How Cyber Liability Insurance

Almost every business has a cyber liability exposure.  Most businesses are securing some form of coverage to protect their companies from these types of threats.  A recent report by a leading insurance firm said that purchases of cyber insurance grew over 30% in the last year.  It has become clear that even a good IT department cannot solve all the cyber risks your business has.

Cyber liability coverage (for data breaches) has evolved from just insurance for information technology companies, to coverage that nearly every kind of business should have — if they do not already.  Businesses including retailers, banks, contractors, distributors, restaurants, medical offices and more are unaware of the severe data breach exposure they face.

Here are a few of the latest methods used by cyber criminals

Social Engineering.  This email looks like it is coming from your boss or CFO to transfer funds into the company account.

Direct Force.  This is software that attaches to your computer, usually through emails, and then goes through hundreds of thousands of different words, combinations of words, and numbers to try to crack your password.

Pushing.  This is a common way to gain entry and pull information.  Again, usually attached to an email, and once it is opened, the virus accesses your system.

Cyber Insurance

We can provide your firm with the right combination of pricing and coverage.  Cyber risk insurance is available at very reasonable premiums.  Many of our companies offer coverage to help protect your business from loss.

Business & Insurance

Last month a driverless car drove from San Francisco to New York. See Article. The future is now, and if you want your business to compete over the next few years you may want to pay attention to the following topics. There are a number of factors that will affect the business of insurance in the near future.

Technology

Our world has gone digital. Technology has changed the way you relate with your customers. Have you invested in the right technology, and do you have it insured?

Cyber Liability

With the growth of technology, we can now access and store data from our cars, homes and while on the go. This creates a real need to have effective data security, the most up to date protection, and policies and procedures for use and storage. Part of cyber management includes having a cyber-liability policy for your business.

The Next Generation of Leaders

Millennials will lead the next generation in the workforce. Is your business prepared?  Millennials like to live and work in the same community, use public transportation and work from home.

Energy Prices

As the price of oil drops it has become more economical to deliver goods and services.  However, there are more auto accidents as a result.

Employment Liability

If you have employees, you are exposed to potential employment liability claims. Employees know their rights, and it is time for all employers to become more informed about how to protect their companies. An EPLI policy covers claims made against directors, officers, employees, the company and its subsidiaries.

Why Your Insurance Agent Is Your Best Friend

Are you frustrated with the lack of good customer service? Are you tired of calling a company and getting someone in a foreign county? When you go to the store and ask for help, do you get a teenager who knows less than you do about your questions?

If you are looking for insurance, it can be much easier than you think. Working with an agent will save you time and money on your insurance.

Why You Should Be Your Agents Best Friend

Agents care about helping you find the best combination of price, coverage, and service.

When you call our agency you get a licensed professional who can actually answer your questions.

We take time to find the best option for you.

You will get more choices of insurance products and companies.

Our employees live and work in your community.

If you have a claim, you have an advocate to help you.

We can make insurance easier to understand.

We offer many online services you may desire, always backed up by a real person.

We know which companies have the best track record when it comes to pleasing their policy holders. We can narrow your options down and help you choose between the best insurance companies in the market. Not all insurance agents are the same! Choosing the right one can make a big difference – in price, service, and value. Our agency has a proven track record, we live here and we understand the needs of our neighbors.

 

 

Civil Disobedience Is Newer Civil

A Risk Management Update

There seems to be a growing number of protects and civil disobedience these days. For whatever the reason for the protests, it does create a risk for your business. Your business insurance is designed to protect your business from unknown claims or accidents. Our job is to be your business insurance resource and to provide you with the best combination of coverage, price, and service.  A commercial liability policy can protect your company from actions by yourself and employees if a third party is damaged or injured.

Are Riots A Covered Loss?

Generally speaking, damage to your building and other property due a riot is a covered peril. This would include fire, theft, and vandalism. If you were forced to close your business by civil authority but had no building damage you may be able to collect for lost revenue, depending on how your policy is written. Remember, each policy is unique, so call our office for a review.

What If The Fire Department Refuses To Put Out The Fire?

Insurance companies generally will not deny a claim because the fire department pulled back for safety reasons. If civil authorities limit or restrict access to a burning building, your insurance will not be jeopardized.

Final Thoughts

Business insurance is designed to protect your business from accidents and other unforeseen events. Many of the damaged businesses had insurance, and those that did not will most likely have to close their doors.

Five Reasons an Independent Agent Is Better Than Online Insurance

A Personal Insurance Update

Buying insurance for your home, auto, or business is one of the most important decisions you can make.  Just ask the people of Houston, Texas.  Currently, independent agents are on the ground helping their clients finalize their claims so they can get back to their daily lives.

We understand what is important to consumers when it comes to securing insurance. These are the things people feel are important when it comes to purchasing insurance: *

Cost

Ease of obtaining coverage

Speed of obtaining coverage

Peace of mind that everything is covered

Security of personal data

*Source: Adam Bishop

Here is how we help you with each of these

Cost – Independent agents have access to more markets and have better relationships with insurers, thus affording better pricing options for you.

Ease of obtaining coverage—We actually do all the legwork for you. You will not be routed to a call center, placed on hold, and then talk to someone who may not even be licensed.

Speed – It is easy to call or meet with us. We live in your community.

Peace of mind – We make sure that you are covered for what you need to be covered for.

Security – We make sure all your personal information is secure.

See full article

2017 Was A Tough Year For Many Insurance Companies

2018 is here, and 2017 is in the rear view mirror.  Last year we saw and experienced many hardships and disasters, but also hand many successes.  We hope 2018 brings you much happiness and success.  2017 was a year in which many entire communities were destroyed by storms and wildfires, 20 million or more people experienced an identity theft, and a number of women come forward describing their sexual harassment.

Here is a list of the top risk issues for 2017

Wildfires in California and Oregon – over $4 billion in damage

Storms in Texas, Florida, and the Northeast

Flooding in Texas, Oregon, and most of the Midwest

Identity theft and cyber breaches

An increase in sexual harassment claims

The continued evolution of driverless vehicles

The regulation of drones

Advances in home technology

Retention of key employees

The ability to attract quality workers

Terrorism

Random shootings

Over the next few months we will try to help you develop a clear plan on how to manage these risks. Please contact our office and we will be happy to help you identify what is important to you and then put together a plan to help you manage you risks most effetely.  Here are just two.

Identity Theft and Cyber Breaches

Identity theft insurance provides reimbursement to victims for the cost of restoring their identity and repairing credit reports.  This type of insurance will help you with certain kinds of expenses to aid you in restoring your credit. Cyber policies cover the liability arising from website media content as well as breach related property losses such as: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.  It can also provide notification and other services for a covered loss.

Harassment Claims

Your business must address this issue head on.  First, you need to secure employment practices liability insurance.  This insurance will offer defense and indemnification coverage should you be involved in an employment litigation.  Second, your business needs to have a clear anti-discrimination policy.  The policy should include reporting procedures and anti-whistleblower provisions.

 

 

How Cloud Computing Changes Cyber Risk Exposures

Cyber risk and cloud computing is a topic that keeps evolving. In a recent study 40% of companies thought they did not need cyber liability insurance. Many thought cyber liability was covered under their business insurance policy. And others thought that if they used the cloud to store client’s information that they had no risk.

A recent example has been the Anthem Health data breach; here over 80 million people may have had their personal data compromised. If a large company like Anthem Health can have a cyber-breach, so can your company. See More Here

How Cloud Computing Will Change The Cyber Risk Landscape

There is no question that cloud computing changes the cyber risk landscape. But using the cloud does not reduce your risk. In fact, using the cloud may increase your risk. As more firms use the cloud, cyber criminals will increase their efforts to brake in, as there is more information for them to steel. Your risk will vary depending on the platform your firm uses. One benefit is that your business may require less in house technology which will reduce operating costs.

Cyber Risks Are Growing

Russian hackers recently stole over 2 billion online names and passwords. Home Depot had millions of customer credit cards stolen. A local restaurant recently had 1200 customer credit card numbers stolen, and finally a medical clinic had a lap top stolen that contained 5,000 patient’s names and confidential information. Every company is at risk for cyber theft and loss.

Cyber Insurance

We can provide your firm with the right combination of pricing and coverage. Cyber risk    insurance is available at very reasonable premiums. Many of our companies offer coverage to help protect your business from loss.

 

A 2018 Business Insurance Update

Risk management and insurance issues that your local business faces are not that much different from those faced by fortune 500 companies; fortune 500 companies’ risks are just larger and possibly more complex. Making sure that you have the right kind of business insurance for protecting your operations is our number one goal.

Recently, PC360.com ran an article describing the top risks for large corporations. We thought we would relate these risks to your local business, and suggest some insurance that your business should consider to cover these risks.

• Business Interruption Insurance – This can include lost net income, continuing expenses, and even relocation expenses. This coverage is not always automatic, and needs to be added with specific limits.

• Directors and Officers Liability – Directors and officer’s liability insurance helps protect your business, owners, executives, and managers if individuals, competitors, third parties or government regulators make claims.

• Regulatory Compliance Issues – New regulations and contractual risks are increasing for all organizations. Issues include; contracted employee, healthcare, workers’ compensation laws, environmental issues, cyber reporting requirements, and more.

• Employee Safety – Maintaining a safe working environment should always be a top priority for your business.

• Cyber Liability – Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? It is true, and your business insurance policy most likely will not cover cyber liability losses. “This new world of connected devices promises insights on which companies can base strategic decisions. But the ability to obtain more information brings the responsibility to use that data appropriately, maintain customers’ privacy, and practice effective cybersecurity.” PC360.com

What Is Trending in Risk Management

Are you concerned about the future?  Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and upcoming political elections?  A broker or agent who cares about your business will be on the forefront of change.  Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.

Every so often, we think it is a good idea to talk about what may be happening regarding insurance and risk management.  We review many different insurance publications, insurance company bulletins, and other professional’s opinions, to analyze these trends.  This allows customers to make educated and informed decisions about their individual programs.

What Is Going on That May Impact Your Risk Program

Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control.  Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders, and operations.

Mobile applications are one of the fastest growing areas of insurance. Businesses are able to manage risk programs through technology.

Cyber liability will continue to be a major area of concern for all businesses. The government will continue to require businesses to protect customer’s information. Those businesses that do not will be subject to increased fines.

Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing, and placement.

Texas Business Insurance

Business Insurance

According to the latest surveys by major insurers, small to medium sized businesses have a number of critical gaps in their insurance coverage. The reasons for gaps vary; not fully understanding how certain coverage applies to their business, buying insurance from a captive agent who can’t provide the coverage, thinking their commercial coverage provides the coverage, and finally believing they don’t have the risk.

Business Insurance For Your Organization 

Here are the coverage’s you should consider to make sure you are adequately protected.

Pollution Liability- Protects against the liability that comes with polluting the       environment including restoration and cleanup, liability for injuries and deaths caused by pollution.

Cyber Liability- Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

Directors & Officers Liability– Covers costs, damages, and defense protection to directors and officers of a company resulting from law suits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.

Employment Liability– Employment Liability provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.

Professional Liability– Insurance that is designed to cover third party claims, damages and claims arising out of providing professional advice.  Many firms create legal obligations arising out of a professional’s errors, negligent acts, or omissions during the course of providing services to clients.

We are ready to help you better understand your risks. Please call our office today.