With rising inflation, companies are under increasing pressure to control the cost of their commercial insurance premiums. A member-owned group captive insurance program is an excellent alternative to traditional insurance.

What is a Group Captive 

A group captive is an insurance company that is owned by the members. As stakeholders, they have control over how their risk is managed. Unlike traditional insurance, where the insurance company retains the profits, in a group captive, the member company gets the profit back in the form of dividends. The result is a more cost-effective and efficient approach to managing risk.

Top Five Benefits of a Group Captive

Control Premiums
With effective risk management, you have the potential to earn back 60-70% of your premiums. With group captives, premiums are solely based on your company’s 5-year loss history, giving you more control over your insurance costs. In traditional insurance, you are in a pool with other companies, some much riskier with high claims, and you are subsidizing their insurance premiums.

Protection from Market Fluctuation
Market fluctuations and hard markets are often caused by increased claims and decreased revenue for insurance companies. Group captives are owned and managed by their members with a strong focus on safety and offer insulation from these market fluctuations. This is especially important in a hard market where premiums are high, and coverage options are limited, making it challenging for companies to find affordable coverage and maintain their insurance programs.

Greater Control Over Claims Management
In a group captive, member-owners can participate in claims administration, which is focused on driving claims to closure and lowering costs. The third-party administrator (TPA) manages the claims process on your behalf while taking into account your input. This gives your company greater influence over handling claims and the ability to detect and deny fraudulent claims.

Safer workplace
Risk management is a top priority in a group captive as companies recognize the link between their loss ratio and insurance premiums. With premiums based on only the company’s 5-year loss ratio, those who minimize risk and focus on claims prevention and management have a safer workplace and enjoy significantly reduced premiums.

Increased control and transparency
As a member company, you have one seat on the Board of Directors with one equal vote in the management of the group captive. This means you have a say in how the captive is run and your insurance coverage is managed. As a voting member, you’ll benefit from increased control and transparency, with more significant input into decision-making and a clearer understanding of how your insurance coverage works.

Is Your Company A Good Fit For a Group Captive

To determine if a group captive is a good fit for your company, we can do a cost-benefit analysis that includes a 5-year historical look back. We can demonstrate how the performance of a group captive compares to your traditional insurance program. Here are some other factors to consider. 

  • Does your company prioritize risk management?
  • Has your company demonstrated a history of financial stability and a willingness to invest in its success?
  • Do your premiums for workers’ compensation, commercial auto, and general liability policies exceed $150,000?

By considering these factors, you’ll better understand whether a group captive may be a good solution for your insurance needs.


In today’s world, running a successful business is about staying ahead of the competition. That’s why it’s crucial to have a long-term insurance strategy that protects your current needs and changes to address your future needs. A group captive is an excellent way to take control of your insurance costs. With our experienced team by your side, we can help you develop an insurance strategy that meets your business needs and enables you to achieve your long-term goals.

The IBM Security X-Force Threat Intelligence Index 2023 is built around one fundamental concept, know the threat to beat the threat.

Cybercriminals follow the money, and this report offers business leaders insightful analysis to help protect their organizations from cyberattacks. From understanding attackers’ tactics to getting actionable insights on protecting their company, we will provide you with key takeaways and proactive steps from the IBM report to keep you ahead of the threat actors.

What is the IBM Security X-Force Threat Intelligence Index

IBM Security X-Force is a team that compiles billions of data points to provide the latest research tracking attack trends, impacts, and vulnerabilities affecting companies globally. Compiled with nearly 30-years of data, this report is full of actionable information you can use to proactively manage the security of your environment.

Key Takeaways

  1. Manufacturing was the most attacked industry in 2022, accounting for 58% of all incidents. A low tolerance for downtime makes this industry a prime target and particularly lucrative. 
  1. One of the latest tactics discovered is a disturbing trend of attackers targeting the customers and business partners of the breached organization. By bringing them into the mix, they leverage the stolen data from the threat actor to increase pressure and psychological impact.
  1. E-mail thread high-jacking attempts doubled from 2021 to 2022, with attackers using compromised e-mail accounts to reply within ongoing conversations posing as the original participant.
  1. 2022 saw a surge in backdoor activity which allows remote access to systems. Backdoors were deployed in one in five incidents because they can be sold at auction for $2,000 to $10,000. 
  1. Time to ransom dropped a shocking 94%, from two months in 2019 to under four days in 2021, accounting for 17% of attacks. Ransomware locks down critical systems until the money is paid, which differs from extortion which is the threat of releasing the information they hold.
  1. At 27%, extortion was the most common impact on companies, with 30% of those incidents occurring in the manufacturing sector. This trend is expected to continue with threats growing more aggressive because it is highly profitable. 
  1. Extortion is evolving to include the threat actor contacting your clients and business partners to inform them that you’ve been hacked and they have information about them to pressure you to pay. Experimenting with enhanced notifications will likely continue to pressure the victim to pay.
  1. Phishing has been the preferred attack method since 2019, and it continues to be the #1 way into a company at 41%. Phishing attachments are used 62% of the time, followed by links a third of the time. Why? There will always be someone that will click on something they shouldn’t. It’s cheap, easy, and it works.
  1. Targeting credit card information dropped from 61% in 2021 to 29% in 2022. Personally identifiable information (PII) is more profitable.
  1. Legacy exploits are still doing the job, with 26% of exploits having known vulnerabilities. While older malware infections such as WannaCry continue to exist and spread, the percentages have dropped in recent years due to patching.

The trend shows a growing gap between the number of vulnerabilities and weaponized exploits. Two years ago, one-third of vulnerabilities were exploited. Today this has dropped to about one in four.

Prepare for the Future

Armed with the knowledge of insights into the threat landscape, companies must put the learning into practice by identifying and mitigating risks to prepare for the future.

Manage your assets
The first step in a data breach prevention strategy is inventorying your data. Identify what type of data you have and what data is critical to your business. Remove old data and regularly review and update your data inventory. 

Know your adversary
Knowing which threat groups target your industry, geographical location, and your company will help you target the best security measures.

Manage visibility
Once you’ve identified your assets and who might want to steal them, you are in the best position to develop a detection and response strategy. A managed service provider can help with strategy and execution.  

Challenge assumptions
Assume that attackers are already in your network. With this assumption, planning changes from how to keep them out to how to stop them once they’re in your system. Be proactive and assume a worst-case scenario approach.

Be prepared
Have an incident response plan ready to go and put it to the test. Simulate attacks to find gaps and educate your employees on what to do in case of an incident. All divisions of the company should be included, not just the ones involved with IT. Cybersecurity is a journey in a constantly changing environment, not a destination.

Protect your company, clients, employees, and your reputation

Cyber-attacks are becoming increasingly sophisticated and can seriously damage your company’s finances, employees, customers, and reputation. A cyber liability policy ensures that you will have immediate access to the best high-tech attorneys, forensic IT specialists, and PR firms when you need them most. And you can react with speed which is a critical defensive strategy. 

In Conclusion

In conclusion, the IBM Security X-Force Threat Intelligence Index 2023 stresses the importance of proactive measures to mitigate cybersecurity risks. By taking steps outlined in the report, businesses can prepare for the future and protect their assets, clients, employees, and reputation. Additionally, protecting your company and reputation with a cyber liability policy can provide peace of mind and ensure swift action in the event of an attack. With cyber-attacks growing increasingly sophisticated, it’s crucial to stay vigilant and take the necessary steps to safeguard your organization.

For a complete copy of the IBM Security X-Force Threat Intelligence Index 2023, please go to https://www.ibm.com/reports/threat-intelligence. 

Despite the growing awareness about cyber threats, many myths about cyber security still persist. Ready to separate fact from fiction? Here are some of the most common cybersecurity myths.

Myth #1 — Too much security diminishes productivity.

Some business owners worry that increased cyber security protocols will make it difficult for employees to access what they need to do their job. However, in reality, not having adequate cyber security protocols may have long-term and catastrophic consequences for your business. Many preventive measures require little hassle on the part of employees.

Myth #2 — Cyberattacks are only executed by external perpetrators.

Wrong! Insider threats are on the rise and should be a cause for concern for all businesses. Insider threats can include employees, vendors, contractors and business partners and be either a simple case of negligence or can be malicious in nature. A recent survey revealed that insider threats are responsible for more than half of all data breaches. All companies need to have plans in place to help prevent these types of attacks.

Myth #3 — Cybercriminals only attack large businesses.

Small and medium-sized businesses may wrongly assume that their data isn’t attractive to hackers. But these operations are among the most susceptible to cyberattacks. An Accenture survey revealed that hackers went after small businesses nearly half of the time. Unfortunately, only about 14% of these businesses were prepared to act defensively in such a situation.

The lesson: No matter the size no business is immune from hacking attempts and malicious attacks. Hackers don’t discriminate when it comes to their victims. So, don’t let the size of your business determine how valuable your data is or how secure your assets are.

Myth #4 — Cybersecurity and cyber insurance is too expensive

Even though the headlines paint grim stories, some companies still wonder if cybersecurity programs are worth the cost. Data security is frequently overlooked and many organizations respond reactively when they have no other option.

Just how expensive is such a mistake? Consider the fact that the average cost of a data breach in 2021 is $4.24 million, the highest in the last 17 years. This statistic doesn’t even take into account reputational losses and customer losses from a breach. One thing is for certain: The cost of a good cybersecurity plan and coverage is far less than dealing with the consequences of an attack.

Figuring out which types of insurance coverages are right for your company isn’t always easy. Here are four basic types of insurance policies that most businesses need to have —even the smallest of companies — and four other coverages that many business owners need but don’t realize they do:

Property insurance. This type of insurance covers buildings as well as personal property such as office furniture, inventory, computers and machinery. It’s basic coverage that nearly all businesses need.

Liability insurance. Having enough liability coverage is important for a growing company. Any business can face a legal claim that could be financially devastating. A client could sue after a fall in your office. A customer could file a lawsuit claiming a product is defective. Liability insurance can help a business prevent a financial disaster in the event of a lawsuit.

Commercial auto insurance. Cars driven for your business should be covered under a separate, commercial auto insurance policy.

Workers compensation insurance. Nearly all states require businesses that meet certain size thresholds to have workers compensation insurance in the event an employee is injured or dies on the job.

Depending on the type and size of the business, you may need additional coverage. Here are four types of coverage that business owners often don’t realize they need to protect themselves:

Cyber liability insurance. One study found that the average cost of a cyber attack on a company is $200,000; many attacks are more costly. Small and medium-sized companies are increasingly at risk for both attacks and devastating legal claims as a result of an attack. All businesses need to take steps to prepare for and help prevent a cyber attack and consider purchasing coverage in the event one does happen.

Employment practices liability. EPL is designed to protect companies in the event of a sexual harassment, discrimination, wrongful termination or breach of employment contract claim or any of a number of other claims made by an employee or former employee. The more employees you have, the greater the risk of a lawsuit.

Professional liability (also known as errors and omissions). Many different types of business owners need E&O insurance coverage. Businesses providing a service or advice have a unique type of liability exposure. Many E&O policies are designed for specific types of professionals, such as physicians. accountants, engineers, architects and attorneys.

Employee benefits liability. EBL is coverage for businesses that offer health insurance and other benefits. It protects them from errors and omissions that occur when employee benefit plans are administered by a company’s human resources employee(s). These types of errors happen more than you might think.

In business, do you believe that your skills, intelligence and abilities can be developed over time? Or do you believe that your talents are mostly fixed, meaning that if you’re not really good at something now, you probably won’t ever be great at it? These are critical questions to ask yourself. That’s because your mindset — how you view, interpret and act on decisions, problems and challenges in your life — can play a significant role in your success and happiness. Or it can hold you back from being the person — and business leader — you want to be.

American psychologist Carol Dweck is credited for identifying two main types of mindsets. A growth (also called learning) mindset is a belief that with hard work, desire and perseverance, most people can develop and improve their talents, abilities, and intelligence. On the other hand, those with a fixed mindset believe that a person’s talent and intelligence are more or less innate — you either have certain characteristics or you don’t. In other words, there are ‘gifted’ people and there’s everyone else. Those with fixed mindsets do not believe they (or anyone else for that matter) can significantly improve their innate qualities.

There’s no shortage of examples of the great things that can be accomplished with a growth mindset. For example, at Microsoft, Satya Nadella made it his mission to revamp the leadership and the culture at Microsoft with a growth mindset after taking over in 2014. In his book, Hit Refresh, Nadella explains that mindsets– specifically helping employees at the company develop growth mindsets– were his tool for taking Microsoft to the next level. After more than a decade of static market capitalization and share price, Nadella helped usher in a new era for Microsoft, one in which the company’s market capitalization and stock price more than tripled. Pfizer, too, credits a growth mindset for the company’s success and growth.

One of the keys in developing a growth mindset is to help yourself and your organization’s leaders view failure as an opportunity to reflect, learn and improve your skills. In many organizations, failure is not tolerated or viewed negatively, which makes employees fearful of making mistakes and as a result less likely to take risks and think innovatively. To adopt a growth mindset, business leaders and employees must embrace risk and imperfection and push themselves out of established comfort zones.

Henry Ford once said, “Whether you believe you can do a thing or not, you are right.” He couldn’t have been more right.

Is your company growing? That’s great news. Just make sure your insurance policies keep up! Here are some tips for making sure you don’t end up underinsured: CEO owner leader company staff member portrait, possibly finance, accountant, manager

Revisit your Business Owner’s Policy. If you have a fast-growing company, your Business Owner’s Policy, or BOP, can get outdated quickly. Have you added new employees or equipment? Have you changed the nature of your business or expanded into different types of products or services? Did you purchase your own building? It’s time to review your BOP, which is your first line of defense against a number of business risks.

Keep up with Liability Insurance. As your business expands, you’ll want to make sure you have enough liability coverage. This type of insurance takes many forms. There’s employment practices liability, which covers claims arising from your employees and professional liability insurance, designed to protect you against claims made by clients or customers. Review all potential sources of liability, such as when your employees are driving on company business.

Don’t forget Property Insurance. This type of policy covers damage to your business premises, equipment and inventory due to events like fire, theft or vandalism. It can also provide coverage for lost income if your business is forced to close temporarily due to property damage.

You might need Product Liability Insurance. If you manufacture or sell products, this type of insurance can protect you from claims related to injuries or damages caused by those products. Even if you take all the necessary precautions, there’s always a risk that something could go wrong with one of your products. Product liability insurance can help protect your business in the event such an incident occurs.

And, of course, there’s workers’ compensation insurance. As a small business, one of the most important insurance policies you can have is workers’ compensation. This type of insurance will help to protect your business in the event that an employee is injured while on the job. Workers’ compensation can help to cover medical expenses and lost wages, as well as provide death benefits in some cases. If you do not have workers’ compensation insurance, you may be held liable for any injuries or accidents that occur at your business, which could end up costing you a lot of money.

Running a business is no small feat. If you ask the U.S. Small Business Administration, they’ll tell you that one-third of all new businesses fail in the first two years. Half of all new businesses make it four years, and only 40 percent survive for six years or more. So how do businesses survive? And more importantly, how do they thrive? A recent study by Gallup found that a business’s ability to make it over the hump has much to do with leadership. Although there are numerous factors that influence success, Gallup found that the quality of the company’s founder and management team has more to do with company longevity than any other factor. In its research over time, Gallup has found that companies that survive over the long term have executives that share the following key characteristics:

A clear vision: The leaders of successful companies are more likely to clearly articulate company goals and competitive advantage(s) of their companies to their clients and employees. They create an inspiring narrative that unifies internal teams and clearly directs external growth efforts.

A plan for growth: They spend time planning for growth and aligning employee responsibilities with company goals. This requires an ability to step back from the day-to-day battles of business and articulate a quality plan for moving forward.

A close connection with customers: They are more likely to make smart decisions about pricing, products and services with their customers’ needs in mind. They don’t neglect important matters such as profit margins, but they maintain a close relationship with customers and work toward improvements that will benefit the business over the long term. Gallup also found that business people who share these characteristics are three times more likely to build large businesses and to grow them significantly. They are four times more likely to create jobs, four times more likely to exceed profit goals and five times more likely to exceed sales goals.

In addition to strong leadership, an effective risk management and insurance plan can help your business not only survive but thrive. Isn’t it time your P&C broker offered you more? From compliance to communication, we can provide a full spectrum of solutions and tools for you and your company.

We all want to be more efficient with our time at the office, right? Yet research shows that many of us are going about it the wrong way. Here are some ways that research suggests can help us get more quality and creative work done at the office.

Focus on one thing at a time. You may think that multitasking will make you more productive, but it rarely does. The research is clear on the topic of multitasking: Our brains simply weren’t designed for effectively doing more than one task at a time. Focusing on one task — giving it your full attention — can produce better and more creative results than trying to get more than one thing done at a time.

Studies also show that you can be more productive by minimizing distractions while you’re focusing on one task. If you can, schedule blocks of time for concentrated work at a time of the day when you’re most productive. If it’s feasible, limit or turn off phone, e-mail and other online alerts. Limit interruptions by people to only what’s absolutely necessary.

Ask for help. You don’t have to personally do so much — and you shouldn’t. If you can delegate at work and home, do so. Delegating can be a powerful way to relieve stress and get more done each day, to focus on what matters most and to empower those around you. For many people, though, delegating doesn’t come naturally. You have to work at accepting that someone else may not do the job the same way you do, but it still gets done, leaving you time to focus on more important tasks.

Communicate clearly. Make sure your texts, emails and documents are clear. Before you hit send, print or copy, reread what you wrote to make sure it is clear in directions and sets the right tone. Think of any unanswered questions that you can proactively answer as well. Also, make sure that others feel comfortable letting you know when they don’t understand something.

Develop routines. Routines are powerful tools for everyone from babies and children to business owners and CEOs. Scientific studies show that following a general routine each day can help people be happier, healthier and more efficient and productive.

Take breaks. You can’t be on the go continually. You need downtime to allow yourself to enjoy something else, and you need mental and physical breaks, including real vacations. In other words, you need something to look forward to other than work. Research shows that more Americans are skipping vacations or doing some work during vacation time — but that this can lead to burnout, less focus and productivity. Take a vacation — even if it’s at home — and resist the urge to check e-mails and do work tasks. Take time to unplug — and encourage your employees to do the same.

Cyber attacks are becoming increasingly common. They can affect both small and large businesses. And many times, criminals gain access to a company’s computer network by the careless action of an employee. That’s why it’s so important to make sure your company’s workers understand their responsibilities to help keep your computer system safe and secure. Start the process by:

Helping them understand the risk. It’s estimated that 60 percent of small businesses fail within six months of a cyber attack. Studies also show that nearly 90 percent of all cyber attacks could have been easily prevented. For many companies, the problem is malware. That’s malicious software designed to gain access to a network, find sensitive data and possibly steal that data. There are various types of malware, including spyware, viruses, worms and other types of malicious code that infiltrate a computer. Once malware is installed, it can allow hackers to extract private and sensitive data from your customers.

Providing training. Talk to your employees about the risk and train them to not click on links or open attachments to e-mails they are not expecting. This is one of the most common ways hackers gain access to a company’s computers. Employees also should always allow work devices to automatically install updates, which often contain important safety updates. They should also know other important ways to protect their employer’s computer systems. Well-trained employees are the first line of defense against a cyber attack.

Using strong passwords. Long and strong passwords with a mix of uppercase and lowercase letters, numbers and symbols are ideal. Set a specific timeline — such as every three months — for changing company passwords. Here are some tips for creating strong passwords.

Avoiding personal use of company computers. Consider requiring employees to refrain from checking their personal e-mail accounts, using social media channels and surfing the Internet using company computers and devices.

Prohibiting the installation of outside programs on work computers. If a computer contains company information, you’ll want employees to avoid downloading any programs or apps on it.

Being vigilant. When outside the office, never leave work devices unattended and make sure your employees aren’t, either. Password-protect your phone or tablet and log off or lock your screen every time you step away. Use two-factor authentication. Verifying your identity twice before accessing an account can dramatically reduce the odds a hacker can gain access to sensitive information.

Backing up files and data regularly. It doesn’t matter whether you use cloud storage or external hard drives. It’s important to have a backup in the event of a ransomware attack.

We’ve all been there – bumper to bumper, facing seemingly endless brake lights. Whether you live in a small town or a big city, gridlock can happen just about everywhere. And it often happens when you’re trying to get somewhere fast. So how can you stay safe when traffic is at its worst? Here are some tips that can help:

Plan ahead: If possible, allow extra time for driving when traffic, for whatever reason, is expected to be heavy. You will be less likely to tailgate, weave across lanes of traffic, or vent frustration on other drivers when you aren’t pressed for time. Again, your smartphone can be a useful tool to help you find the best route based on traffic conditions.

Don’t follow too closely: Ever heard of the three-second rule? When the vehicle in front of you passes a stationary object, begin counting. You should reach the same object no sooner than three seconds after the vehicle in front of you. (Four or five seconds is even better!) It’s tempting to tailgate when traffic is moving slowly so that other drivers can’t slip in front of you. But following too closely to other vehicles remains a top source of accidents nationwide, at all times of the year.

Minimize distractions: If you plan to drive on congested streets, make sure that your attention is on the road. Avoid talking on a cell phone, sending text messages, eating messy foods, or putting on makeup in the car. Your chances of being involved in a crash will drop considerably by taking those steps. Multitasking behind the wheel dramatically increases your chances of an accident.

Avoid rubbernecking: Just as there are distractions inside a vehicle, there can be distractions outside a vehicle as well. Don’t let your attention wander when passing a crash scene or anything else that’s happening outside your car.

Relax: Don’t take unnecessary risks to shorten your commute by a few minutes. You could end up spending a lot more time beside the road. Instead, take it easy, be courteous, and know that you’ll get to your destination safer and less stressed.

At Accurate Protection, we offer commercial auto insurance — and so much more. We work directly with our clients, helping them to identify risks unique to their organizations and providing a plan for reducing or eliminating exposure.