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 Target -- is 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
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!
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