Risk & Business

As we close out another business year, the big story for 2014 has to be cyber risk. Every business owner will need to consider cyber attacks and find ways to protect against them. Cyber risk has now become part of the risk management and insurance conversation. In the eyes of business owners it should be protected against like fire, wind and other perils. How the insurance industry responded to breaches is also a big story, as many claims were excluded under the liability policy, but enhanced coverage under special cyber risk insurance policies saved the day ( if they were bought) . I will be writing more about cyber in 2015, as this risk continues to evolve. Business owners and their risk professionals will have to continually look at the exposure and find ways to treat it so it doesn't come home to "byte" . Until next time be careful out there and know your risk. G. Kevin Nemith Pres. CNC Insurance Associates Inc. and The Small Business. Insurance Center Serving DE,

A few major insurance companies are petitioning the National Transportation Board to get permission to use drones in their insurance business. Yes, you read it right, drones !  The insurance industry is visualizing using drones for business inspections, claims adjusting, and evaluating catastrophic losses. This may seem futuristic but in reality drones flying over your business to take a look are probably only a few years away.  Imagine the scenario where you call your insurance company or agent after an auto accident and within minutes a drone comes flying over to video the scene. Or your building just had some wind damage and as soon as the storm subsides drones from the insurance company are flying over taking pictures of the damage and sending the images back to the claims office. You can only imagine the many uses of drones in the insurance business, and that is just what insurance companies are doing. Insurance companies are always looking to reduce expenses in order to keep rate