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By Shayne Bevilacqua | 03-07-2024

  In an unprecedented move that has sent ripples through the medical and legal landscapes, the Alabama Supreme Court’s recent decision concerning embryo rights has positioned the state at the forefront of a new legal frontier. This landmark ruling, emerging from a case last month, has not only sparked a nationwide debate but has also […]

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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 2023, cybercriminals amassed a staggering $1.1 billion from ransomware attacks, setting a new global record that surpassed 2022 earnings by a significant margin. This information comes from the latest findings by Chainalysis, a prominent blockchain analysis company. Despite the hope for a decline in ransomware revenue after a substantial drop in 2022 from the […]

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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 | 02-08-2024

Labeled as the “Ultimate Data Breach,” a significant data spill has disclosed 26 billion records, breaching prominent platforms such as LinkedIn, Snapchat, Venmo, Adobe, and X, previously known as Twitter, marking it as one of the most substantial data breaches in history. The compromised information extends beyond mere login details, with a substantial portion being […]

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By Shayne Bevilacqua, MBA | 02-06-2024

Microsoft revealed that its corporate email system was breached by state-backed Russian hackers, resulting in unauthorized access to accounts held by key leadership and teams responsible for cybersecurity and legal matters. The intrusion, which began in late November, was only detected on January 12 and has been attributed to the same highly skilled Russian hacking […]

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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 | 12-12-2023

In today’s fast-paced and complex professional landscape, individuals and businesses across various industries face inherent risks and uncertainties. Architects, engineers, doctors, lawyers, and other professionals are not exempt from these potential pitfalls. That’s why having robust professional liability insurance coverage is a critical safeguard against unforeseen circumstances that could lead to financial, reputational, and legal […]

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By Shayne Bevilacqua, MBA | 12-07-2023

Professional liability insurance, also known as errors and omissions (E&O) insurance, plays a critical role in protecting professionals from potential lawsuits. As we stand at the forefront of the digital era, emerging technologies are reshaping industries and, subsequently, impacting the landscape of professional liability insurance. In this blog, we will explore how these technologies are […]

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By Shayne Bevilacqua, MBA | 12-05-2023

Insurance is a vital component of a comprehensive risk management strategy. While most individuals and businesses have various insurance policies in place, there are instances where the coverage limits of these policies may not be sufficient to fully protect their assets and financial well-being. This is where umbrella insurance comes into play. In this blog, […]

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By Shayne Bevilacqua, MBA | 11-30-2023

As a medical professional, purchasing the right insurance is crucial to protect your practice and yourself from potential lawsuits and other risks. However, there are several common mistakes that medical professionals make when purchasing insurance that can leave them vulnerable. In this blog, we will explore 7 common mistakes medical professionals make when purchasing insurance. […]

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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 | 11-28-2023

As November unfolds, it brings with it a significant reminder of the importance of planning for our future well-being. Recognized as Long-Term Care Insurance Month, this period serves as an opportunity to shed light on the crucial role that long-term care insurance plays in safeguarding individuals and their families from the financial burdens associated with […]

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By Shayne Bevilacqua, MBA | 11-16-2023

Having the right insurance coverage is crucial for protecting your business from potential risks and liabilities. However, as your business changes and grows, so do your insurance needs. It’s important to regularly reevaluate your insurance coverage to ensure that it still meets your business’s needs. In this blog, we will explore six reasons why you […]

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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 | 11-07-2023

  In today’s competitive job market, offering attractive employee benefits is crucial for small businesses to attract and retain top talent. One of the most sought-after benefits is group health insurance. Group health insurance provides coverage for a group of employees, offering comprehensive medical benefits at affordable rates. In this article, we will explore the […]

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By Shayne Bevilacqua, MBA | 10-26-2023

With the growing popularity of telemedicine, healthcare providers are increasingly offering telehealth services to enhance accessibility and affordability for patients. While telehealth has its benefits, it also brings forth data security and medical malpractice risks that need to be addressed. This article explores the safety of telehealth and highlights essential telehealth policies that can protect […]

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By Shayne Bevilacqua, MBA | 10-24-2023

  In the medical field, the terms negligence and malpractice are often used interchangeably, leading to confusion about their meanings. However, it is important to recognize the distinctions between these terms. This article aims to clarify the differences between medical negligence and malpractice, as well as to address whether patients have the right to sue […]

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By Shayne Bevilacqua, MBA | 10-17-2023

Here are some ways business owners can mitigate risks to help lower their insurance premiums across various types of insurance:   1. Implement safety measures: Take proactive steps to minimize risks by implementing safety protocols, such as training employees on proper procedures, using safety equipment, and maintaining a clean and organized workspace. This can help […]

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By Shayne Bevilacqua, MBA | 10-12-2023

Understanding how workers’ compensation premiums are calculated can be a challenging task for small business owners. The complexity of the process and the various factors that influence premium rates often leave business owners confused. However, gaining a general understanding of how these premiums are calculated is crucial for preventing unexpected audit bills and managing costs […]

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By Shayne Bevilacqua, MBA | 10-05-2023

  As October marks National Financial Planning Month, it serves as an opportune time to highlight the importance of financial planning in all aspects of life, particularly for business owners. Effective financial planning lays the foundation for fiscal stability, growth, and long-term success. In this article, we will delve into the significance of financial planning, […]

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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 | 09-26-2023

The cyber insurance market has experienced a rollercoaster ride in recent years, with periods of growth followed by setbacks. Just as insurers were beginning to see profitability return, the industry faces a new wave of losses stemming from ransomware attacks, business email compromise (BEC), and privacy litigation. A report from Tokio Marine HCC highlights the […]

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By Shayne Bevilacqua, MBA | 09-21-2023

  Claims frequency and severity are on the rise across the insurance industry, driven by social inflation and resulting in increased litigation and costly settlements. This trend is not limited to commercial auto and general liability policies, as other insurance segments are also experiencing an increase in claims payouts.     A report by the […]

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By Shayne Bevilacqua, MBA

September is recognized as National Life Insurance Month, a time dedicated to raising awareness about the importance of life insurance and the significant role it plays in providing financial security for your loved ones when you’re no longer around. While contemplating the uncertainties of life may be uncomfortable, preparing for the future is an essential […]

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By Shayne Bevilacqua, MBA | 09-14-2023

  As the National Flood Insurance Program (NFIP) implements a new rating program that leads to premium increases for policyholders, the private flood insurance market in the United States is capitalizing on the opportunity to expand its market share. A recent issues brief by the Insurance Information Institute (Triple-I) sheds light on the growing private […]

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By Shayne Bevilacqua, MBA | 09-12-2023

  Life insurance is a crucial financial tool that provides protection and peace of mind for your loved ones in the event of your untimely death. This article aims to provide you with a comprehensive understanding of life insurance, including its definition, cost factors, types, and how to determine the right coverage for your needs. […]

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By Shayne Bevilacqua, MBA | 09-12-2023

Directors and officers insurance (D&O) is a type of liability insurance that provides coverage for directors and officers of a company in the event of a lawsuit. While many businesses may not think they need D&O insurance, there are several reasons why it may be necessary. In this blog, we will explore why you may […]

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By Shayne Bevilacqua, MBA | 09-05-2023

Healthcare firms are a prime target for cybercriminals due to the sensitive nature of the data they hold. Recent research conducted by Arete and Cyentia found that healthcare firms are 75% more likely to pay a ransom in the event of a cyberattack than other industries. This is often due to the critical nature of […]

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By Shayne Bevilacqua, MBA | 08-15-2023

As a small business owner, protecting your business from cyber threats is critical. Cyber attacks can result in lost data, financial losses, and damage to your business’s reputation. Cyber insurance can help to mitigate these risks, but how do you determine your cyber coverage needs? In this blog, we will explore how small business owners […]

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By Shayne Bevilacqua, MBA | 08-08-2023

Contracts are the foundation of business relationships, outlining rights, obligations, and expectations between parties involved. However, contract liability issues can pose significant risks that, if not managed properly, have the potential to bankrupt a business. In this blog, we will explore some common contract liability issues and discuss strategies to mitigate these risks, ensuring the […]

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By Shayne Bevilacqua, MBA | 07-27-2023

Swiss Re Ltd., in a recent report, has highlighted growing concerns regarding the adequacy of insurer reserves due to higher inflation and catastrophic losses. These factors have the potential to prolong and intensify the existing challenging market conditions in the non-life insurance sector. This article delves into the impact of inflation and catastrophic events on […]

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By Shayne Bevilacqua, MBA | 07-20-2023

The property/casualty insurance industry in the United States is experiencing the impact of rising inflation and increased losses due to natural catastrophes. In response, insurers are implementing various strategies such as rate increases and market exits. These measures aim to address underwriting losses and mitigate risks associated with catastrophe-prone regions like California, Florida, and Louisiana. […]

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By Shayne Bevilacqua, MBA | 07-18-2023

According to a report by broker Howden, cyber insurance rates declined by approximately 10% in June compared to the previous year. This reversal of recent sharp rate increases is attributed to smaller-than-expected claims. In 2021, cyber insurance rates more than doubled due to the COVID-19 pandemic and the surge in ransomware attacks. However, the number […]

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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 | 06-29-2023

In today’s digital age, companies are increasingly relying on technology to manage their operations, store sensitive data, and communicate with customers. While technology has brought many benefits, it has also opened up new risks, including cyberattacks and ransomware. That’s why many companies are turning to cyber and ransomware insurance to protect themselves against these threats. […]

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By Shayne Bevilacqua, MBA | 06-22-2023

Cybercriminals have always been quick to exploit any security weaknesses they find, and in 2023, they are getting even faster. With the ever-increasing reliance on technology in our personal and professional lives, it’s more important than ever to stay vigilant and take steps to protect ourselves. One of the main ways cybercriminals are getting faster […]

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By Shayne Bevilacqua, MBA | 06-20-2023

In today’s digital age, businesses are collecting more data than ever before. While this data can be incredibly valuable for businesses, it also presents a significant risk. Hackers are constantly looking for ways to steal sensitive information, and businesses need to take steps to protect their clients’ information.   Here are some steps that businesses […]

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By Shayne Bevilacqua, MBA | 06-15-2023

If you live in a ZIP code that’s close to the coast, you may be facing higher flood insurance costs in the coming years. This is due to a combination of factors, including rising sea levels, increased flood risk, and changes to federal flood insurance policies.   The effects of climate change, including rising sea […]

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By Shayne Bevilacqua, MBA | 06-13-2023

In today’s digital age, businesses are increasingly dependent on technology, and the risk of a cyber-attack is higher than ever. Cyber liability insurance is a relatively new type of insurance that has rapidly grown in popularity over the past few years. In fact, it is the fastest-growing insurance product, and for a good reason.   […]

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By Shayne Bevilacqua, MBA | 06-08-2023

  Claim Description: A box of rental applications with the name, names, addresses and Social Security numbers of 500 individuals was stolen from the office of an apartment complex.   Coverage: Data Compromise COST: $17,500 for notification, call center and credit monitoring expenses     Claim Description: Identity thieves used credit card skimmers at a […]

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By Shayne Bevilacqua, MBA | 05-30-2023

As a business owner, you know that even a short interruption in your operations can be costly. Business interruption insurance is designed to help you manage these costs by providing coverage for lost income and expenses during a period of interruption. However, there are some costs that business interruption insurance won’t cover, and that’s where […]

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By Shayne Bevilacqua, MBA | 05-26-2023

Disability income awareness month is an annual event that takes place every May. The purpose of this month is to raise awareness about the importance of Disability Income Insurance and the financial protection it provides to individuals and families in the event of an unexpected injury or illness.   Disability Income Insurance is a type […]

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By Shayne Bevilacqua, MBA | 05-23-2023

What is Cyber Liability Insurance?   Cyber liability insurance is a type of business insurance that protects businesses from financial losses due to cyber incidents. It covers costs associated with data breaches, extortion fraud, as well as other expenses related to the recovery after such an event. Cyber liability policies are tailored to fit your […]

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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 Bevilacqua, MBA | 05-16-2023

Level Funded vs Fully Insured vs Fully Insured   Bottom Line:   Fully Insured: Fixed monthly costs and no cash back = complete protection Level Funded: Fixed monthly costs and potential for 50% Surplus refund = complete protection when TLO embedded Self Funded: Some fixed costs and Employer risk up to Stop Loss. Real time […]

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By Shayne Bevilacqua, MBA | 05-16-2023

As technology continues to advance, businesses are increasingly reliant on remote access solutions to stay connected with their employees and customers. However, with the rise of remote access comes an increased risk of cyber attacks. As a result, many insurance providers are now requiring businesses to implement multi-factor authentication (MFA) for remote access as a […]

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By Shayne Bevilacqa, MBA | 05-11-2023

According to companies’ annual statutory statements, in 2021 the United States property and casualty industry reported a total underwriting loss of $21.5 billion. In 2022, losses increased up to $26.5 billion. 2022’s loss represents around 96% of the property/casualty industry’s net premiums written.    As external factors have a major impact on the industry’s health, […]

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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 | 05-04-2023

  Business Owners Policy   A Business Owners Policy (BOP) is a type of insurance that covers both your personal assets and the business itself. It’s often used by small businesses that don’t need to worry about insuring large-scale operations, but it can also be beneficial for individuals who run their own companies or have […]

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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 | 03-21-2023

Social inflation refers to a pattern of the average insurance claim rate being higher than that of overall inflation. In the medical realm, social inflation is a major cause for why insurance premiums have been rising at such a high rate and is attributable to between $2.4 billion and $3.5 billion in losses. The Doctor’s […]

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By Shayne Bevilacqua, MBA | 03-16-2023

Today we will cover some of the details regarding the state of the property market and what you can expect through 2023. Although there does not appear to be any implications of good news at this time, not all hope is lost as there are plenty of options to make a plan to best  support […]

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By Shayne Bevilacqua, MBA | 03-14-2023

Today we will cover some current events related to a recent rise in drug costs seen in January. We will dive into why it is happening, the severity of these price hikes, and what this means for drugs entering the market in the future.    Why are you experiencing increased drug costs? In January, drug […]

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By Shayne Bevilacqa, MBA | 02-23-2023

In recent years, ransomware attacks have increased along with the insurance market to protect from them. Although there is coverage offered to protect against ransomware attacks, there are outstanding risks that can impact the insured.   On December 27, 2022, the Supreme Court of Ohio denied insurance coverage for incurred losses after software and data […]

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By Shayne Bevilacqa, MBA | 02-07-2023

Despite the cyber market being around for more than a quarter of a century, there are continuous changes.  The last two years in particular have seen quite some change between the dramatically increased threat of cyber criminals, and up to triple digit premium increases. Although the requirements have already changed, what was considered acceptable in […]

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By Shayne Bevilacqua, MBA | 01-17-2023

In light of some small signs of decrease in suspected cyber risk from 2021, a recent study from Beazley detects some signs that many business leaders from the U.S. and UK may be complacent or overconfident about their cyber security preparedness. Given that cyber risk was chosen as the top tech risk for businesses in […]

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As you may know, the insurance market is heavily reliant on manual processes, especially when lines of businesses utilize agents and brokers in distribution efforts. As these manual processes may be both taxing and time consuming, the progression of technology may be opening new opportunities that could save you and your firm time. Artificial Intelligence […]

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By Shayne Bevilacqua, MBA | 01-03-2023

After Hurricane Ian, the National Flood Insurance Program (NFIP) could be under-reinsured, according to an AM Best report on Friday. Ian is estimated to have caused damages reaching as high as $7 billion – far exceeding its reinsurance attachment of $3 billion. According to CoreLogic, Hurricane Katrina caused about $16.1 billion in insured losses, leading […]

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By Shayne Bevilacqua, MBA | 12-13-2022

Delaware workers’ compensation insurance rates will decrease for the sixth year in a row, effective December 1, 2022. Both the voluntary market and the residual market will see rate decreases in the double digits. The Delaware Department of Insurance has determined that the average single premium enterprise loss ratio is 81 percent, as new data […]

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By Shayne Bevilacqua, MBA | 11-22-2022

What is Cyber Threat Intelligence & Why is it Important? Cyber threat intelligence comes in many forms. For any cybersecurity program, the most important is “finished Intel” and indicators of compromise. Finished Intel is information that highlights specific threats to a type of industry, high-level attack trends, and other information that can help in knowing […]

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By Shayne Bevilacqua, MBA | 11-03-2022

Some good information from HealthEquity…. We have some updates to share around recent legislative changes that may impact your consumer-directed benefits.   Internal Revenue Service (IRS) Releases 2023 Index Figures On October 18, 2022, the Internal Revenue Service (IRS) announced the official 2023 Healthcare Flexible Spending Account (HCFSA), Limited Purpose FSA (LPFSA), commuter, and adoption […]

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By Shayne Bevilacqa, MBA | 10-26-2022

Throughout the COVID-19 pandemic, hackers have been on a steady rise with their malicious attacks. In these attacks, some hackers hold companies’ systems or data hostage for self gain. Due to the increase in attacks, the cyber insurance market has directly suffered.    The Evolution of Ransomware Although ransomware has been around since the early […]

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By Shayne Bevilacqua, MBA | 10-25-2022

REGISTER NOW      Join Sara Simkins for an in-depth review covering the Employer Shared Responsibility (ESR) provision, associated penalties and year-end demand for payment letters. Learn what steps should be taken promptly if you receive the notice. Topics to be covered include: The basics of the ESR provision First-time Applicable Large Employers (ALEs) Overview […]

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By Shayne Bevilacqua, MBA | 10-20-2022

What is EPLI and Why is it Important? Employment Practices Liability Insurance (EPLI) is a form of insurance that protects a business against wrongful acts that can take place during employment such as discrimination, wrongful termination and workplace harassment, retaliation, defamation and more. The rate at which businesses, including small ones, are exposed to these […]

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By Shayne Bevilacqua, MBA | 10-17-2022

ARE YOU SENDING REQUIRED DISCLOSURE NOTICES TO PARTICIPANTS AND THEIR DEPENDENTS?   The Employee Retirement and Income Security Act (ERISA) requires employer-sponsored health and welfare benefit plans to send a variety of notices to participating employees and their dependents. Employers should be careful to adhere to the guidelines when it comes to electronic delivery, particularly […]

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By Shayne Bevilacqa, MBA | 09-29-2022

The healthcare industry is an industry full of sensitive and private information from all walks of life. Healthcare businesses commonly require card payment information, patient health records, and personal identifying information. As these types of information are the most sought after among cyber criminals, the healthcare industry is a perfect target for them. When patients’ […]

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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 | 08-18-2022

Due to the major increase in ransomware attacks and their multimillion dollar payouts, qualifying for a cyber insurance policy isn’t as simple as a phone call to a provider. But how can you do your best to qualify at a fair price?   The Market in the Past Few Years  The average cost of insured […]

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By Shayne Bevilacqua, MBA | 08-16-2022

On June 4, 2018, the New Jersey Board of Medical Examiners in consultation with the Physician Assistant Advisory Committee adopted regulations pertaining to the 2015 Physician Assistant Modernization Act.  An important take-away from the enacted regulation is that a Physician Assistant licensed in New Jersey who engages in clinical practice shall be covered by medical […]

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By Shayne Bevilacqua, MBA | 08-08-2022

In 2021 we experienced rapidly climbing ransomware attacks, which then led to cyber insurance rates rising. Experts around the world are doing their best to stay ahead, but it doesn’t seem to be looking up in 2022. Rates are projected to stay the same despite the efforts to slow down the devastating attacks. With our […]

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By Shayne Bevilacqua, MBA | 08-05-2022

With the Pandemic having lasting effects in the U.S. and all over the world, companies may be wondering what they can do to protect their employees without legal trouble.   What is Going on With the Mandate? There has been talk about mandating the SARS-CoV-2 vaccine in the U.S. since the vaccine was released to […]

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By Shayne Bevilacqua, MBA | 07-09-2022

Cybercrime groups around the world attempt to steal data and threaten their victims into paying. As time goes on, these cybercrime groups are getting wiser to the game, and are making the threats increasingly worse.    What are the Groups Threatening Now? A ransomware group by the name ALPHV/BlackCat went from exposing victim data on […]

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By Shayne Bevilacqua, MBA | 07-08-2022

Business Overhead Expense (BOE) Disability Insurance   Business overhead expense (BOE) disability insurance, also known as Business Expense Insurance, pays the insured’s business overhead expenses if the business owner(s) becomes disabled. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses that rely on a small […]

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By Shayne Bevilacqua, MBA | 07-06-2022

Medical malpractice insurance is a fundamental necessity for all healthcare providers. Medical workers such as dental specialists, surgeons, opticians, and  medical caretakers need medical malpractice insurance in order to protect themselves from possible disputed service that results in a patient’s injury or even death. This type of insurance also relieves the financial responsibility of legal […]

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By Shayne Bevilacqua, MBA | 06-09-2022

In the first quarter of 2022, global commercial insurance prices rose by around 11%, marking the fifth consecutive quarter with an increase of rates. However, the level of increase in premium has declined slowly and steadily.  The five-quarter rate increase has been the longest since 2012, but there still remains one big outlier: Cyber insurance!  […]

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By Shayne Bevilacqua, MBA | 06-06-2022

    Trends are constantly changing and reappearing in all areas of life, especially in the business and insurance industry. With 2022 reaching its midpoint, it is important for business owners to not only reflect on what they have accomplished so far within the year, but it is also important to understand trends that are […]

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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 | 05-09-2022

    As of recently, there have been many significant healthcare lawsuits throughout the country. Some of which include: lawsuit against the OSHA inspection in a Texas hospital, a hospital director of the West Virginia University affiliate of violating patient safety, and hospitals suing the United States Department of Health and Human Services over a […]

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By Shayne Bevilacqua, MBA | 05-02-2022

    With the COVID-19 pandemic slowing down, more and more employees are returning back into the workplace. However, the idea   of the common “workplace” will never be the same again, and remote work has proven to be more efficient in some cases for some   businesses as well. Since the workplace environment is […]

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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 | 04-23-2020

This is an excellent article from Fox Rothchild:   https://www.foxrothschild.com/publications/covid-19-construction-contracts-and-potential-claims-under-business-interruption-civil-authority-and-other-insurance-policies-and-endorsements/ Attached is a PDF Download of this article for your convenience.

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By Shayne Bevilacqua, MBA | 04-13-2020

The following bulletins have been issued by the New Jersey Department of Banking and Insurance and are posted on the Department’s website.   Bulletin No. 20-11 Guidance Concerning Circumstances Related to the COVID-19 Pandemic (Individual Market)   Bulletin No. 20-12 Guidance Concerning Circumstances Relating to the COVID-19 Pandemic (Small Employer Market)   Bulletin No. 20-13 […]

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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 | 04-10-2020

Governor Murphy Signs Executive Order Extending Insurance Premium Grace Periods 04/9/2020 TRENTON — Governor Phil Murphy today signed Executive Order No. 123, extending grace periods during which certain insurance companies, including health insurers, life insurers, and property and casualty insurers, will not be able to cancel policies for nonpayment of premiums.“We know the stringent measures […]

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By Shayne Bevilacqua, MBA | 04-09-2020

Thursday, April 9, 2020 New Jersey Governor Murphy has signed an Executive Order extending the grace period for residents unable to pay their insurance premiums because of a loss of income or other negative impact as a result of the COVID-19 emergency.   The Governor’s Executive Order requires: A minimum 60-day grace period for health […]

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By Shayne Bevilacqua, MBA | 04-01-2020

Frequently Asked Questions for Clients and Producers   We know our mutual clients are reaching out to you with questions about how members can seek care during the COVID-19 crisis.   Questions such as:   Is Highmark reaching out to inform and engage members with chronic conditions who may be at a greater risk?   […]

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By Shayne Bevilacqua, MBA | 03-30-2020

Today is National Doctors Day, and we at Professional Liability Insurance Group want to take the opportunity to express how grateful we are for each and every one of you.   We are especially thankful for those who are on the front line of the war against COVID-19, gearing up for battle and running into […]

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By Shayne Bevilacqua, MBA | 03-27-2020

The Senate passed the Federal Coronavirus Aid, Relief, and Economic Security Act (CARES/H.R. 748) on Wednesday, March 25, 2020. COVID-19 UPDATE Coronavirus Aid Relief and Economic Security CARES Act PASSED – Highlights For Your Medical Practice Today, March 27, the House has approved the bill. This is the third major bill by Congress in response […]

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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 | 03-27-2020

NEW EXECUTIVE ORDER No. 109 EO-109 Governor Phil Murphy today announced a new state website for reporting personal protective equipment (PPE). In accordance with Executive Order No. 109, any business, non-hospital health care facility, or institution of higher learning in possession of PPE, ventilators, respirators, or anesthesia machines must submit that information to the State […]

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By Shayne Bevilacqua, MBA | 03-21-2020

EO-107 EO-108  

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By Shayne Bevilacqua, MBA | 03-27-2020

Below is a recent correspondence from Horizon BCBSNJ   Due to the declared public health emergency by the Governor, and until it is lifted, Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) understands that the small employer community is working through many concerns. With regard to New Jersey Small Employer Health (SEH), effective […]

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By Shayne Bevilacqua, MBA | 03-26-2020

Dear Shayne, Since launching our COVID-19 FAQs and Risk Resources website last week, we have received tens of thousands of page views and lots of feedback. In response, we have enhanced the website to help you and your customers quickly access relevant information from MedPro and other authoritative sources. We especially want to draw your […]

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By Shayne Bevilacqua, MBA | 03-26-2020

Please follow the laws of your state, your professional license, and the guidelines of your insurance carriers, as you use your own discretion in providing telehealth services to your patients.  We are solely providing information for your own edification and  never provide legal, medical or financial advice. SAMPLE Consent Form Telemedicine Letter for Physicians

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By Shayne Bevilacqua, MBA | 03-25-2020

Below is correspondence from Delta Dental. DeltaDentalNJ.com Many of our clients are already feeling the financial effects of the COVID-19 pandemic. We are working to help them keep their employees covered. Here are some ways we can help: Lapse in premium payment: To support our clients during the challenging days ahead, Delta Dental will not […]

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By Shayne Bevilacqua, MBA | 03-25-2020

This information is provided as a service based on what we have been given at this time.  Please contact your agent and/or insurance carrier for more up-to-date and additional information. I hope this helps.  I know it is very challenging for all healthcare practices and facilities right now. God bless all our First Responders as […]

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By Shayne Bevilacqua, MBA | 03-25-2020

COBRA During the State of the Emergency, are employees or employers penalized for issuing COBRA notices at a later time if they are unsure of the nature of the layoff (permanent or temporary)? As it stands today, the current law as written applies. Therefore, COBRA rules apply as they would in any layoff. Should legislation […]

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By Shayne Bevilacqua, MBA | 03-25-2020

Please find attached most recent Health Insurance Carrier Benefit update Spreadsheet. CarrierBenefitsCoronavirusChart 2020March25

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By Shayne Bevilacqua, MBA | 03-25-2020

We received word from Horizon that we are free to share the following updates about furlough.  A formal brief from Horizon is expected later today. ______________________________________________________________________________________ We received a few responses as it relates to COVID-19 Horizon administrative inquiries- below please find some initial guidance on some of your questions below: Q Can employer groups […]

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By Shayne Bevilacqua, MBA | 03-24-2020

Most recent communications from Health Insurance Carriers for New Jersey: (Please contact your agent, broker, or insurance carrier for more information.) AmeriHealth: As a result of the COVID‑19 outbreak, AmeriHealth New Jersey will honor employer requests to continue coverage for employees furloughed or temporarily laid off as a result of impacts of COVID‑19. This exception […]

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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, MBA | 12-18-2018

One of the irrefutable truths of life is that at some point we will all die. There are many health care professionals, if not all, who will do everything they can to extend life. Even if, in some circumstances, the results turn out inadvertently to not be in the best interest of the patient. End […]

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By Shayne Bevilacqua, MBA | 11-19-2018

One of the risks that comes with hiring employees is the risk of discrimination suits. Many groups can declare your management discriminatory, and there are so many actions that can give rise to a suit being filed against you, including: promotions, pay rises, handing out key projects and even firings. This can make it challenging […]

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By Shayne Bevilacqua, MBA | 08-15-2018

Online reviews represent a crucial part of purchasing decisions. Four out of five customers would trust the feedback of a peer and whatever they have to say. Therefore, an outstanding series of reviews about you on Google, online directories, social media and other sites can help attract new clients. How To Collect Reviews There are […]

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By Shayne Bevilacqua, MBA | 07-09-2018

Let me begin by stating the Professional Liability Insurance Group does not provide legal advice and strongly advises that every business seek appropriate legal and professional advice for all business needs. One of the biggest concerns when you’re terminating an employee contract is whether there will be repercussions from the event. There are numerous issues […]

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By Shayne Bevilacqua, MBA | 06-13-2018

Your business is your livelihood. Without it, you’ll have no income and nothing to show for your hard work. Consider what would happen if your customers all suddenly disappeared? Or you were hit with a massive, unexpected bill? What would happen to your business then? Being reactive to situations will only help you so far. […]

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By Shayne Bevilacqua, MBA | 04-16-2018

Running a business isn’t easy. There are many things to consider for a business to be a success. For some merchants, they don’t consider some very important aspects of their business and instead only look at their income and expenses to determine their profit margin. While profit margins are important. There are some significant issues […]

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By Shayne Bevilacqua, MBA | 03-26-2018

Do you know of any scenarios which might arise in a liability claim from an employee? You could probably name a couple but there are most likely some you don’t know. Here are five examples of employment practice liability cases we’ve created for your benefit. We’ve also added in a line to describe how a […]

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By Shayne Bevilacqua, MBA | 02-01-2018

Benefits were the real winners in the stopgap government funding Bill H.R. 195. On January 22, 2018, President Trump signed into law a Continuing Resolution (CR) that included major healthcare priorities. The short-term government funding bill temporarily ends the government shut down and funds it through February 8, 2018.  So, we’ll be seeing more activity […]

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By Shayne Bevilacqua, MBA | 01-25-2018

President Trump has signed the Extension of Continuing Appropriations Act, which will fund the government through February 8, 2018. The Act includes: – delays implementation of the Excise (Cadillac) Tax, ACAs tax on higher cost employer-sponsored health coverage, until 2022. Previously, this tax, designed to discourage employers from compensating workers through more generous health insurance […]

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By Shayne Bevilacqua, MBA | 01-19-2018

You may click this link to download the latest Savoy Employer Newsletter for the Fourth Quarter 2017. Please don’t hesitate to share this with others.

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By Shayne Bevilacqua, MBA | 12-07-2017

What insurance do you need if you manage a legal practice? While law firms tend to be careful about what they can and can’t say – that doesn’t mean they can’t make mistakes which can be costly to the business should a claim be made against them. Of course, how much insurance your law firm […]

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By Shayne Bevilacqua | 12-01-2017

The 2016 tax return season is over, and CPA’s can now look back to see how the season worked and what improvements can be made to make next year even better. Before, during and after the recent tax season, CPA Trendlines surveyed just over 13,000 accounting professionals from the US to get their thoughts on […]

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By Shayne Bevilacqua, MBA | 08-29-2017

When you occupy a building, you are liable for any incidents that may occur in the building. So, if someone falls because there’s loose flooring, you could have a claim made against you. Without the proper insurance in place, this can significantly affect your financial forecast, or put your business in danger. Liability insurance does […]

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By Shayne Bevilacqua, MBA | 08-22-2017

Many small business owners whose companies have a Commercial Policy for their business may think they can simply use that same commercial vehicle to make some extra cash by offering Rideshare services on their own time, especially if they use the company vehicle partially for personal use.  However, many insurance carriers are adding an Exclusionary […]

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By Shayne Bevilacqua, MBA | 07-24-2017

The world is becoming increasingly digital and online payments are now an important part of a customer’s experience. In fact, if you don’t take online payments, people are less likely to buy from you. If you don’t currently take payments online, but are looking to provide this convenient service, what do you need to consider? […]

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By Shayne Bevilacqua, MBA | 06-19-2017

Remote working is the future it seems. According to surveys, business leaders believe that three-quarters of employees won’t work in a traditional office by 2020. This could mean they work from home or they operate on the go. In addition, more cloud-based applications are being used in businesses to help manage them than ever before. […]

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By Shayne Bevilacqua, MBA | 05-01-2017

The world is becoming ever more digital. We are spending more time on social media, and this is leading to court cases as people disagree over its use. In recent years there have been numerous landmark social media lawsuits that have had a profound impact on how social media can be used within your business. […]

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By Shayne Bevilacqua, MBA | 04-14-2017

The Final Market Stabilization Rule from Healthcare.gov According to Healthcare.gov, CMS issued final rule to increase choices and encourage stability in health insurance markets for 2018 The Centers for Medicare & Medicaid Services (CMS) issued the final Market Stabilization rule to help lower premiums and stabilize individual and small group markets, and to increase choices […]

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By Shayne Bevilacqua, MBA | 04-10-2017

Insurance is critical if you work in the health industry. A survey by the American Medical Association in 2010, found that 61% of physicians had been sued by the end of their career. Without the right insurance, you risk being financially responsible for any claims made against you, yet so many medical professionals make errors […]

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By Shayne Bevilacqua, MBA | 02-28-2017

There is a strong possibility your business could suffer from a data breach. With 30,000 websites hacked every day and such big profile names mentioned in the past, including Sony and Ashley Madison, you might be mistaken to think that it is mostly large organizations that are targeted. However, this isn’t the case as 72% […]

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By Shayne Bevilacqua, MBA | 02-13-2017

Your business has a limited liability when it comes to claims. This is determined by the shares or guarantees it owns. In contrast, the personal liability of a director / officer of the company is unlimited. If a claim is made against them, their personal assets are at risk. Also, it is a common misconception […]

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By Shayne Bevilacqua | 10-03-2016

There is always a debate over whether organizations should hire contractors or employees. Both have advantages; however, when considering certain aspects, the benefits of hiring contractors can sometimes seem more worthwhile. Here are six reasons why a contractor might be a better choice for your business than an employee. 1. Flexibility If you have seasonal […]

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By Shayne Bevilacqua | 09-07-2016

  Most people don’t think of their office as an inherently dangerous working environment. After all, it isn’t like there are cars, heavy objects moving above heads or other external dangers that can threaten life and limb. However, the office environment does have some serious dangers. The top workplace injuries; back and neck pain, vision […]

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By Shayne Bevilacqua | 01-12-2016

You should never consider that your insurance is complete. There will be various changes to your business that can have an impact on your insurance coverage. Only through proactive, regular evaluation can you know if you have the right coverage for your business. So what are the main reasons why you need to regularly evaluate […]

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Contracts are the cornerstone of business and life. We sign them every day, from making online purchases to signing business partnerships. Each contract should be carefully read to ensure that there are no terms that can place either party at risk. However, research has found that this is not always the case. Studies from across […]

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By Shayne Bevilacqua | 11-23-2015

Today’s modern world is becoming ever more digital, and with it, threats from hackers and cyber criminals are becoming more of a risk for all professions, including lawyers. To protect your business should the worse happen, you should seriously consider cyber liability insurance. Is it suitable for everyone? What are the seven factors you need […]

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By Shayne Bevilacqua | 03-14-2014

If you don’t know by now (and you should), cyber crime is real.       This past May, five Chinese officials were indicted by a grand jury here in the states for stealing data from major U.S. companies like Alcoa and U.S Steel among others. In June, a Chinese businessman was arrested for hacking into the […]

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