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The Growing Importance of Cybersecurity and Cyber Liability Insurance: A Look at MGM’s Incident
In today’s digital landscape, cyber-attacks are becoming more frequent and sophisticated, prompting businesses to elevate their cybersecurity efforts and consider cyber liability insurance. Recent breaches faced by major companies like MGM Resorts International and Caesars Entertainment highlight the gravity and unpredictability of these threats. MGM’s Cyber Breach: A Wake-Up CallOn
Protective Safeguards in Commercial Property Insurance: A Guide for Insureds
Commercial property insurance is an essential safeguard for businesses, protecting assets and ensuring continuity in the face of unexpected disasters. As a business owner, it’s crucial to understand the protective safeguards included in your insurance policy. These safeguards are designed to mitigate risks, reduce potential losses, and promote responsible practices.
Liquor Liability for Tasting Rooms
At Swarts Manning Spirits, we specialize in providing commercial insurance expertise and risk mitigation for the winery, brewery, and distillery industries. The spirits industry faces unique risks that require supplemental coverages beyond standard general liability, property, commercial auto, workers’ compensation, and umbrella policies. Specialized coverages such as crop protection, contamination
Cyber Security: Do You Decline Cyber Insurance Coverage Despite Acknowledging The Growing Risk?
Does it surprise anyone that cyber security is such a hot topic in our digital world? The Internet of Things (IoT) describes the network of physical objects embedded with sensors, software, and other technologies that connect and exchange data over the internet. According to Statista, there are approximately 15.14 billion
Ransomware Attack Targets Schools, Businesses, and Government Agencies: What You Need to Know
A widespread ransomware attack orchestrated by Russian cybercriminals has impacted schools, businesses, and government agencies worldwide. While the full scope of the attack is still under assessment, the US Cybersecurity and Infrastructure Security Agency (CISA) has reported intrusions in several federal agencies, with significant repercussions for businesses and individuals. State
Navigating Workers’ Comp Audit Difficulties: A Guide for Insureds
Workers’ compensation insurance is a vital safeguard for both employers and employees, providing financial protection in the event of workplace injuries. However, the annual audit process can present challenges for insureds. Insurance carriers conduct audits to ensure accurate premium calculations based on actual payroll and job classifications. While audits are
Product Recall: Preparation and Insurance
Product recalls are complex and heavily regulated processes that can be costly for businesses, whether you are a manufacturer, supplier, or retailer. A product recall refers to the act of returning, exchanging, or replacing a product in the marketplace after a defect is discovered. Defects can include anything that hinders
Risks with Products in Storage or Transit
The spirits industry is a complex and highly regulated field that requires meticulous attention to detail, particularly when it comes to the storage and transit of products. Businesses in this industry face several significant risks when their products are stored or transported. One of the main risks is the sensitivity
73% of Organizations Hit by Ransomware in 2022
Seventy-three percent of organizations reported being hit with at least one successful ransomware attack in 2022, and 38% said they experienced two or more attacks, according to Barracuda Networks’ 2023 Ransomware Insights report. The report revealed that organizations facing multiple attacks were more likely to pay a ransom to restore
ABC’s of Insurance for Contractors: What Policies Do You Really Need and Why?
Embarking on a journey as a new contractor is exciting but comes with its challenges. Among the most critical is
Understanding Commercial Insurance in the Cannabis Industry: The Role of Master Service Agreements in Mergers and Acquisitions
The cannabis industry is rapidly evolving, with mergers and acquisitions (M&A) becoming increasingly common. These activities present unique challenges, particularly
Navigating the Liquor Liability Insurance Market in 2024
If your business sells or serves alcoholic beverages, you understand the importance of liquor liability insurance. This coverage protects you
Employee or Independent Contractor? Understanding the January 9, 2024 DOL Rule and How it Impacts Your Business’ Insurance Needs
On January 9, 2024, the Department of Labor (DOL) introduced a rule designed to clarify the distinction between employees and
Mom!! Why Have My Commercial Auto Rates Increased So Much?
What is it about human nature that makes us feel better when we understand why something has gone wrong? From
Large Construction Projects: OCIP or CCIP?
For owners of large construction projects, deciding between an Owner Controlled Insurance Program (OCIP) and a Contractor Controlled Insurance Program