deviate from the norm (you know…cute cat videos, movie previews, music videos, etc.) Several […]

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By Shayne Bevilacqua | 12-08-2014

In part one of this series examining the impact of robotics in the modernization of the workplace (read here), I spoke about what the future of medicine might start to look like in 20 to 30 years. In his forthcoming book Beyond the Professions, legal futurist and professor Richard Susskind expounds upon the notion that […]

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