Month: July 2022

17Jul

The increased risks for directors and officers Post-COVID

Since the outbreak of Covid-19, directors and officers of companies have faced increased risks and liabilities. These risks include potential litigation from shareholders, employees, and customers, as well as investigations and regulatory actions.

 

 

To protect themselves from these risks, directors and officers need to purchase D&O insurance. D&O insurance will help to cover the costs of legal fees and any damages that may be awarded.

With the remote work environment and the increase in cyber-attacks, there is an increased risk of data breaches. Directors and officers need to be aware of these risks and take steps to protect the company’s data. One way to do this is to purchase cyber insurance. Cyber insurance will help to cover the costs of a data breach, including the costs of investigation, notification, and data recovery.

CASE STUDIES

One case study about D&O insurance during the pandemic is about a company named Blink. Blink is a smart home security company and their D&O insurance policy covered them when an employee made false statements about the company on social media. Litigation cost Blink the amount of $2.5 million and their D&O insurance policy covered $1.5 million of that.

Had the company not had the proper insurance coverages in place, they would have had to pay for the legal fees and damages out of their own pocket, which could have been detrimental to the company.

Another notable case of D&O insurance companies can learn from is the case of Hertz which filed for bankruptcy. During the bankruptcy process, it was revealed that the company did not have enough D&O insurance to cover all the potential claims that could be brought against the company. This led to the company having to purchase additional insurance to cover the potential risks.

If companies do not have enough D&O insurance, they may be left exposed to potential risks that could lead to financial ruin. It is important for companies to have the proper amount of D&O insurance in place to protect themselves from these risks.

 

 

The cost of D&O insurance in Asia post-pandemic is estimated at $600 million, which is a 50% increase from 2019. The rise in cost is due to the increased number of D&O claims being filed, as well as the increased amount of coverage that is needed.

Now more than ever, it is important for companies to have the proper insurance coverages in place. D&O insurance can help to protect the company from the increased risks that they are facing. Cyber insurance can help to protect the company from the increased risk of data breaches. companies should purchase the proper insurance coverages to protect themselves from the risks that they are facing.

9Jul

Tips for Businesses: Adapting to a Hybrid Way of Working

A lot of businesses have shifted to hybrid work with part of the week spent in the office and the other days spent with employees working remotely. It can be tough to keep everyone on the same page and to keep company processes streamlined.

Here are a few tips on how businesses can adapt to a hybrid working environment:

 

1. Schedule regular check-ins: Have weekly or biweekly check-ins with employees, either individually or in small groups. This is a time to touch base and see how everyone is doing both professionally and personally.

2. Set clear expectations: When it comes to hybrid work, it’s important to set clear expectations from the start. Employees should know when they are expected to be in the office and when they are expected to work from home.

3. Encourage communication: In a hybrid work environment, there will inevitably be more communication via email, chat, and video conferencing. Encourage employees to over-communicate, rather than under-communicate. Create a hybrid work policy: A hybrid work policy should spell out the dos and don’ts of hybrid work. This will help to set clear expectations and avoid any confusion down the road. Invest in the right technology: In order for hybrid work to be successful, businesses need to

4. Be flexible: One of the benefits of hybrid work is that it allows for more flexibility. Employees may need to take a break in the middle of the day to pick up their kids from school or take a walk to clear their heads. As long as they are getting their work done, be flexible with their schedule.

5. Set clear expectations and then let them work independently: Trust is key for this type of arrangement to be successful. If there are any misunderstandings, they can quickly snowball into big problems. If you micromanage them, it will only lead to frustration on both sides. If productivity has not dwindled, then you have nothing to worry about.

6. Invest in the right technology: In order for hybrid work to be successful, businesses need to invest in the right technology. This includes video conferencing software, project management software, and file-sharing platforms.

With technology, comes liabilities

Once your company has invested in the right technology, cybersecurity needs to be part of the package. Securing sensitive data, especially if you’re handling 3rd-party information needs to be a priority.

This can include investing in a good VPN, data encryption, and 2-factor authentication.

Create a remote work policy:

Much like your company’s regular attendance policy, hybrid work needs its own set of guidelines. This can help to prevent any misunderstandings about what is expected from employees. The policy should cover topics such as personal usage of devices, productivity trackers, etc.

Training employees about cybersecurity is also encouraged because your IT department is only as good as employees who understand the value of security protocols.

Regularly Back Up Data:

Backing up data is an essential part of any business’ cybersecurity strategy, but it’s even more important for hybrid businesses. This is because hybrid businesses often have employees working from different locations, which makes it more difficult to physically secure data.

Get Liability Insurance That Covers Cyber Security Breaches

This is one of the most important steps a company can take to protect itself against hybrid work-related risks. Cyber insurance can help cover the costs of data breaches, cyber extortion, and other risks that come with hybrid working.

Hybrid work can be a great way for businesses to adapt to the changing world. By being flexible with employees, investing in the right technology, and setting clear expectations, businesses can make hybrid work a success.

3Jul

Life Insurance in Your 30s and the Pandemic

If you’re like most people, you probably don’t think about life insurance very often. It’s one of those things that’s easy to put off until later. But if you’re in your 30s, it’s actually a good time to start thinking about life insurance.

How much insurance do you need for 30 year old?

2 Types of Life Insurance

There are two main types of life insurance:

1. Term life insurance and whole life insurance – life insurance is for a specific period of time, usually 10-20 years.

2. Whole life insurance is for your entire life.

Most life insurance experts recommend buying term life insurance in your 30s. Term life insurance is more affordable than whole life insurance, and it gives you the flexibility to change policies as your needs change over time.

When you’re in your 30s, you’re likely to have more financial responsibilities than you did in your 20s. You may have a mortgage, car loans, student loans, and credit card debt. You may also have a family – which means you need to think about how they would cope financially if something happened to you.

Life insurance can give you peace of mind knowing that your loved ones will be taken care of financially if something happens to you.

3 How Much Life Insurance Do You Need?

 

How much life insurance you need depends on your individual circumstances.

Some factors to consider include:

– Your current income and whether or not you have dependents
– Your debts and other financial obligations
– The cost of living

The Cost of Life Insurance in Hong Kong

Life insurance premiums in Hong Kong are determined by a number of factors, including your age, gender, health, lifestyle and the type and amount of cover you choose.

For example, life insurance for smokers will generally be more expensive than for non-smokers.

The best way to find out how much life insurance you need is to speak to a life insurance advisor.

According to the Life Underwriters Association of Hong Kong, the average cost of life insurance for a 30-year-old man is HK$2,700 per year, and for a 30-year-old woman, it is HK$2,040 per year.

However, life insurance premiums can vary widely depending on your individual circumstances.

The best way to find out how much life insurance you need is to speak to a life insurance advisor. They will be able to assess your individual needs and recommend the best policy for you.

Life Insurance with Pandemic Protection

In these uncertain times, it’s more important than ever to make sure you and your loved ones are protected. Life insurance can give you peace of mind that if the worst happens, your loved ones will be taken care of financially.

Many life insurance policies now come with pandemic protection, which means that if you die as a result of infectious disease, your family will still receive a pay-out. This can provide vital financial security at a time when it is needed most.

COVID-19’s long-term consequences are yet unknown, but we can’t overlook its financial and economic impact. Your money has now become your most valuable asset. Consider if you had to deal with the loss of your job or a medical catastrophe suddenly.

Working through the tough times is only half the battle. The other half concerns life insurance, which protects your savings as you work on paying for these unanticipated expenses. It also ensures that your finances will not be ruined by a single calamity.

The cost of added pandemic protection can range from a 5% to 35% increase depending on your current health status.

So, if you’re thinking about taking out life insurance, or if you’re not sure if you have enough cover, now is the time to speak to a life insurance advisor. They will be able to assess your individual needs and recommend the