Cyber Risk Update

Over the last several years, cyber liability coverage has evolved from just insurance for information technology companies to coverage that nearly every class of business should have if they don’t already. From retailers, banks, contractors, distributors, restaurants and medical offices, many businesses are unaware of the great security technology exposure they face. Recent state laws require companies that have experienced a security breach to notify all customers that could be affected by the breach that their information has been compromised, even if the information hasn’t been used. In most cases, the notification also requires an option of one-year credit monitoring services and a new card or account number for the customer. Costs can be as much as $250 per individual breach.

In Oregon, a private company experienced online bank fraud and lost $75,000 in one day. This new cybercrime is directed to small and medium businesses. The scam is called pushing and involves unsuspecting companies being lured into installing malicious software. This download looks likes it is coming from a bank or other financial institution. The malicious software hides and records everything the person does on their personal/business computer. It records usernames and passwords for every kind of transaction, including wire transfers The software will then forward the stolen data along with digital certificate information to the thief who will promptly use the information to transfer funds out of the organization’s bank account. As of October 2015, U.S. small businesses have had over $100,000,000 in losses.

Most business insurance policies do not cover computer fraud by a third party or the liability arising out of a cyber-attack. The good news is solutions are available. Make sure your crime policy has electronic crime and fraud coverage with appropriate limits.

Cyber Insurance

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

Homeowner’s Insurance

 

You buy home insurance to protect your most important asset.  There are many items to consider and we can help you through the process of finding the right coverage for you and your family. Remember not all homeowner’s insurance policies are considered equal.

There are many factors that go into determining your homeowner’s insurance premiums.  We thought it might be fun to address our “top ten list” of things every homeowner should know before purchasing insurance.  As your agent we can help you identify the best possible combination of coverage, price and service.

  1. You are a statistic. To an insurer, you are a set of risks. An insurer bases its premium (or its decision to insure you at all) on your “risk factors” including your occupation, who you are, what you own, and where you live. To us, you are a person and we value our relationship with you.
  2. Know your home’s value. Before you buy a policy, it is important to know your home’s replacement cost.
  3. Insurers differ. As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.
  4. Don’t just look at price. A low price is no bargain if you don’t have the right coverage.
  5. Go beyond the basics. A basic homeowner’s policy may not promise to entirely replace your home.
  6. Look for discounts. Insurers provide discounts to reward behavior that reduces risk.
  7. Be sure that you have the proper documentation if you have a claim. Your idea of fair compensation may not match that of your insurer. Your insurer’s job is to restore you financially. Your job is to prove your losses so you get what you need.
  8. Know your policy. Keep your policy updated, and reread it before you file a claim so there are no surprises.
  9. Check you deductibles. It may benefit you to increase your deductible, especially if you have a good claims experience.
  10. Your policy excludes Quake and Flood. Check with us and we will provide you with a quote.