Philip Deramo - Why You Need a Business Plan

Whether you are trying to start a new business or looking to expand an existing one, it is essential for your success to create a business plan. As Vice President at Berkley Re America, Philip Deramo knows the importance of having a business plan to achieve success as a business owner.

For the last twenty years, he has been creating business plans for his clients. Without a plan a business is largely rudderless creating haphazard and reactive day-to-day activities. Here are some top reasons why a business needs to have a business plan in place.

1.A business plan is a map to the future. It will help you to better understand your business and help you to set goals and chart a course of action to achieve those goals.

2.It will help you secure funding in order support growth. During the course of business, you will be provided with opportunities to grow your business.

3.You will need a business plan to assess opportunities and come up with a course of action to take advantage of them. 

4.A plan will help you to manage cash flow, an essential requirement for all businesses.

5.It provides the necessary information to support a strategic exit. At some point in time, you will decide it is time to leave the business.

Having clear business goals and the path needed to reach those goals is important for any business to succeed. Creating a business plan can help you stay in business and find success. As an insurance underwriting professional, Philip Deramo has been creating business plans for companies for twenty years.

Philip Deramo - Cyber Liability Insurance and Why You Need It

Philip Deramo has been working as an insurance underwriter for the last twenty years. In the last ten years, he has been building his experience with cyber liability insurance. But, what is cyber liability insurance coverage?

While most security professionals are required to attend a risk training session during their careers, many of them are unaware of cyber liability insurance. For countries like the United States, which have mandatory breach notification laws, this type of insurance has been most successful when used as a risk transfer option.

As data breaches become more common, the option of adding cyber liability coverage is increasingly attractive. The expenses associated with dealing with a breach, including the cost of compiling with the mandatory notification laws, can be extremely high, making adding this type of policy to a business’s existing insurance coverage is vital.

Cyber liability insurance covers a large range of situations, including:

• Data breach and privacy crisis management.
• Multimedia and Media liability coverage.
• Extortion liability coverage.
• Network security liability.

Some of the items covered under this insurance may overlap or be connected to other policies. Even if there is an overlap with policies, having a cyber liability policy in place will ensure that all of the associated cyber risks are covered. When looking for the right policy, it is important to obtain the right broker. Philip Deramo has spent the last ten years increasing his knowledge of cyber liability insurance coverage.

Philip Deramo - One-Time In-House Counsel for Kemper Insurance

Philip Deramo earned his law degree from Quinnipiac University Law School in 1987. From there, he worked as an assistant state prosecutor for Connecticut. After a few years working in this capacity and earning litigation and trial experience, Deramo moved on to the private sector. He became official in-house counsel for the insurance company Kemper Insurance. He worked as in-house counsel for three years before moving on to underwriting. As an underwriter, he found his true calling. Deramo would later make a career out of underwriting insurance policies and eventually join a company called WR Berkley. He held various high-level positions within the WR Berkley companies, including the position of Vice President.

Kemper Insurance is a family of companies that offers its clients insurance policies and the proper expertise that should come with them to families across the United States for their lives, cars, homes, and more. Kemper Insurance also works closely with small businesses to create professional liability policies and many other policies that keep local businesses alive and making local services available to everyone in communities across the US. Philip Deramo helped with many legal issues that many customers and company officials deal with on a daily basis in this industry as in-house counsel. When Philip Deramo moved on to underwriting, he was able to effectively negotiate insurance contracts and policies that were mutually beneficial to both the company and its customers. 

Philip Deramo went on to join a startup called Berkley Capital Underwriters, along with a few other associates, in 2002. When he left as the company in 2015, the company had helped a great many clients solve their insurance issues.

Philip Deramo - Quinnipiac University Law School Moot Court Judge

Philip Deramo earned his law degree from Quinnipiac University Law School in 1987. He had many responsibilities as a law student there, including volunteering as a judge in the law school’s moot court. He heard cases and made rulings in this optional club for law students to practice their skills in front of their peers. Despite all of the extra work Deramo did as a moot court judge, he loved being a part of the moot court and the experience helped him hone his skills and talents in the courtroom, skills that he would later use to great effect in his career as an attorney and then insurance underwriter.

Moot courts are simulated court rooms set up by law students to test their skills in the courtroom. They help students apply the concepts and knowledge they developed in the classroom in scenarios very close to real life. Philip Deramo started in the moot court at Quinnipiac University Law School as a litigator and eventually by the strength of his commitment to the moot court and its core purpose, which is to provide law students with the practice they’ll need to improve their skills and help people after they graduate, that he became moot court judge, testing his fellow students in their litigation ability.

Philip Deramo gained valuable experience as a litigator and a judge in moot court. He went on to work for the Division of Criminal Justice in Connecticut and has worked as an insurance underwriter for several insurance companies, including WR Berkley.