Business Interruption Claims Grow in Number and Cost

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As the world becomes more interconnected and natural disasters increase in frequency, more firms are dealing with costlier and costlier business interruption losses. Business interruptions were the top risk to organizations cited by risk managers surveyed in the report, “Global Claims Review 2015: Business Interruption In Focus,” from Allianz Global Corporate & Specialty. The study looked at more than 1,800 business interruption claims and found that they resulted in average losses that were greater than the actual property damage. The report, which looked at claims trends between 2010 and 2014, found that the average cost for a business interruption insurance…
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Covering Business Interruptions from System Failures, Cyber Attacks

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As businesses become more connected and rely on their networks, websites and outside cloud services to conduct their operations, failure on any of these fronts poses a serious risk. Your networks, websites and cloud services can all go down for various reasons like system crashes, hardware or electrical failures, or hacking and cyber attacks. Any of these can disrupt or completely freeze your operations, depending on how much your organization has gone digital. With these risks growing, you need to have plans in place for keeping your operations humming along should you encounter an incident. This is important because every…
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