Allstate issues caution against contractor and insurance fraud following severe weather

Insurance fraud - home repair - hammer and nail

The insurer has shared tips to its policyholders to help protect themselves against scams. The severe weather that struck the southern and middle states has provided a considerable opportunity for scammers interested in ripping people off through contractor and insurance fraud. Allstate is hoping that more people will learn its tips to keep themselves safe from scammers. The insurance company has issued these tips to equip Americans with the information they need to spot scams and stay away from them. Insurance fraud is already estimated to have reached about $40…

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Moody’s expects Winter Storm Uri to result in billions in insured losses

Winter Storm Uri - Snow, cars and homes

The massive freeze and snowfall were particularly hard on Texas, though it struck much of the South. The powerful cold weather nicknamed Winter Storm Uri, smashed across the middle and Southern United States last week, leaving Texas especially devastated. According to Moody’s Investor Services, the insured losses from the weather will be in the billions. Winter Storm Uri, brought “snow, ice and some of the coldest temperatures in decades, particularly in Texas and across the Southern U.S.,” said the Moody’s report. This was particularly true on Valentine’s Day and through…

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Lloyd’s warns of Internet of Things device threat to insurance industry cyber risk

Insurance Industry Cyber risk - Computer code - Security Alert

IoT gadgets are raising the threat of attacks and breaches to industrial and manufacturing businesses. Internet of Things (IoT) devices are raising insurance industry cyber risk, according to a new Lloyd’s report published in conjunction with CyberCube cyber analytics specialist, and Guy Carpenter reinsurance broker. As digital threats become increasingly complex, insurers are warned to better understand emerging risk. The Lloyd’s report was titled “The Emerging Cyber Threat to Industrial Control Systems”. It outlined the need for insurers to better understand the evolution of threats and how this sophistication changes…

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Keep Track Of Your Money With These Simple Bookkeeping Tips

Bookkeepers Insurance - accounting - computer - calculator

Don’t fancy working with numbers and bookkeeping much? Consider cultivating these practices as growing pains you must bear to grow your brainchild. Plus, a strong accounting function can add tremendous value to all businesses, no matter the size of operations.  According to financial experts, an entrepreneur’s financial literacy. Such knowledge of accounting concepts plays a critical role in determining their survival. Besides helping you understand your business’s cash position, bookkeeping lets you stay on top of tax deadlines, including filing for returns. Contrary to popular belief, bookkeeping doesn’t revolve around…

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HSB rolls out new small business workplace violence insurance coverage

Workplace violence insurance - person looking stressed

The Munich Re company has developed a new type of product for small- and mid-size companies. Munich Re company, HSB, has announced the creation of a new type of workplace violence insurance it is offering to small- and mid-size businesses. The coverage is meant to help a company and its employees to recover after a violent event. The new HSB workplace violence insurance provides the company’s employees with crisis communications, counseling, security services and lost business income coverage. The purpose is to support companies and their employees in their response…

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Nearly 100 insurance rate increases get the nod in Florida

Insurance rate increases - Florida neighborhood

The state Office of Insurance Regulation green lighted the hikes, suggesting a struggling sector. The Florida Office of Insurance Regulation has given its approval to almost 100 property insurance rate increases across the state. This indicates that the industry conditions in the state have reached a difficult point. The approvals were issued to dozens of homeowners and business insurers that filed for the hikes. According to a report published by News 6 WKMG, dozens of property insurers filed court documents with the intention of obtaining approval for insurance rate increases…

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4 Compelling Reasons to Get Insurance as a Manufacturer

life insurance gaps

Manufacturing should be just about the lowest risk activity going, right? Transforming materials into objects should be a very easy thing to carry out according to plan, in theory. In practice, there are lots of hiccups and disasters that can scupper a manufacturer’s best-laid plans. It is important to take out comprehensive insurance in the manufacturing industry. Here are just a few of the reasons why.  Material Inconsistencies Can Cause Huge Disruption A manufacturing operation is reliant upon the materials you can get ahold of. No matter how well-trained your…

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