The National Council on Compensation Insurance (NCCI) recently delivered its annual workers’ compensation insurance rate filing to the Florida Office of Insurance Regulation. Based upon its review of the most recent data available, NCCI has proposed an overall average rate level decrease of 5.7 percent, effective January 1, 2021 in Florida. To view NCCI’s Overview of the proposed rate filing,…
Florida legislature unanimously passed the Florida Information Protection Act of 2014 (FIPA) on April 30, 2014. The new bill requires specified entities to take reasonable measures to protect and secure data containing personal information in electronic form and for them to notify individuals of data security breaches within 30 days of the occurrence. This bill went into effective on July 1, 2014. Understanding the changes and how it impacts your business is vital.
Due to increasing frequency of cyber security breaches, this statute became a necessity for the state legislature to address the growing concern. Last year alone, corporations experienced a 15 percent increase in average data breach costs – totaling about $3.5 million. The most common, not to mention most costly, type of data breach is a malicious insider or criminal attack.
Traditional insurance policies were not designed to insure against the emerging risk of cyber incidents, though limited coverage may be available with some programs. The Business Owners Policy that is commonly purchased by small to medium sized businesses rarely covers even a limited amount of electronic data loss for a business. There are however some common policies that can offer a bit more coverage such as some boiler and machinery, directors and officers or even crime policies but the limits are usually low and the coverage is very limited. It’s important to be mindful of the increasing vulnerability of your business’s confidential customer and client information as massive data breaches become increasingly popular.
In response to the ever-growing internet reliance, insurers have developed new coverages that apply to a variety of cyber security and other privacy liability risks. Each new program is tailored to meet the unique needs of the individual technology used by the company and level of risk involved. While your company may not need all of these coverages today it is important to know they exist as well as revisit them as your company grows. These coverages are typically available as a package or on an individual basis.
Since 2010, over 2,400 cyber-attacks have been reported in the United States exposing 382 million private records. 2013 was one of the worst recorded years for cybersecurity and 2014 is on track to surpass it; the overpowering number of attacks has increased momentum among insurance providers and legislators to produce more substantial safety measures.
Recent attacks affected well-known organizations such as JPMorgan, Target, eBay, NATO, Adobe, Neiman Marcus, and many more. In April 2014 many companies were affected by the Heartbleed Bug, though only a fraction reported lost records until this month when it was reported that Community Health Systems suffered a breach that may have affected as many as 4.5 million patients.
For the first time ever, cybercrime has moved into the top 10 global business risks. According to a recent study that analyzed published data, business organizations accounted for 84% of records exposed by cyber-attacks, followed by medical and healthcare organizations at 9.6%.
Summer has come to an end and right around the corner is high-season for many Florida companies. High-season extends from November thru April and for many that means increased business due to the snow birds and tourists returning for the warm weather. Businesses can expect to be serving a population that is nearly 22% larger during these months. The Florida winter season brings with it great reward for business owners, but not without risk. Preparing your business for the influx in population is imperative for a successful season.
Here are the top 5 ways to manage your company’s risk before high-season is here.
Developing and maintaining good safety habits and attitudes is fundamental to workplace safety. Building on this foundation you can minimize hazards, prevent accidents, and create a safer, healthier workplace. There are simple steps safety managers can take to make safety a greater value to management and front-line employees.
Although employers rightfully appreciate the efficiency and responsiveness of employees who use cell phones (and smart phones) to get their work done, they must also be aware of the financial and safety risks created by the use of these devices while driving. Employers are facing increased liability exposures from employee use of mobile phones to text, make calls, etc. while on the road.
Gravity–what’s it costing you?
According to recent data, the total annual cost of slip and fall injuries in the United States in over $60 billion annually. There is more involved in preventing a slip and fall accident than just placing the proper signage at a slippery entrance. Property Managers and Board Members should always prepare for the worst and hope for the best. Below is an action plan to help you manage slips, trips and falls at your association. Click here to download a Slip & Fall Checklist to use at your association.
On average, lightning is responsible for more weather-related deaths in Florida than all other weather hazards combined, and Florida has the highest number of lightning casualties of all 50 states, according to the Insurance Information Institute (I.I.I.). Across the U.S., lightning strikes the ground 30 million times each year and injures about a thousand people, according to the Lightning Protection Institute (LPI). Hurricane season is also rainy season, and frequent storms have a tendency to make people complacent. But lightning is a serious danger and being struck can cause death or debilitating injuries.
The economic impact is pretty easy to project. If an insurance company is forced by law to pay over 150% more on high value claims, where do you think they are going to recoup that money? The answer is premium and rate increases, of course. This is exactly what can be expected in light of the February 28, 2013 First District Court of Appeal (DCA) decision regarding a case called Westphal v. St. Petersburg.