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.
Slip and fall accidents are some of the most common accidents you can have as a business owner. Slips, trips, and falls constitute the majority of general industry accidents. They cause 15% of all accidental deaths, and are second only to motor vehicles as a cause of fatalities. You have customers, clients, vendors, employees, and family members on your premises every day. “Slip and fall” is a term used for a personal injury case in which a person slips or trips and is injured on someone else’s property. These cases usually fall under the broader category of cases known as “premises liability” claims. Slip and fall accidents usually occur on property owned or maintained by someone else, and the property owner may be held legally responsible.
In order to recover damages for a slip and fall injury sustained on another’s property, there must be a responsible party whose negligence caused the injury. However, most business insurance policies have premises liability coverage which allows for claim payment without the need to prove liability.
Slip And Fall Prevention At Your Business
Maintain all walkways and common areas.
Use anti-skid adhesive tape in high traffic areas.
Display wet floor signs when appropriate.
Keep all work areas, passageways, storerooms, and service areas clean and orderly.
Have proper lighting in parking lots and entrances.
Keep walk ways free of ice, snow, or other items that might cause someone to slip.
Have a procedure to deal with spills and ensure spills are reported and cleaned up immediately.
Are Your Commercial Insurance Costs Too High?
Most commercial insurance experts are predicting lower rates for most businesses across the United States. Commercial insurance buyers should anticipate lower rates and wider choice in coverage terms at upcoming renewals as insurance pricing softness accelerates in most lines.
Commercial or business insurance rate reductions are due to a softening in the market, reduced catastrophic losses, and continued competition among the leading insurers.
Rate vs. Premium
Rate is the cost of insurance per exposure unit, such as revenue or payroll. The premium is based on a formula of rate times exposure. Your rate could go down, but if your revenues are up it could affect a flat premium.
Now is the time to contact us to help you review your risk, design your program and market your commercial business with our top rated market. Your commercial program should include:
Directors & officers & professional liability
Bonds and dishonesty
Umbrella or excess
We Help You Understand the Risk vs. Reward
We understand that your business is unique. You serve people first, and foremost. Just because you are a small business does not mean you are exempt from litigation. Commercial Liability Insurance from Jewell Insurance offers protection to your businesses. It covers claims from property damage and/or bodily injury to a third party caused by your business operations, or from your premises. This general liability coverage may also provide for the legal defense of the insured.
General Liability Insurance should be the foundation of your insurance program. General Liability Insurance provides the following coverage:
Bodily Injury – Bodily Injury to a third party.
Property Damage – Damage to a third party’s property (equipment building etc.).
Personal Injury – Injury to the mind or emotions, as opposed to an injury to property.
Advertising Liability – Damages arising out of advertising, libel, slander, or invasion of privacy.
Products and Completed Operations – Liability arising out of products or business operations and services conducted, excluding professional services.
Premises – Covers liability arising out of injury to third parties while on your premises.
Medical Payments – A general liability coverage that reimburses others, without regard to the insured’s liability, for bodily injury while on your premises.
General Liability Insurance is designed to cover defense costs as well as judgments. It is an important part of your recommended insurance program.
When was the last time you reviewed your personal insurance coverage? The New Year is a great time to review your personal insurance. Most of us know that major life events can make it necessary to update our insurance coverage. But did you know that even subtle changes can have an impact on your financial needs and plans? Call our office today, and we can help you find the right combination of personal insurance coverage and price.
Items To Consider (you may need insurance for some of these)
Bought a new car or sold a car
Changed your marital status
Bought a boat, RV or ATV
Change of address
Welcomed a new baby into the family
Have a new teen driver in the family
Child headed off to college
Purchased second home
Planned foreign travel
Started a home based business
I now drive my personal car for work
Review my insurance to make sure I have the right coverage
Take the time to read my insurance policies
Does my independent agent have all my correct information, including new phone number, address, and newly purchased property?
Make sure I have identity theft insurance
Do I have enough life insurance?
Do I need life insurance for my spouse?
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