Protecting Your Organization Against Cyber Attacks

In today’s world everyone is susceptible to cyber attacks. In recent years, cyber attacks have emerged as one the more significant threats facing organizations of all sizes. According to a recent report from the information Systems Audit and Controls Association (ISACA), cyberattacks currently reign as the fastest growing form of crime. Some of the most common cyber attacks from 2020 were social engineering, ransomware, software update issues and web application attacks. These attacks can carry serious consequences for your organization-including lost data, disrupted operations, revenue loss, and legal fees. Consider the following measures to protect your organization from ransomware attacks:

Educate your employees. The biggest threat to your cyber security is your employees. According to historical claim data analyzed by Willis Towers Watson, 90% of all cyber claims stemmed from some type of employee error or behavior. Train your employees on how to prevent and respond to a malware attack.

Implement smart software. Install strong spam filters, anti-virus and malware programs, firewalls and patch management systems on all devices.

Enforce access controls. Only allow trusted, competent and qualified individuals access to sensitive systems or data. Such as multi-factor authentication, VPN and remote desktop protocol.

Ensure business continuity. Be sure to back up data frequently. In additional, conduct annual penetration testing and vulnerability assessments.

Ensure adequate coverage. It’s crucial to secure proper insurance coverage to stay protected in the event of a cyberattack. After all, even with proper cybersecurity measures in place, attacks can still occur.

The below link is a Cyber Risk Exposure Scorecard. After completing all of the questions, total the score to determine your organization’s level of cyber risk.

At Libertate, we want to insure that every organization is protected and prepared. We offer the following solutions and services for PEO’s and their client companies.

  • We have access to over 25 cyber carriers for the PEO.
  • Master cyber programs to protect PEO client companies.
  • Incident response platform to help identify cybersecurity issues. The cloud based platform has a 100% detection and close ratio. It is also backed by a $250K warranty should it fail the end user.
  • Our experts can evaluate your current cyber coverage that is placed outside of our agency.

For additional cyber security guidance and insurance solutions, contact us today at sales@libertateins.com.

NAPEO’s 2021 Virtual Risk Management Workshop March 9-10

NAPEO members we have exciting news! NAPEO’s 2021 Virtual Risk Management Workshop is just around the corner. Don’t miss this opportunity to register for this 2 day event.

NAPEO’s Risk Management Workshop has evolved into the largest gathering of PEO risk management professionals, carriers, brokers, and agents. Nowhere else will you find the PEO industry’s top risk managers, key insurance executives, regulatory experts, and policy makers gathered for such an in depth look at PEOs and workers’ compensation. 

The 2021 workshop will offer relevant, timely and valuable educational programming. Attendees will hear from risk management experts, get tips from leaders in the industry, and be able to take home ideas you can employ back in the office immediately to improve your risk management practices.

NEW for 2021 This year, NAPEO Gives Back will have a presence at the Risk Management Workshop.  NAPEO will host a concert with musical guest and NAPEO service partner Ken Jewel to close out the first night. This concert will benefit, Rocks the Cure, which was founded by Ken and is a non-profit organization that uses entertainment and music to raise money for pediatric cancer research. Rocks the Cure also helps the patients and families who have been affected by this terrible disease. $25 of each registration fee will be directly donated by NAPEO Gives Back to Rocks the Cure.  There will also be opportunities to donate directly during registration and during the event.  

Who Should Attend?

  • PEO risk managers
  • PEO owners
  • PEO senior managers with risk management responsibility
  • Insurance and risk management service providers to the PEO industry

Don’t miss this great event. Click on the below link to register.

https://www.napeo.org/events/events-calendar/rmw

MGU Updates: New Carrier Partners for 2021

Two of the MGU (Managing General Underwriter) partners we work with have announced new carrier partnerships for 2021. Read the exciting news below.

Workers’ Compensation Insurance MGU Method Adds Falls Lake as New Carrier

Method, a Managing General Underwriter wholly focused on Workers’ Compensation Insurance, has announced the addition of the Falls Lake National Insurance Company to its roster of carrier options.

Falls Lake is rated A XI (Excellent) by AM Best and covers 23 states mostly concentrated in the eastern half of the United States.

“We’re excited to partner with the great team at Falls Lake to dramatically expand options for our customers east of the Mississippi.” said Greg Donsbach, President of Method.

Falls Lake shares a similar, broad risk appetite to Method’s existing carriers, Incline Casualty and Service American Indemnity Company.

“Falls Lake is pleased to partner with Method for this new product which combines Method’s industry-leading claims management protocols with Falls Lakes’ risk-driven underwriting philosophies.” said Paul Kearns, Senior Vice President of Underwriting at Falls Lake.

FUBA Adds Second A- Rated Carrier

FUBA Workers’ Comp now has underwriting authority with two insurance carriers that are rated A- (Excellent) by A.M. Best. Effective 1/1/21, Service Lloyds Insurance Company will become part of the FUBA family. Service Lloyds is a workers’ compensation specialist with almost four decades in the market. 

New business with effective dates through 12/31/20 will continue to be placed with Lancer Indemnity Company and will stay with Lancer for the first policy term. 

New business with effective dates of 1/1/21 and after will be placed with Service Lloyds. 

As your clients’ policies come up for renewal, we will transfer them from Lancer Indemnity Company to Service Lloyds. No action is needed on your part; the transfer will be automatic and seamless. The Service Lloyds policies will replace the policies from Lancer, and your clients will keep the same policy number.  

FUBA is pleased to be able to continue to offer stable and rated coverage to your small business clients.

Florida Workers’ Comp Rates for 2021

The Florida Office of Insurance Regulation (OIR) announces the release 2021 workers’ compensation rates. OIR has lowered rates for 2021 for both renewed and newly written workers’ compensation policies. The overall average rate decrease is -6.6%, but individual class codes may see increases.

Below is a 2020 vs 2021 rate comparison of common workers’ comp class codes.

Class CodeDescription2020 Rates2021 Rates Rate Change
7219Trucking NOC6.856.63-3%
8018Store Wholesale-NOC2.932.91-1%
8742Salesperson.35.33-6%
8810Clerical.17.16-6%
8829Convalescent Home-All Employees2.292.25-2%
8864Social Services Organizations1.591.622%
9014Janitorial3.763.60-4%
9015Building or Property Management3.893.81-2%
9082Restaurant NOC1.801.67-7%
9083Restaurant Fast Food1.741.59-9%

The Florida United Businesses Association (FUBA) has provided some additional insight on what to expect.

  • The maximum weekly payroll for executive officers will increase from $2,800 per week to $2,900 per week.
     
  • The minimum weekly payroll for officers in the construction industry will increase from $450 per week to $500 per week.
     
  • The minimum weekly payroll for all other officers will remain at $950 per week.
     
  • The annual payroll for sole proprietors and partners will increase from $48,800 to $50,500 per year.
     
  • There will not be a surcharge from the Florida Workers’ Compensation Insurance Guaranty Association on policies in 2021. 

If you have any questions regarding the rates and upcoming changes, please reach out to our experienced staff at Libertate Insurance 888-501-0014.