What is Directors’ and Officers’ Liability Insurance?

What is Directors’ and Officers’ Liability Insurance?

Unlike a commercial general liability insurance (CGL) policy that provides coverage for claims arising from property damage and bodily injury, a directors’ and officers’ liability (D&O) policy specifically provides coverage for a “wrongful act,” such as an actual or alleged error, omission, misleading statement, neglect or breach of duty—which can include Fiduciary Duty, Negligence Duty…

Risk Management Strategy: Contingent Business Interruption Insurance

Risk Management Strategy: Contingent Business Interruption Insurance

Just one brief business interruption can be incredibly costly for an organization, often leading to serious reputational damages or long-term closures. Standard business interruption policies are vital in these instances, providing protection against a variety of common interruptions, including natural disasters, equipment damage, and vandalism. But what happens when one of your suppliers or customers…

Develop Your Supply Chain Risk Management Strategy

Develop Your Supply Chain Risk Management Strategy

While lean production has become a cornerstone of successful supply chain management and a way for businesses to stay flexible and responsive to changing tastes in their markets, the dependence on—and relationship with—suppliers resulting from outsourcing and minimizing stock creates a host of exposures. Successfully navigating and managing the risks presented by a complicated supply…

Develop Your Risk Management Strategy: Manufacturing Cyber Insurance

Develop Your Risk Management Strategy: Manufacturing Cyber Insurance

Did you know that the manufacturing sector is the second-largest industry targeted by cyber criminals? Hackers know that manufacturers often use outdated software and do not invest in advanced network security and this makes them a very easy target. A study by Deloitte found that 40% of manufacturing firms have experienced a cyber-attack in the past year…

Request for Proposals: How to Respond to the Right RFP

Request for Proposals: How to Respond to the Right RFP

Procurement tenders are an extremely common way of soliciting proposals for a project. In addition to being one of the main ways of doing business with the government, many private companies also use a Request for Proposal (RFP) process to narrow their focus for vendors for a project. Request for Proposal response and bid submissions…

Develop Your Risk Management Strategy: Equipment Breakdown Insurance

Develop Your Risk Management Strategy: Equipment Breakdown Insurance

Companies need working equipment to operate efficiently and generate revenue. In fact, many organizations rely exclusively on a few pieces of specialized equipment to run their entire business. Following a breakdown, major losses can occur and many organizations turn to equipment breakdown insurance. This is one of the most important parts of a manufacturer’s protection…

Project Management Strategies for Non-Project Managers

Project Management Strategies for Non-Project Managers

Project Management is a critical function in many businesses. Even in companies that aren’t projectized, it’s probable that you’ll deal with many projects throughout the year. In an ideal situation, you’ll have access to a full Project Management Office (PMO), dedicated resources, and all the tools needed to successfully deliver on a project. Realistically, it’s…

Develop Your Risk Management Strategy: Trade Credit Insurance FAQs

Develop Your Risk Management Strategy: Trade Credit Insurance FAQs

In today’s business climate, organizations are expected to extend credit to their customers, as it enhances purchasing power and creates opportunities that may not have been available otherwise. However, offering credit is a balancing act for most businesses, as just one late payment or customer insolvency can put stress on an organization’s cash flow and…

Project Failure Risk: Mitigation and Control Strategies

Project Failure Risk: Mitigation and Control Strategies

Projects fail. They fail all the time. We accept their failures and we accept the failure rate as part of business. Per the Standish Group’s CHAOS report, only about 30% of projects 2011-2015 were completed on time and on budget, over 50% were  outright cancelled. What does this mean? An overwhelming majority of projects do…

Develop Your Risk Management Strategy with Product Recall Insurance

Develop Your Risk Management Strategy with Product Recall Insurance

What can a risk manager learn from today’s major recalls and the large amount of media attention they attract? For consumer goods manufacturers and distributors, it serves as a wake-up call to the impact of a product recall event and a lesson in what should be done now to prepare for potential exposures. Despite recall…