In the wake of a massive data breach, entertainment giant Sony is turning to its insurers for help with the cost. A group of anonymous hackers overwhelmed Sony’s security late last month, stealing valuable customer information. Only two weeks after the initial attack, they struck again, getting their hands on even more data. To date, more than 100 million users of Sony’s online gaming and market platform have been affected, causing an estimated $2 billion worth of damages. The corporation has a multitude of insurance companies at their disposal and…
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Commercial insurance rates may be on the rise due to 2010 losses
Premiums for commercial lines of insurance are still low, mainly due to an increased amount of insurers offering coverage, and the low amount of consumers looking for providers, and not making claims. Most small and midsized business rates remained the same, while some large companies saw minor decreases. The last two years have been relatively calm for most states, as far as natural disasters go; compared to losses that have occurred in previous years. This has created an increase in capital that insurance companies have had to work with when…
Read MoreBig Business, Big Lawsuits!
Lawsuits against big companies used to be very rare; but the times are definitely changing. From tobacco companies and fast food restaurants, to big banks and pharmacies; no one is safe from litigation. This is where Directors and Officers liability insurance comes in. Are you prepared to pay millions for the decisions your management makes? In some states, big companies are directed to cover directors (some include officers), releasing them from any liability of being sued. It was almost seen as a job perk because it was done to encourage…
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