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Category: Risk Management
The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.
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8 Tips to Avoid Email Phishing Scams
January 25, 2020
Every day, more than 3 billion phishing emails are sent out worldwide. These emails are tactics used by scammers to trick you into giving up sensitive information about you or your company. This infographic lists eight tips to avoid email phishing scams. (Click image to zoom) Summary Verify sender's email address. Look for spelling errors.…
Read MoreLump Sum Nondiscretionary Bonuses Must Be Included in Regular Rate
January 11, 2020
The U.S. Department of Labor (DOL) has asserted once again that employers must include nondiscretionary bonuses in their employee’s regular wage rate calculations. In a new opinion letter, the DOL outlines how employers may go about allocating lump sum nondiscretionary bonuses that cover more than one workweek. The issue of bonus allocation is important because…
Read MoreCyber Security Glossary
January 2, 2020
In today’s day and age of just about everything being stored online, the need for strong cyber security practices and policies has never been greater. Cyber crimes and data breaches cost companies millions of dollars every year, and one slip-up in your security can dramatically impact your business’s future. While cyber security measures are necessary…
Read MoreDOL Updates Regular Rate of Pay Rules
January 1, 2020
On Dec. 12, 2019, the U.S. Department of Labor (DOL) announced a new final rule clarifying how to calculate an employee’s regular wage rate under the Fair Labor Standards Act (FLSA). The regular rate is used to determine an employee’s overtime compensation, and guidelines related to this calculation haven’t been significantly updated in over 60…
Read MoreBenefits of Product Liability Insurance
December 22, 2019
Your customers expect you to have safe and reliable products, and failing to meet these expectations can lead to huge financial losses. If one of your products harms a customer in any way, they can sue your business, leading to costly legal fees and settlements. these costs can easily reach six figures. While you may…
Read MoreThe Importance of Certificates of Insurance
December 15, 2019
When accounting for risks related to contracted work, securing your own insurance is not always enough. It’s critical that your partners are covered as well. This is particularly important when you consider that, following an incident involving a contractor or vendor, your business could be the one held liable for any damages that occur. To…
Read MoreHoliday Online Shopping Top 10 Fraud Alert Tips
December 5, 2019
It's Holiday Season for the bad guys too! But not the way you might think. They go into scam-overdrive mode. While Black Friday and Cyber Monday are the busiest on-line shopping days, it doesn't stop there. The shopping continues right up until the last minute and the bad guys are planning to get rich with…
Read MoreManaging Reputational Risk
December 4, 2019
Financial loss can often be forecasted and mitigated, but if a business experiences an unfortunate event that negatively affects its reputation, the effects can be devastating and even lead to closure. Even if you do everything in your power to maintain your company’s reputation, at some point, a damaging mistake will occur. Therefore, you need…
Read MoreCyber Security Tips for Employees
November 14, 2019
Cyber safety isn’t just a job for your IT department or contractor. Cyber attacks and data breaches have become far more common and far more costly in recent years. Protect yourself and your organization by remembering these tips: Don’t go phishing—Phishing emails are often sent from an address that looks like it can be trusted…
Read More9 Cyber Risk Questions Every Board Should Ask
October 19, 2019
When a data breach or other cyber event occurs, the damages can be significant, often resulting in lawsuits, fines and serious financial losses. What’s more, cyber exposures impact businesses of all kinds, regardless of their size, area of focus, or status as a private or public entity. In order for organizations to truly protect themselves…
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