#1 Improve my risk management plan for my business
#2 Take action to reduce my tax burden
#3 Start putting away more wealth for the future
#4 Make sure all my assets are protected from lawsuits and creditors
LIGHT BULB!
Accomplish all four resolutions in 2014 in one bold move by owning my own insurance company!
Happy New Year!!! from all of us at CIC Services, LLC
It’s not surprising that many businesses are not fully prepared to for cyber risks. The nature of this threat continues to evolve as technology advances, cloud computing grows, social media continues its advance and cyber criminals become more sophisticated. Mega-retailer, Target, recently announced a bomb-shell. Hackers had accessed private information for millions of Target customers. The retail giant has announced that all customers who have shopped at Target since Black Friday are at risk of having their identities stolen due to this enormous cyber breach.
Insurers Cite Global Pandemic As Extreme Risk
In past articles we have noted that most businesses are under-insured, particularly when one considers the myriad of threats facing business owners in a global economy. Third party insurers struggle to offer viable and affordable insurance policies for the wide range of threats facing businesses today.
This point is further underscored by a December 12 article in CAPTIVE INSURANCE TIMES written by Daniel Jackson. Towers Watson recently conducted a large scale survey among global insurance industry executives. According to Jackson “Global insurance industry executives ranked a global pandemic, a large-scale natural catastrophe and a food/water/energy crisis as the three most important extreme risks for the insurance industry to worry about in the long term.”
It’s been said that “necessity is the mother of invention.” This was certainly the case when a group of physicians banded together to form State Volunteer Mutual Insurance Company (SVMIC) in the mid-1970s. SVMIC’s model and success story can be replicated by associations choosing to form an association captive insurance company. Association captives can provide an insurance vehicle members to help gain greater control over risk management and costs.