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Risk Management Basics: Preventing Slips, Trips, and falls
Written By: Rebecca Gomez One of the most common incidents that nonprofits face are slips, trips, and falls. These claims can be costly for many nonprofits and implementing an effective slip and fall incident prevention method will help prevent future claims and keep insurance premiums low. Your organization should establish a risk management policy that […]
Back to Basics: Cyber Risk Management and Your Employees
By Rebecca Gomez Addressing cyber security risk management procedures to all staff is critical to every organization. A recent report indicated two-thirds of all cyberattacks against organizations (large and small) result from employee negligence or malicious activities. The same report also indicated that external breaches only caused about 18 percent of cyberattacks. Human error, according […]
Cyber Risk Management and Cyber Liability Insurance
By: Rebecca Gomez Last weekend, a ransomware virus known as “WannaCry,” affected 150 countries and more than 300,000 people. Ransomware is a cyber attack where hackers encrypt files from their victim’s server and holds them for ransom. In the case of “WannaCry,” the hackers demanded $300 to restore their data. An important lesson to take […]
Back to Basics: The Importance of the IIPP
by: Rebecca Gomez In California, organizations with at least one employee are required to have a written Injury and Illness Prevention Program (IIPP) that is easily accessible for employees to read. An IIPP is a safety program that requires employers to develop and implement an effective program that improves safety in the workplace. In order […]
Developing a Safety Culture
by Rebecca Gomez At Baker Romero, we encourage our clients to focus on the importance of developing a safety culture in the work environment. Administrators should find ways to motivate employees to practice safe work practices. An effective safety culture can help lower the amount of claims and minimize the cost of a claim as […]
Does Your Organization Have a Robbery Prevention Strategy?
By Rebecca Gomez. Crime is a continuous problem for many organizations. Several studies have proven the direct correlation between available cash and likelihood of a robbery. The best strategy an organization can have to prevent robbery is limit the amount of cash available. This strategy will not only reduce the likelihood of a robbery but […]
Can Water Damage Be Covered?
According to Nonprofits Insurance Alliance of California (NIAC), the most common uncovered property claim they receive is water damage. Property claims are generallydeclined because of poorly maintained premises. Water damage is typically excluded from property policies with the exception that a covered cause of loss occurs first, such as wind or fire. Water damage claims can […]
Cyber Threats: Be Prepared.
As hackers and cyber thieves are becoming more technology literate, the scale and sophistication of cyber-attacks are increasing. In San Francisco, for example, the San Francisco Municipal Transportation Agency (SFMTA) became victim of a ransomware attack. A user (in SFMTA case an employee) unknowingly downloaded the malware on their computer which then was seized by […]
Workers’ Compensation and the Experience Rating Modification (“X-Mod”)
Experience rating, authorized under the State Insurance Code, is a statistical procedure, which tailors premiums of qualifying employers to fittheir organization’s loss (claims) experience. How Does the System Work? If your company’s premium is large enough to meet the system’s eligibility requirements, it is assigned an annual experience modification. Eighty percent of the state’s workers […]
Back to Basics: Directors & Officers Liability and Employment Practice Liability Risk Management Tips
Directors and Officers Liability Insurance, also known as D&O, covers individuals who serve on the boards of nonprofit organizations. Individualswho serve in such areas can be held legally liable for activities that arise from the activities of the organization or the financial claims which result from their decisions. Generally, board members are responsible for the […]