BUSINESS CONSULTING

Insurance Policyholder Considerations for COVID-19

The effects of the COVID-19 virus are only beginning to be felt within our communities and across the nation. Both business leaders and employees are looking for answers to difficult questions as we work to control both the spread of the virus and the economic effects after its curtailment, resulting in significant insurance policyholder considerations [...]

Business Interruption: Planning Your Next Steps and Setting Expectations

In the event that your business suffers an interruption or loss of income as a result of the pandemic or restrictions imposed by civil authorities, there are steps that you can and should take to assess the impact on your business, mitigate your losses, and chart a path forward. Next steps Thoroughly review your policy [...]

2020-03-26T00:48:37-04:00March 25th, 2020|BUSINESS CONSULTING, COVID-19|

Business Interruption Losses: Making an Insurance Claim

The Coronavirus (COVID-19) pandemic has had a devastating impact on people, communities, and businesses worldwide. Virtually every business has been affected, and losses continue to mount daily due to both government and self-imposed restrictions. This inability of businesses to operate as usual can create what is known as business interruption losses. These losses consist of both [...]

2020-03-25T16:52:50-04:00March 25th, 2020|BUSINESS CONSULTING, COVID-19, HOSPITALITY|

Understanding the Basics of Business Interruption Claims

Business owners across the United States are experiencing unprecedented challenges as they navigate the uncertainty of COVID-19. With many businesses required to significantly limit operations or even close down for extended periods of time, business owners are left wondering how they can survive the storm. One potential lifeline may very well be hidden inside your [...]

2020-03-25T11:36:26-04:00March 24th, 2020|BUSINESS CONSULTING, COVID-19|

Coronavirus Economic Response Package – Phase Two

On March 18, phase two of the Coronavirus Economic Response package was signed into law. The Families First Coronavirus Response Act (HR 6201) extends paid sick leave to employees all over the country affected by the pandemic (“COVID-19”). The paid leave is paid for by the federal government and funneled to the employees through the [...]

Connecting the Dots: Business Interruption Planning As It Relates to COVID-19

A hot topic within the hospitality industry right now is whether insurance policies will cover the drop in revenue (and subsequently, lost profits) arising out of both the pandemic and civil actions taken by federal, state, and local officials. Typically, this issue would arise months down the road when businesses would begin to file interruption [...]

How Does Industry Affect Fraud Risk?

Constant vigilance is the most critical control to prevent fraud risk. Employee fraud happens when a motivated individual who knows of a weakness decides that no one is paying attention. The minute that directors and employees let their guard down, someone who has been thinking about stealing will become much more likely to start doing [...]

2019-10-17T17:01:10-04:00October 14th, 2019|BUSINESS CONSULTING|

Cost-Effective Fraud Protection

Every year, businesses lose billions to fraud schemes perpetrated by employees who found ways to take advantage of inadequately protected systems. In many cases, these losses could have been limited or even prevented by following some very basic low-cost and even no-cost business practices for fraud prevention. Set an Ethical Tone More than anything else, [...]

2019-10-21T17:00:43-04:00October 14th, 2019|BUSINESS CONSULTING|

How Can CFOs Improve Cybersecurity? Start with the Numbers

The CFO is an important ally in the fight to keep information and IT assets safe and secure. “Given the risks that cybersecurity threats pose in a technology-driven, global economy, today’s CFO must ensure that adequate steps are taken to protect the company’s reputation, stock price, and mission-critical assets,” said information security expert and former [...]

2019-09-05T10:39:29-04:00September 5th, 2019|BUSINESS CONSULTING, CYBERSECURITY|

Who’s Afraid of the Big Bad Capital One Breach?

Headlines about data breaches seem to hit us nonstop. The March 2019 hack of Capital One’s databases exposed the personal information of over 100 million people. Capital One says its stolen data probably wasn’t used by the hacker or disseminated to anyone else, but even if that’s true, data breaches are all too common. Equifax [...]

Should Your HITRUST CSF Assessor Be a CPA Firm?

In today’s hyperconnected environment, many different stakeholders expect assurance regarding your information security practices. Increasingly, major companies are expecting their business partners to achieve certification against the HITRUST Common Security Framework (CSF). This robust risk management framework builds on many established security and data privacy standards, such as the ISO 27000 series, HIPAA, PCI Data [...]

For Strong Data Security, Give Your Employees Some Backup

You may already know that the biggest data security risk for businesses of all sizes is employee negligence. People fall for simple phishing scams and leave their work phones unlocked, and we’ve all seen that file named “passwords.txt” right on someone’s desktop. Data security training is crucial, and it can go a long way toward [...]

The Impact of the New Data Security Law for Insurance Providers

As of May 1, 2019, Alabama became the latest state to sign into law heightened standards within the insurance industry for cybersecurity and data privacy. The new Law implements an exhaustive set of requirements for data security pertaining to entities or individuals licensed through the Department of Insurance. Both persons and institutions have one year—until [...]

Is It Time for a Business Valuation?

Business owners often have a majority of their personal net worth tied up in the business. However, many owners are unsure how much their greatest asset is really worth, putting them at a disadvantage in making decisions that range from estate planning to deciding when to sell the business. A common misconception about business valuations [...]

2019-04-09T12:16:21-04:00April 9th, 2019|BUSINESS CONSULTING|

Ponzi Schemes: If It Sounds Too Good To Be True, It Probably Is

No matter how many times innocent people become victims to Ponzi schemes, it continues to happen both with alarming regularity and extraordinary costs. What are Ponzi Schemes? Ponzi schemes first evolved when Charles Ponzi began enticing innocent people to invest in something with the promises of an abnormally high return. Ponzi would explain the rationale [...]

2018-11-12T15:42:32-05:00August 22nd, 2018|BUSINESS CONSULTING, Uncategorized|

Understanding Terms Found in Common Business Interruption Policies

Hurricanes and other disasters – floods, earthquakes, tornadoes, and even cyber attacks or power outages – can cause devastation to businesses and disrupt their operations. Business owners who have had to close shop due to an unexpected disaster should review their commercial insurance policies to determine if they have a business interruption rider. While reviewing [...]

2018-12-03T12:00:11-05:00October 9th, 2017|BUSINESS CONSULTING, DISASTER RECOVERY|

Business Interruption Claims Can Help Businesses “Resume Flight” Following Unexpected Disaster Delays

If you’re traveling somewhere by airplane, perhaps one of the worst things that can happen to you at the airport is missing your scheduled flight. Your two big questions are probably: When can I get on the next flight and resume my journey? and, How much money is missing that flight and getting on a [...]

2018-11-12T15:44:04-05:00October 1st, 2017|BUSINESS CONSULTING, DISASTER RECOVERY, OCTOBER 2017|

5 Steps to Help in Disaster Preparation

Backup electronic accounting records. Accounting records can include anything from accounting software to spreadsheets that are used for budgeting. Consider subscribing to a cloud-based storage service, or — at a minimum — store your backup data in multiple locations. Backup electronic records regularly to ensure data remains current and easily recoverable. Protect computers and [...]

2019-09-23T11:40:18-04:00September 11th, 2017|BUSINESS CONSULTING, DISASTER PREPARATION|

Keeping the “Business” in “Family Business”

Managing the “family” part of a family business can be complicated — especially as your family continues to grow. Multiple generations mean added challenges, from ambitious siblings competing for a position to the older generation crusading against health and succession issues. Mix in marriage, divorce, children, and more children, and suddenly the family business is [...]

2018-11-12T15:44:56-05:00May 1st, 2017|BUSINESS CONSULTING, May 2017|

Where to Start When Creating a Business Plan

Business plans can be overwhelming at the onset. However, if you answer some simple questions before beginning, then you will avoid major headaches and save on your Tylenol expenses. So take time to consider the below money-saving parameters for business plan creation. What is the purpose of the plan? Identify the purpose as briefly and [...]

2018-11-12T15:45:54-05:00February 20th, 2017|BUSINESS CONSULTING, START-UP BUSINESS PLANNING|