Cyber crime is booming. And most businesses don’t have the protection they need for the time when their systems are breached. This protection comes in two basic forms: the firewalls and other technology needed to keep hackers out and insurance coverage for what happens after they make their way in.
A new report by the Zurich Insurance Group and Atlantic Council highlights seven different aggregations of cyber risk.
1. Internal IT: The cumulative of an organization’s IT. Examples: Hardware, software, servers, related people and processes.
2. Counterparties and partners: Dependence on or direct interconnection with an outside organization. Examples: Research partnerships, relationships between competing or cooperating banks, industry associations and join ventures.
3. Outsourced and contract: External suppliers of services, including HR, IT and legal. Examples: IT and cloud providers, HR, legal and accounting consultancy, contract manufacturing.
4. Supply chain. Examples: Exposure to a single country, counterfeit or tampered products, risks of disrupted supply chain.
5. Disruptive technologies: Unseen effects of disruptions either to or from new technologies. Examples: Internet of Things, smart grid, the largely automatic digital economy.
6. Upstream infrastructure: Electricity, financial and telecommunications systems. Examples: Internet exchange points, submarine cables, key companies and protocols used to run the Internet.
7. External shocks: Outside of the control of most organizations and likely to cascade. Examples: Major international conflicts, malware pandemic.
For more information about how cyber risk insurance can help your business, call Joanne Billington at 236-4311.
WorkBoat Column: Where is That Eye Wash?
This month in WorkBoat magazine, Gene McKeever talks about the little things that make a workplace safer. This includes eye wash stations, which are inexpensive and relatively easy to install.
If you work in a place where there is hot work going on, plus painting, sanding, scraping, and grinding, you just might get something in your eyes every once in a while.
Read the entire column at WorkBoat.com.
Gene is presenting at the annual International WorkBoat Show in New Orleans in December.
Max Out Your Retirement Contributions
Are you taking full advantage of your retirement account? The end of the year is a good time to reevaluate your contributions based on what your employer is willing to match. Check the 2014 retirement plan limits below to ensure that you’re making the most of your contributions.
| RETIREMENT PLAN LIMITS | |
| 401(k), SAR-SEP, Sec. 457(b), 403(b) Elective Deferral Limit | $17,500 |
| Age 50+ Catch-Up for 401(k), SAR-SEP, 457(b), 403(b) | $5,500 |
| SIMPLE Elective Deferral Limit | $12,000 |
| Age 50+ Catch-Up for SIMPLE IRA | $2,500 |
| Traditional and Roth IRA Contributions | $5,500 |
| Age 50+ Catch-Up for IRA and Roth IRA | $1,000 |
Market Thoughts for November 2014
Each month in the financial planning section of our website, we post Market Thoughts from Brad McMillan, Commonwealth Financial Network’s chief investment officer.
This month, Brad provides an update on the market’s recent drop and subsequent recovery. Brad also discusses risks, the end of the Federal Reserve’s bond-buying program, and more potential good news for the market.
Click here to jump to that page.
Confused About Health Insurance? Find Answers Here
Open enrollment for many employers is in full-swing and open enrollment for individuals in the Affordable Care Act marketplace starts Nov. 15. A new Kaiser Family Foundation study, released this week, shows that many consumers do not understand the basic terms and concepts of health insurance.
For example, nearly 40% of uninsured consumers don’t understand basic health insurance terminology and even fewer understand how to calculate the out-of-pocket costs of a hospital stay or out-of-network lab test.
The work of an independent insurance advisor is more valuable to the consumer than ever, said Dan Wyman, manager of the insured benefits division at Allen Insurance and Financial.
“Our staff specializes in health insurance. We can explain the differences in plans, right down to the smallest of details. We work with businesses, families and individuals every day to help them pick the insurance plans that best serve their needs,” said Wyman.
It doesn’t cost the consumer anything additional to have the advice of an insurance professional. And working with Allen Insurance and Financial means that when it comes to claims issues or questions during the plan year, an Allen advisor will be available to answer those questions, said Wyman.
Take the Kaiser Family Foundation’s health insurance quiz.
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Professional, Unbiased Advice About Health Insurance
Health insurance today requires a specialist. Allen Insurance and Financial has produced a short video about the crucial role an independent insurance agency can play in the health insurance marketplace.
Dan Wyman, head of of Allen’s insured benefits division, discusses the steps consumers can take, with the assistance of an Allen insurance agent, to choose the health insurance product that best meets their needs.
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Amy Bowen Earns Accredited Adviser in Insurance Designation
Allen Insurance and Financial is pleased to announce that Amy Bowen, a commercial insurance account manager based in the company’s Belfast office, has earned an Accredited Adviser in Insurance designation from the American Institute for Chartered Property Casualty Underwriters.
Amy Bowen
Designations such as AAI demonstrate an insurance broker’s tested knowledge in their field. Allen Insurance and Financial supports all its employees in their efforts to continue their education.
The AAI program requires nine separate exams; the course outlines risk analysis techniques and tools, while providing an in-depth understanding of commercial insurance products and services.
4 Important Dates for Health Insurance
Open Enrollment is the time when you can find a new plan on the Health Insurance Marketplace, keep your current plan, or see if you can get help paying for coverage. If you want to make sure you’re covered in 2015, mark these 4 dates on your calendar:
- Nov. 15, 2014. This is your first day to apply for, keep, or change your coverage.
- Dec. 15, 2014. Enroll by the 15th if you want new coverage that begins on Jan. 1, 2015. If your plan is changing or you want to change plans, enroll by Dec. 15 to avoid a lapse in coverage.
- Dec. 31, 2014. The day all 2014 Marketplace coverage ends, no matter when you enrolled. Coverage for 2015 plans can start as soon as Jan. 1.
- Feb. 15, 2015. The last day you can enroll in 2015 coverage before the end of Open Enrollment.
We’re here to help. At no additional cost. Call 855-701-5700 today to make an appointment with a member of our health insurance team.
Medicare Open Enrollment: The Ideal Time to Shop for New Coverage
Medicare open enrollment this year starts Oct. 15 and ends Dec. 7. Even if you’re happy with your current plan, open enrollment is the ideal time to make sure the plan you’re enrolled in is really the right plan for your needs.
Insurance plans unveil new pricing and benefits during open enrollment; it’s best not to assume that drug coverage and other co-payments will remain the same during the new plan year.
Medicare beneficiaries have the right to change their health and drug coverage without restriction during open enrollment.
Anna Moorman, Allen Insurance and Financial’s Medicare Specialist, is based at our office at 31 Chestnut Street in Camden. She can be reached at 236-4311.
WorkBoat Column: How to Get Your Insurance Cancelled
This month, Gene McKeever outlines some surefire ways to get your insurance cancelled. As usual, it’s a matter of common sense and safety that will keep you on the right track.
See more at WorkBoat.com
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