Insurance Archives | Colony West
Commercial Business Insurance and the Flu December 4, 2019

Does Your Commercial Business Insurance Cover Disease Outbreaks?

Catastrophe Insurance/By Colony West/0 comments   A pandemic is defined as a widespread occurrence of a disease affecting an exceptionally high number of the population, in excess of what might normally be expected in a geographical region. Some of the worst pandemics to occur in modern day history include:   HIV/AIDS Pandemic from 2005 to 2012 Flu Pandemic in 1918… Read More »
Workers Compensation in the Gig Economy December 4, 2019

Workers Compensation and the Impact of the Gig Economy

Human Resources/By Colony West/0 comments   In an article written earlier this year titled, “Assembly Bill 5 and How it Impacts Tech Companies Thriving off the Gig Economy,” we discussed the gig economy and the future implications it would have on businesses. Considering California Assembly Bill 5 and the new tests and classifications for determining a worker as an employee… Read More »
Business Insurance Disaster Claims December 3, 2019

How to Manage a Business Insurance Claim When Disaster Strikes

Catastrophe Insurance/By Colony West/0 comments   The 10 most common type of business insurance claims are Burglary and Theft Water Damage Wind and Hail Damage Fire Damage Customer Slip and Fall Customer Injury and Damage Product Liability Struck by Object Reputational Harm Vehicular Accident   While insurance companies aim to make the claims process as simple as possible, there are… Read More »
Human Resources and Culture of Meaning December 1, 2019

Building a ‘Culture of Meaning’ for Your Employees

Human Resources/By Colony West/0 comments As an employee of any company, you’ve more than likely received similar questions from friends and family – “So where do you work?” and/or “What does your company do?” It is human nature to describe the company’s services and your specific job description, but we are willing to bet you rarely, if ever, get into… Read More »
Cyber Liability Insurance Evolution November 29, 2019

A History of Cyber Liability Insurance

Compliance/By Colony West/0 comments   In the United States, the period from 1994 – 2000 is often referred to as the ‘dot-com bubble,’ a time where the country experienced a massive amount of internet adoption. As part of this bubble, many of these dot-com companies and their investors implemented a ‘growth over profits’ mentality. This mentality not only occurred… Read More »
Cyber Insurance Flaws November 29, 2019

5 Flaws We’ve Seen In Cyber Insurance Policies

Compliance/By Colony West/0 comments When social engineering, hacking and malware (to name a few) became commonplace, the original train of thought was that businesses could manage cybersecurity risks by simply encrypting backups and implementing an internal password regime. No matter how good your cybersecurity infrastructure might be, businesses are facing enormous risks as they try to fight off numerous… Read More »
Cyber Risk Insurance and Small Firms November 27, 2019

Cyber Insurance and Small Business

Human Resources/By Colony West/0 comments The second biggest risk to global business is cyber incidents. The estimated value of cyber insurance premiums worldwide in 2025 is $20 Billion The average cost to a U.S. business affected by a data breach in 2019 is $8 Million The percentage of customers wary of working with a business that suffered a credit/debit care… Read More »
Cyber Insurance vs. Natural Catastrophe November 27, 2019

Why the comparison between Cyber Risk and Natural Catastrophes falls short for Insurance Carriers

Catastrophe Insurance/By Colony West/0 comments A common misconception we see regularly in the insurance sector is the comparison of natural catastrophes and cyber-related incidents. While both are an ever-changing risk to businesses worldwide, there is a large amount of differences between the two, calling for unique examinations and coverage for each. One major difference to note is that natural catastrophes… Read More »
2020 Insurance Predictions November 27, 2019

Five Key Factors Shaping Insurance in 2020

Compliance/By Colony West/0 comments While 2019 is ending faster than any of us anticipated, it is time to start looking towards the trends that will affect the future of many insurance companies into 2020 and beyond. Numerous factors are causing a shift in the insurance sector including new business, investment and regulatory environments, demographic shifts, new markets and changing… Read More »
Business Fire Insurance November 25, 2019

A Practical Approach to Handling a Fire at Your Business

Catastrophe Insurance/By Colony West/0 comments According to the U.S. Fire Administration’s (USFA) National Fire Incident Reporting System (NFIRS), there were 111,000 nonresidential building fires in 2017, resulting in an estimated $2,719,400 in losses. In that same reports, a 10 year trend from 2008-2017 shows a 20% increase in fires and a 30% increase in dollar loss. It is clear to… Read More »