Non-Owned & Hired Car Coverage: Why Every Business Needs It

A design firm sends an employee out to pick up approved plans from a client. The employee drives his car and, on his return, was texting while driving, ran a stop sign and hit another vehicle. The employee did not have car insurance.

What are My Plan Fiduciary Exposures? Surprise! Personal Liability

If you are serving as a plan fiduciary, you have a duty to act in the sole interest of plan participants and their beneficiaries, including paying reasonable expenses for plan services. Under ERISA, one of your central fiduciary responsibilities is the duty to act prudently and follow the terms of the plan document.

Insuring a Wine Collection: How to Avoid Making This Common Mistake

Whoever coined the phrase, no sense in crying over spilled milk obviously never lost a prized bottle or bottles of wine from a collection.

[Update] ACA Replacement May Ease Pressure on Employer-Sponsored Health Plans

House Republicans released a policy brief, outlining their plan to replace the Affordable Care Act (ACA) and outlined the goals of the proposed replacement for the American health care system.

How Scammers Are Duping HR Departments & What You Can Do to Protect Your Company

As reported in Forbes, the Internal Revenue Service (IRS) issued an urgent alert to all employers warning that scammers are widening their form W-2 phishing net, targeting school districts, tribal organizations, and nonprofits. “Phishing,” is a type of cyber crime in which a hacker poses as a trusted source online to gain access or obtain sensitive information for financial gain. This form of cyber scam is extremely common and simple, putting your employees and business at risk, making awareness the best prevention.

How the Form W-2 Phishing Scam Works

The W-2 phishing scam also referred to as the business email compromise (BEC) or business email spoofing (BES), starts with a fake email request from a high-level corporate employee to a company's payroll or human resources department. The email asks for the W-2 forms along with the earnings summary of all W-2 employees. They may also ask for an updated list of employees' personal details including Social Security Numbers, home addresses, and salary information.

Scammers trick the payroll or hr departments to release data that is used to file fraudulent tax returns, resulting in ill-gotten tax refunds. The scammers are now taking their deceit even further, sending out a "follow up" email posing as an executive requesting the transfer of funds to a bank account to cover payroll and other expenses. Several companies have fallen victim to this ploy, handing over W-2 forms along with thousands of dollars to these thieves.


How to Protect Your Company from W-2 Scams

A report released by the Internet Crime Complaint Center (IC3) stated that there were over 120,000 cyber crime-related complaints against businesses last year, resulting in a loss of over $800 million.

Any organization is a potential target for this scam, and the IRS is urging employers to communicate the details with human resources, payroll, and finance employees to ensure they catch any fraudulent requests before its too late.

Social engineering frauds like the W-2 phishing scam are a form of cyber fraud which special insurance policies can cover. Without a cyber or privacy insurance protection, your business would be responsible for covering all costs resulting from the data breach, including fines, penalties and credit monitoring for individuals impacted by the scam. The cost of notification and credit monitoring can range from $100-$250 per individual and can quickly become a large, unplanned expense.

Additionally, dependent on state privacy laws, companies have to file a situation notification and cover all penalties and fines which may be imposed for releasing employee information. This scam highlights the importance for businesses and organizations to have the right cyber and privacy security measures in place to deter and protect themselves if they are duped.

Risk management planning is a critical part of your company's defense against phishing scammers. A solid plan should include a process that will enable you to respond quickly and appropriately.  Additionally, your risk advisor should ensure you have cyber liability insurance coverage that fits the needs and relevant exposures of your business.

Cyber policies can cover the costs of credit monitoring, penalties, fines along with any money that was unintentionally given to the scammers. These coverages are additional to any commercial property and casualty policy and are customized for your business to address realistic exposures.

Many cyber policies are a part of a larger, management liability or commercial property and casualty risk management program. Computer fraud and cyber liability insurance are tailored to address and protect you from the risks which accompany modern technology in the business world.

Your Britton Gallagher risk advisor can work with you to implement the right cyber liability and computer fraud insurance based on your unique operations. 

Photo Used Under Creative Commons License

Britton Gallagher Employees Present Donation to Rainbow Babies & Children's Hospital

Cleveland, OH: Britton Gallagher presented University Hospitals Rainbow Babies and Children’s Hospital with a donation of over $2,000 raised by its employees. Employees contributed the funds through workplace giving initiatives organized by the company’s charity committee.

Factors to Consider Regarding FDA Benefit-Risk in Medical Device Product Availability, Compliance, and Enforcement Decisions

On June 16, 2016 the Food and Drug Administration (FDA) released long awaited guidance on benefit and risk factors entitled Factors to Consider Regarding Benefit-Risk in Medical Device Product Availability, Compliance, and Enforcement Decisions. This draft guidance will be important to Life Science diagnostic and therapeutic medical device companies when evaluating appropriate responses to nonconforming product or regulatory noncompliance issues, such as determining whether to limit the availability of a medical device.

Why the Increase In Securities Suits Means a Challenging Insurance Market for Life Sciences Companies

As has been the trend in prior years, life sciences companies have seen a greater number of securities class action lawsuits than those in other industries. In 2015, of the 191 total class action lawsuits, 39 of them involved companies in the life sciences sector. No other sector experienced anywhere near this number of securities class action lawsuit flings.

Why Ohio BWC Coverage May Not Be Enough

If you have locations or workers in multiple states, then your workers’ compensation coverage may be more complicated than you realize.

Workers’ compensation coverage written in one state may not protect you if workers are injured in another.

BWC Other State Coverage Program Begins March 1

Effective March 1, BWC launches its Other States Coverage program, a law enacted in 2014 granted BWC the authority to contract with an insurer licensed in other states to provide coverage to eligible Ohio employers for out-of-state exposures. By contracting with an insurer licensed in other states, BWC now offers an option that ensures proper coverage, regardless of jurisdiction.

Watch the video below for a better understanding of the Ohio BWC Other States Coverage program.

Why You Should Evaluate Employee Benefits Plan Throughout the Year

Employee benefits become a lot easier for business leaders to manage when a process is developed that takes the element of surprise out of the equation.