The tremendous increase of hacking and phishing has created a security challenge for businesses. No business, whether youre a small business or a large retailer like Targetis immune. Hackers are even compromising some of our most secure U.S. government agencies. The big hacking attempts like Target and government agencies are the ones that make the news, but did you know that most cybercrime happens to small and medium businesses? In fact, one in five businesses are victims of these crimes each year, according to the National Cyber Security Alliance. All kinds of malicious cybercrime can occur, from gaining access to your system records to transferring funds away from your accounts. Medical practices around the country have to battle with hackers stealing their patients private health data. Unfortunately, the hacking leaves devastation at the company, and over half go out of business within six months post-attack. Theres a huge data recovery cost, and then the inevitable intangible
How is your company responding to recent developments in the Florida workers compensation market? In case you missed it, the Florida Office of Insurance Regulation (OIR) has issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for an overall combined statewide average rate increase of 14.5%. This rate increase applies to both new and renewal workers compensation insurance policies effective in Florida as of Dec. 1, 2016, with no change in rates for current in-force policies. This is a result of fallout from two recent Florida Supreme Court decisions, Castellanos and Westphal. Why the large rate increase? In Castellanos, the Florida Supreme Court has ruled that the states mandatory attorneys fee schedule for workers compensation cases is unconstitutional under both Floridas and the U.S. constitution as a violation of due process. According to one Florida attorney familiar with the ruling in Castellanos vs. Next Door Co., the decision will
Titled Data Analytics and Contractual Risk Transfer Make Waves in the Surety and Insurance World, Guy Hurleys Bob Heuer writes about the movement afoot to give contractors a peek in the box as to how bond companies evaluate contractors for approval and program parameters in the latest issue of CAM Magazine.(Spolier alert:The aforesaid movement is going on between us and our customers. Whether its going on anywhere else, we really dont know.) Bob writes: If you are a contractor, either a general or a sub, and you havent reviewed (and asked your insurance provider and/or legal counsel to review) your subcontract lately, then you are likely getting substandard protection. Read the full story here that shares how to ensure youre getting in front of issues and opportunities. Guy Hurleys Leslie Loftus also writes about the often overlooked protections your health insurance doesnt cover. Leslie says: With all the focus on healthcare reform and health insurance changes in the past few
The Guy Hurley team gathered to pack food for a worthy organization based in Detroit called Focus: HOPE. Approximately 38,000 senior citizens in 42 metropolitan Detroit communities receive nutritional, supplemental food through Focus: HOPE each month. For many of these seniors who do not have transportation, the box of food is their main source of nutritious food. At a time when they should be enjoying their golden years, many are barely able to pay living and medical expenses. The U.S. Department of Agriculture food supplements ensure that our older citizens get the assistance they need. We are grateful to support an organization that is transforming so many lives in the city where we work, live and play.
A big congratulations is in order to Richard McGregor, who has been elevated from vice president to president of the Troy office. His dedication to client service, expertise and leadrship is invaluable. Rich joined Guy Hurley as vice president, shareholder, and manager of Property-Casualty Operations in early 2009 from CNA Insurance, where he served as vice president and branch manager of Michigan. Rich has also held various executive positions with both CNA and Firemans Fund Insurance Companies during his 23 year insurance career. Rich holds a Bachelor of Arts degree from Virginia Commonwealth University. Check-out the coverage in Crains People on the Move that highlights Richs recent advancement. Congrats, Rich!
Given the complexities of todays legal climate, many lawyers face the possibility of lawsuits as an unfortunate byproduct of practicing law. While you may be committed to your clients, they may not always return the favor. Your business and financial security depends on how well protected you are from a lawsuit or claim. At Guy Hurley, we focus on building a solution rather than selling a product. We listen to our clients to understand the array of emerging exposures they face, and create a plan to help protect against losses resulting from negligence, errors and omissions. Professional Expertise and Industry Experience Guy Hurleys Legal Professional Liability division is staffed by two licensed attorneys with a combined 40 years of litigation experience. As a result, we understand the risks associated with our clients practice area, ensuring that each insurance solution is tailored to fit their unique needs. We dont just put a plan together we build a program with the features
Last month, Guy Hurley hosted a seminar that walked attendees through the ins-and-outs of group captive insurance company formation and operation for workers compensation and third-party liability coverages. The good news delivered was that participation in captives is no longer reserved for large companies paying $300,000 or more for their workers comp, general liability and auto coverages. Representatives from captive management firm Innovative Captive Strategies described how companies whose annual premiums for these coverages might be as low as $150,000 can reap the benefits of captive participation, recouping major chunks of their premium dollars when loss experience is favorable, and comparing risk control and claims management notes with their fellow members for mutual benefit. The presentation was augmented by current captive clients Mike Malloure and Mike DeFinis, who are principals of C.A. Hull Co. and Angelo Iafrate Construction Co. The two answered attendees questions
If you havent heard the buzz that was recently reported in the Lansing State Journal about Guy Hurley expanding its reach from metro Detroit to serve clients in the Lansing and Grand Rapids markets, here is the 411. After more than 15 years of serving the metro Detroit region, we couldnt be more eager to spread our wings and bridge the risk management knowledge and innovation gap in Lansing and the west side of the state. The Lansing location will allow us to build a stronger presence, not only in Ingham and surrounding central Michigan counties, but also in Grand Rapidsa region that has rapidly diversified its business base and is receiving top national rankings for economic growth. Its a booming area and we want to be a part of it. Guy Hurley stands on a solid client base in the region, partnering with successful companies such as Wieland, Hoffman Bros., and Kamminga Roodvoets, Inc. Being in closer proximity, we can only better serve those existing clients while building long-lasting
Historically, big-name brands such as Coca-Cola, McDonalds, Apple and Microsoft have reaped the many benefits of a captive insurance program. A captive is essentially an insurance company that is created and wholly owned by one or more non-insurance companies to insure the risks of its owner or owners. In the past, captives were only available to companies paying around $500,000 in premiumswith more than 90% of Fortune 500 companies having a captive. Today, many small and mid-size businesses are taking hold of the idea that you dont have to be one of the largest companies in the world to operate a war chest of cash strategy. A strategy that generates profits while providing extra risk protection. If it works for the big guys, why not trickle that same strategy down to a smaller scale for small and mid-sized business? The good news is that many companies are scaling down the giant captives model into their business. A new captive offering at Guy Hurley is lowering the barrier of
What better way to kickoff warmer weather and celebrate our clients and team through a Tigers Opening Day celebration? Opening Day is practically a Detroit holiday. Although the weather was brisk and winter coats were present, we had a blast welcoming the Tigers back home with old and new friends, amazing food and some Guy Hurley style fun. Thank you to those that came to say hi or stayed with us all day to celebrate. More than 100 people were in our tailgate lot throughout the day. Here are some of our favorite photos from the day:
As a company dedicated to supporting the community in which we do business, were always looking for ways to help deserving organizations through our time and resources. Recently, we had the privilege of sponsoring a fundraiser to benefit Sweet Dreamzzz, a nonprofit organization committed to improving childrens health, well-being and academic performance by providing sleep education and bedtime essentials to economically disadvantaged students and their families. Associated General Contractors of Americas Michigan Chapter raised $6,500 to support Sweet Deramzzzs mission. Its things we take for grantedlike a toothbrush, blanket, pillowthat many children in our community dont have. The lack of necessary tools for a good nights sleep contributes to a lack of growth and development, healthy brain function and emotional well-being. Funds raised from this event will go toward future sleep education programs. Students in the program receive a brand new sleeping bag or Sweet Dreamzzz blanket,
If you could ask your workers compensation claims adjuster 10 questions about your thorniest claim over the past several years, what would they be? All too frequently the biggest questions go something like this: Why the #@!! didnt they ask about __________? How could they have forgotten to _________? Didnt they ask _________? To eliminate the frustrations many are faced with, Guy Hurley Vice President Paula Tryloff recommends smart questions to ask workers compensation claims adjusters to ensure the appropriate attention is given to the claim. For example: The doctors note indicates the employee can return to work with some restrictions. What are my options if we dont have light duty, and why should I care about offering it? My employee has been off for some time and is on a lot of pain pills. What can we do to manage his medication and avoid potential addiction? What are my options when Im not satisfied that my adjuster has my companys business objectives in