Hard Market FAQ

After decades of low premiums and abundant capacity - their willingness to accept new or increased risk –  the insurance market is experiencing a hard market. This is when premiums increase, coverage terms are restricted, and competition for most types of insurance decreases; in other words, insurance is getting more expensive and harder to find. A hard market can lead to a ton of questions. Let’s look at a few and go over the answers. What is a “hard market” in insurance? A hard market means insurance companies are raising rates and restricting [...]

2024-02-06T16:43:12+00:00February 6th, 2024|

Hard Market 101

You’ve already heard about how inflation is affecting everything, including insurance premiums and claims. Rates are rising and insurance is becoming harder to get. This situation is what we in the insurance industry refer to as a “hard market.” What causes a hard market? Hard markets are caused by many factors, these can include increased underwriting loss – a loss made by an insurance company in a particular period- , increases in natural disaster claims, increased litigation costs, and increased economic challenges. All of these factors make it more expensive for insurance companies [...]

2024-02-06T16:37:43+00:00February 6th, 2024|

Golden Milestone: Celebrating 50 Years of Excellence

In the world of insurance, where trust and reliability are critical, reaching the 50-year mark is worth a celebration. Gannon Associates Insurance is proud to be celebrating their golden anniversary this year. Established in 1973 by Max Gannon, Gannon Associates Insurance has been a source of support and security for countless individuals and businesses across our area and beyond. As they commemorate half a century of unwavering dedication to their clients and commitment to insurance excellence, it is the perfect time to reflect on the journey that led to this remarkable achievement.   [...]

2023-12-22T17:43:41+00:00December 22nd, 2023|

AI and Insurance

Technology is ever-evolving and one of the newest on the scene is Artificial Intelligence Technology (AI).  This technology is the simulation of human intelligence in machines and has a number of different uses. From self-driving cars and aiding in medical procedures to writing songs and making art, AI is revolutionizing many industries. Unfortunately,  with the positive side of technology comes the bad, and cybercriminals have begun to take advantage of this unprecedented technology. Cybercriminals are spoofing individual’s voices, using them to create messages full of urgency and distress, such as a car accident [...]

2023-08-31T18:15:36+00:00September 17th, 2023|

Standalone Cyber Insurance: What Is It and Why Do You Need It?

In today’s ever-evolving digital world, the risk to your data security and privacy grows. When a cyber-attack happens, it can take weeks or months to recover, impacting your business operations and bottom line tremendously. Cyber insurance is one of the best ways to protect your business from the financial hardships caused by cyber-attacks. Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues. When it comes to cyber insurance there are several ways a [...]

2023-05-31T15:54:59+00:00May 31st, 2023|

8 Ways Small Businesses Can Prevent Cyber Attacks

Many small businesses don’t have the time to dedicate to extensive cybersecurity efforts or even know where to begin. A study by the U.S. Small Business Administration showed that 88% of small business owners thought that their business was at risk, but they hadn’t taken any preventative steps. Let’s go over 8 ways you can protect your small business from cyberattacks. Conduct A Review Conducting a thorough review of your existing cyber security can help to identify any areas that need improvement and ways to continue vital [...]

2023-03-31T14:58:02+00:00April 16th, 2023|

Why Your Businesses Needs Cyber Insurance

There has been a 175% increase in cyber-attacks since, 2017.  Experts now predict it’s not IF you get hacked, it’s WHEN you get hacked. You can prepare your systems and operations, but it all takes is one minor mistake and your business could be shut down for days, weeks, or even months. This type of business loss is typically excluded from the normal business insurance that you carry. Cyber Insurance is a separate form of coverage due to the complexities surrounding this type of loss. Cyber insurance is insurance that covers the [...]

2022-08-08T15:08:17+00:00August 8th, 2022|

Detox Your Devices

As technology becomes more and more integrated into our daily lives, it becomes more important to be vigilant about your online safety. Take a moment to detox your devices using these helpful tips: Review your online accounts. Go through any online accounts you have and delete any you no longer use. Update the personal information associated with those accounts and remove any unnecessary information. Update your passwords. Update any passwords that haven’t been updated in the last year, making sure to use complex longer passwords with a mix of letters, numbers, and symbols. [...]

2022-04-26T17:46:55+00:00May 29th, 2022|

Can Your Business Survive A Cyber Attack?

You’ve probably seen the news headlines such as “Business crippled by cyber-attack” or “Hackers cost company millions”… the facts are that studies have shown that 60% of small businesses who experience a cyber attack go out of business within 6 months of the attack1. Cyber attacks can hit a business hard. Often times there is some sort of ransom payout in order to stop the attack, however, even with no ransom, the fallout of a cyber attack could drain your bank account. Can your company survive a cyber attack? When it comes to [...]

2022-04-26T18:08:39+00:00May 8th, 2022|

Municipalities… Insurance For Your Unique Needs

Municipalities face a lot of risks. From a child getting hurt on a community playground to a town official being sued as the result of their decision-making, many things can go wrong when you are running local government. How can you protect yourself, your staff, and your municipality? The right insurance coverage can help you manage the risks. Every county, parish, town, township, city, and village are unique and require insurance solutions tailored to their distinct needs. Let’s take a look at some of the coverage options you should consider. [...]

2021-11-18T17:54:17+00:00November 18th, 2021|
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