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Survey Highlights Accounting Industry's Response to SBA Paycheck Protection Program

Lemme, a specialty division of EPIC Insurance Brokers and Consultants focused on providing professional liability insurance solutions and risk management advisory services to accounting, legal and other professional services firms, recently surveyed a cross-section of its Top 100 accounting firm clients regarding the types of advisory services provided in connection with the SBA Paycheck Protection Program (PPP). Significant findings included: All the firms reported providing some level of PPP-related services. Fifteen percent (15%) of firms indicated they had accepted “agent fees” as payment for assisting clients with the preparation of PPP loan applications. Sixty-nine percent (69%) of …

https://www.epicbrokers.com/insights/survey-highlights-accounting-industrys-response-to-sba-paycheck-protection-program/

Kent Collier Named as ENR New England Top Young Professional

… service. Kent’s recognition is particularly notable as few, if any, insurance brokers have received such an award in the past from ENR. Most recipients are practicing architects, engineers or contractors. As a Client Executive at Greyling, Kent assists designers and contractors with practice and project-related insurance placements and risk management. His work includes claims consulting, contract review and negotiation, insurance brokering and loss control seminars. The ENR article notes that his proactive advice has helped firms settle millions of dollars in design-related construction claims; he’s even been involved with the ongoing litigation surrounding Millennium Tower in …

https://www.epicbrokers.com/insights/kent-collier-named-enr-new-england-top-young-professional/

Medical Malpractice Insurance for New York Physicians

… is the case with the Guaranty Fund, physicians insured by a New York-licensed carrier are eligible to receive $1 Million of excess coverage provided by New York. Excess coverage may be provided free of charge to the insured physician if the doctor carries the primary limits and completes a risk management course. Physicians insured through an RRG are not eligible to receive free excess coverage but may be able to purchase higher limits of primary coverage through the RRG. Premium Savings Generally, RRGs charge less than carriers licensed by the state of New York. Sometimes, the premium savings can …

https://www.epicbrokers.com/medical-malpractice-insurance-for-new-york-physicians/

COVID-19 and Workers’ Compensation

… and other COVID-19 considerations disrupting pre-crisis work routines, making new safety standards – and training people on them – necessary Efficiently managing new claims, focusing on timely communications with and care for injured workers, and embracing new, enhanced claims management tactics are the way forward Real-time financial and risk management responses to deviations from previous cost development patterns may help reduce losses An integrated data analytics strategy to drive the collaborative effort can help your team stay ahead of new risks and guide their next steps by: Identifying common goals Using predictive analytics to anticipate risks Integrating data management …

https://www.epicbrokers.com/insights/covid-19-and-workers-compensation/

What is Telecommunications Fraud?

… breach. Cyber insurance complements and supports active security measures by providing third-party regulatory and liability coverage as well as a host of first-party response, remediation and recovery insurance. In addition, most cyber markets also provide free or discounted pre-loss services to assist an organization in breach preparedness. RISK MANAGEMENT TIPS Develop a written incident response plan that includes IT, HR, Accounting Staff, Security and Management Appoint a Computer Information Security Officer Identify, contain and protect any Personally Identifiable Data Continually maintain and upgrade computer systems and software Implement mandatory employee training to better prevent phishing, unauthorized transfer …

https://www.epicbrokers.com/insights/what-is-telecommunications-fraud/

What is Social Engineering Fraud?

… the organization’s balance sheet by transferring some of the costs associated with the inevitable breach. Cyber insurance complements and supports active security measures by providing third-party regulatory and liability coverage as well as a host of first-party response, remediation and recovery insurance. In addition, most cyber markets also provide free or discounted pre-loss services RISK MANAGEMENT TIPS Develop, implement and regularly update and test a holistic incident response plan that includes IT, HR, Accounting Staff, Security and Management Appoint a Computer Information Security Officer Identify, contain and protect any Personal and Corporate Confidential or Sensitive Information.

https://www.epicbrokers.com/insights/what-is-social-engineering-fraud/

What is Ransomware?

… products is very narrow in scope. Stand-alone cyber insurance policies offer a broad range of first and third party coverages intended to protect an organization in the event of a ransomware attack. A comprehensive cyber insurance policy is a key element of any cyber risk management program. DOWNLOADABLE RESOURCES Ransomware Client Advisory (PDF) DON’T BE A STATISTIC Companies surveyed by Allianz for its 2020 Risk Barometer ranked cyber incidents as their #1 risk 50% of cybersecurity professionals feel their ransomware security is inadequate¹ Ransomware costs businesses over $75 billion each year¹ Ransomware attacks have increased over 97 …

https://www.epicbrokers.com/insights/what-is-ransomware/

Community Wellness is Now Understood – for the Worst Reason

… not the influenza vaccine. Only time will tell. For now, please help employees know how to keep themselves, their loved ones, and strangers safe during the pandemic – by sheltering in place, social distancing, hand washing, and covering coughs or sneezes. My colleague, Craig Schmidt, recently wrote about dispelling misinformation and panic related to coronavirus. Keep an eye out for more credible guidance and insights in the continuing series of coronavirus blogs from the EPIC Wellness & Health Management practice. EPIC also has a dedicated coronavirus webpage with links to additional employer resources for employee benefits and risk management. Stay well everyone!

https://www.epicbrokers.com/insights/community-wellness-is-now-understood-for-the-worst-reason/