CyPro, a product designed by Willis has been designed to protect business from interruption and recovery costs caused by malicious and accidental loss of data. It is specifically developed to help clients reduce their exposure to risks associated with technology use. It provides financial assistance not only for repairing systems and replacing data, but also reduces damage to reputation, for example, paying for the services of a public relations firm. Terri Driscoll, a business development director at FINEX Professional Indemnity said: “Technology is now driving business, yet businesses have failed to change the way they insure against these new perils. Companies’ assets are moving from “bricks to clicks” yet their protection against the enormous reliance on technology to run their business remains woefully inadequate.”

One disaster can wipe out all your profits and even destroy your business, and that is no matter how hard you work on it. The key is protection. By making sure that all the effort and money you have invested in a business doesn’t disappear when a disaster strike means getting an appropriate insurance

Financial Guaranty Insurance Company (the world’s third largest bond insurer) has had its credit rating downgraded along with Financial Guaranty Insurance Company and FGIC UK Limited from Aaa to A3. The insurance is facing a rise in claims resulting from the US sub-prime mortgage crisis. FGIC insures approximately $314 billion of debt and Moody’s estimates that it could face sub-prime mortgage bond claims of $9 billion, meaning the company’s reserves are around $4 billion short. FGIC is now separating out its business to protect its low-risk portfolio, which guarantees local government bonds used to finance infrastruture projects.

As workers become more concerned about there long-term retirement and financial planning, they turn to their employers for help. Employers find it an opportunity to retain top talent by providing diverse benefits solutions supported by targeted education and communications. Tiny enterprise or a large corporation, the success of a business is dependent on hard work and ingenuity contributed by workers.

As you prepare your usual coffee in morning to bring it to your office (or someplace else), you smell the aroma of fresh coffee beans being brewed. As you pour the liquid inside your Stanley thermos, an unfamiliar sound startled you. BANG! Suddenly, your surroundings become black.

No, it’s not that you’re injured. It’s due to the charcoal that splattered from the thermos. The 2005 edition of Stanley thermos were withdrawn in the market because of some handle issues. If the vacuum cover of the handle is broken, chances are, it’ll explode and charcoal powder will burst in the air. A family in Arkansas sued the company (since most of their belongings had black powder in/on it) and the owners of Stanley thermos were more than willing to pay and assist them for the damages.

Photo taken from http://www.cpsc.gov

DWF commercial firm oppose proposals by the Scottish Law Commission (SLC) to extend the time limit on personal injury claims from three to five years. The reforms are intended to help those bringing claims for occupational diseases including asbestosis and mesothelioma, but Simon Denyer, DWF insurance partner, says “they are out of kilter with other developments which will have the effect of speeding up cases”.

The English Government has drawn up plans to speed up the settlement of personal injury claims. Under the new proposals, lawyers will have five days after being contacted by a claimant in which to notify insurers of a potential claim. Insurers will have 15 days in the case of a motor claim and 30 days for a workplace or public liability claim, to decide whether or not they are going to settle.

Maybe you are wondering if there’s such thing as a Kidnap and Random Insurance?

The answer to the question is a BIG YES!

We do have Kidnap and Ransom insurance though it is not publicized due to the possible negative effect of having it announced. Knowing such thing might alarm the kidnapers to do a crime in just a snap. This type of insurance gives the insurer an option to have it included in a private individual insurance policy but it is actually much standard with business insurance. The said insurance only covers the cost of the ransom set by the kidnappers and the negotiations. Transactions made outside the deal of the kidnapper and the insurance is not covered (like food, cellphone load, magazines etc.)

Ship and cargo premiums are expected to fall by up to 10% during 2008 even though risks in the marine sector are increasing. According to Aon’s 2008 Marine Insurance Market Review, ship and cargo owners are paying less in premiums because claims have decreased as a result of advances in ship design, cargo handling and general maritime safety. However, the market for protection and indemnity (P&I) will continue to see premium increases because both the number and size of claims is rising. To a lesser extent, the same is true of hull and machinery insurance.

There is a possibility that small-scale or home-based businesses will not need a business insurance, but they have to consider getting a property and liability insurance just in case of loss that might affect the home rather than the business. For your information, there’s a criteria for a small-scale business to qualify in the Business Owner’s Policy. The BOP is only given to the firms with a minimum number of employees and other considerations that are being set by the insurance firm. The International Standard Organization implemented a standardized rule on this.

Every business owner has its up’s and down’s on his journey due to the fluctuations in our world economy. Those who have business insurance can testify on the difference felt when you have one. Business owners who have insurance for their businesses can testify on the benefits of having one. A lot of businesses have recovered to start once again and avoid closure due to the insurance. The owners have now the guidance to focus and start again with the business. The workers are happier now because the law demanded a mandatory compensation insurance to have an assurance that their incomes will not be affected in case of problems in the business.