For businesses, the main cost of a cyber attack involves the impact to their reputation and the resulting financial damages, as well as the loss of customer business. The breaches at Sony, Target, Staples and Home Depot demonstrated the damage that can be caused to corporate reputations. Seventy-one percent of customers indicated they would leave an organization following a data breach according to the Edelman Privacy Risk Index
The globalization of todayâ€™s economy means that businesses are more interconnected than ever, creating a greater risk of business interruption, supply chain disruption, and exposures that can quickly multiply.
According to UNCTAD, over the last 50 years the number of multinational companies has grown exponentially from 7,000 to almost 104,000, and could reach more than 140,000 by 2020.
The Allianz Risk Barometer 2015 surveyed more than 500 risk managers and corporate insurance experts in 47 countries to identify the primary challenges facing businesses this year. Some risks such as political upheaval, cybercrime and business interruption were viewed as a greater risk, while natural catastrophes, technological innovation and market stagnation were viewed as having less of an impact.
Here is a look at the top 5 business risks for 2015 as identified by the Allianz Risk Barometer.
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“…When claims arise, insurance companies will often look for ways to deny coverage or diminish their exposure to the loss. After charging you premiums based on the entirety of your business operations, these insurance companies should not be so quick to deny coverage to you on the grounds that Â you merely suffered a slowdown or partial interruption. If your insurance company is not fully cooperating, you should engage the services of an insurance recovery attorney who can assist you in getting the insurance company to honor its obligations under the policy…”
What happens when a hotel suffers property damage, whether by natural disaster or man-made accident, and is forced to close some or all of its rooms, amenities or services? It is important to understand how insurance can protect you from the resulting financial loss. In addition to potential recovery for property damage from your property/casualty policy, you may be able to recover lost revenue from your business interruption coverage. If your operations are disrupted, whether completely or partially, the language of your policy will determine if, and for how long, your insurance company will cover such loss.
For more:Â http://hlconverge.com/index.php/component/k2/item/825-insurance-recovery-for-business-interruption-slowdown
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