Does Your Company Need Cyber Insurance to Address Breach Risk?

| February 28, 2020

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Car insurance, health insurance, life insurance -- what about cyber insurance? Listen as Sherri Davidoff, author of Data Breaches: Crisis and Opportunity, shares her take on cyber insurance and why companies need it. Businesses are reluctantly beginning to agree that no organization is immune to security incidents. As such, investment in cyber insurance policies has grown -- almost 50% of companies have policies, compared to 34% two years ago.

Spotlight

Tower Hill Insurance Group

Founded in 1972 by W. T. Shively, Tower Hill Insurance Group has become one of Florida's largest writers of residential property insurance. Tower Hill Insurance handles all aspects of the daily operations for multiple companies, including its affiliates: Tower Hill Preferred, Tower Hill Prime, Omega, Tower Hill Select, and Tower Hill Signature insurance companies. Tower Hill offers homeowners, mobile homeowners, dwelling fire, condominium, renters, and flood coverage.

OTHER ARTICLES

Does Business Interruption Insurance Cover COVID-19 Closures?

Article | April 2, 2020

Our clients are asking us: Do commercial property and, specifically, business interruption insurance policies provide coverage for COVID-19-related losses? As discussed below, it is critical that you promptly review your company’s policies, exclusions and relevant endorsements to evaluate whether your business has coverage in the wake of COVID-19. If appropriate, you should make a claim with your insurance carrier.

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7 Business Models of the Future for Insurers

Article | April 2, 2020

The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:

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6 reasons to take out landlord insurance

Article | April 2, 2020

Making the leap from homeowner to property investor comes with a unique set of challenges and opportunities. While many landlords try to minimize their outlay and maximize their return – and understandably so – insurance is the one essential expense you simply can’t afford to scrimp on. It’s so important that you are adequately covered with suitable landlord insurance, so that the following scenarios don’t cripple you financially…

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How is automation changing the way insurance companies work?

Article | April 2, 2020

Job automation has shaped cultures and economies since before the agricultural revolution, throughout industrial revolutions and into the current digital age. The insurance industry is not immune, with automation and innovation continuing to drive the scope for significant change. Traditional automation has been transformative in automating simple, repeatable tasks in back-end processes. Robotic process automation (RPA) combined with artificial intelligence and machine learning capabilities can be, and are being, used to automate high volume and high frequency tasks that have traditionally required human intervention.

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Spotlight

Tower Hill Insurance Group

Founded in 1972 by W. T. Shively, Tower Hill Insurance Group has become one of Florida's largest writers of residential property insurance. Tower Hill Insurance handles all aspects of the daily operations for multiple companies, including its affiliates: Tower Hill Preferred, Tower Hill Prime, Omega, Tower Hill Select, and Tower Hill Signature insurance companies. Tower Hill offers homeowners, mobile homeowners, dwelling fire, condominium, renters, and flood coverage.

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