Startup businesses are exposed to a wide variety of issues including business insurance, risks, and concerns. There are many different decisions that, as a new business owner, you need to make, and selecting the right commercial insurance is one of them.
The first thing you need to do is hire the right agent to help you through the process of obtaining the right kind of commercial insurance. We recommend you choose an independent agent to help you. Independent agents have access to many different markets and can provide the right combination of commercial insurance products and services.
The purchase of business insurance is an essential investment for business owners. Insurance policies protect the business from the financial consequences of accidents and mishaps that could erode profitability and threaten continuity of the operation.
Property- Damage or loss of buildings and equipment
Liability- Injury or claims from customers or other third parties
Workers’ Compensation- Injury to employees as outlined by state statutes
Automobile- Direct damage to your vehicles and liability for the operation of your vehicles
Insurance for business operations is complex, and when considering the purchase of insurance it’s vital to take into account all of the risks that face a business. It is also important to remember that insurance needs change over time as a business grows or diversifies its operations.
Commercial insurance is one of the most important products a new business needs. Our agency can help you review your risks and guide you through the process of securing the right combination of coverage and price.
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.
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.