Ritman Insurance Insights

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Global Cyber Attack

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The latest cyber attack called WannaCry affected over 300,000 machines in 150 countries last week. Over 9,000 computers were infected per hour when the attack peaked Friday May 12th. Countries hit hardest by this cyber attack are Russia, Ukraine, India, and Taiwan.  The ransomware used a Windows file sharing vulnerability. Essentially, the virus locks up a PC and demands a $300 ransom from the owner to unlock it. By Monday, the demand doubled to $600.  ...

Why do you need Professional Liability Insurance?

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As a boutique insurance agency, RITMAN specializes in all things property and casualty with an emphasis on professional liability insurance for lawyers. We provide insurance solutions for professionals, businesses, and individuals. You take pride in what you do. So do we.    Why do you need Professional Liability Insurance? Ensure your ability to make a living Protecting your business and personal assets To make your client whole should you or a staff member make a ...

Cyber Crime in the form of Ransom Attacks

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RITMAN Agent Adam Gwaltney focuses on legal professional liability, title agent errors & omissions liability and cyber liability insurance. Read his latest blog below regarding Cyber Crime.   Cyber crime in the form of ransom attacks continues to rise...no matter who you are or what your company does. Falling into a ransom attack is like walking into a minefield, it is totally indiscriminate. These attacks can cripple your business at a minimum. Recent industry reports ind...

Are you protected from social engineering fraud?

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Social Engineering Fraud is rampant with attacks originating from around the globe, as well as from your own back yard. Impersonation of management personnel or a client to deceive a staffer happens every single day. Is your firm protected if an employee unknowingly provides data or financial access that could cost you thousands or even millions? Watch the following video provided by Chubb and contact us right away to review your cyber liability coverage.  

You did WHAT with my firm’s files?

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Law firm stores closed files in a remote access storage facility.  As has been the usual course for several years, the lawyer travels to the facility to retrieve a file and is told that the storage facility has been sold and the new owner has transferred the firm’s files to an out of state facility without the law firm’s knowledge or permission.  Oh, S#&@! The new storage facility owner does not have an inventory of what was removed from the old unit or what was de...

Differences in Worker's Compensation

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How does Worker's Compensation Coverage differ between Corporations, Partnerships, LLCs, LLPs, Sole Proprietorships and Professional Corporations? Partnership / LLP Equity Partners are not automatically included. Equity Partners may elect to be included. If the Equity Partners choose to remain excluded from coverage, respond in the following manner on your audit: provide compensation figures for Partners but note "Partners - Not Applicable" on the audit form. ...

DATA BREACH - Be Aware

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Data records compromised over time: 2008 60,000,000 Hackers figured out ways around security 2009 144,000,000 Drop due to added security 2010 4,000,000 Further added security 2011 174,000,000 Hackers figured out ways around security 2012 44,000,000 IT catching more hackers before breach but only matter of time before hackers will have figured ...

The Top 10 Malpractice Traps

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1. Missing deadlines Utilize dual calendars Proper date calculations Cross-check 2. Conflicts of interest and matter Representation of both parties Personal involvement with a client's business Proper ID at engagement 3. Poor client relations Have clear and timely communication Clear engagement/declination letters Clear expectations up-front 4. Ineffective client screening Thorough intake process Conflict check with other firm mem...

UM/UIM - Hired/Non-Owned Coverage

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Standard Business Owner Policies (BOP) and Commercial Package Policies (CPP) do NOT have Commercially Owned Auto coverage. In Indiana, BOP and Commercial Package Policies generally do not have Uninsured / Under Insured (UM/UIM) coverage. Hired - Non Owned coverage does NOT apply to Partners / Executive Officers driving their own vehicles on business. Hired - Non Owned coverage DOES apply to the law firm if the entity is named as a Defendant Partner slams into another car: Part...