After a cyber breach, businesses are required to take several actions. These include investigating the breach, giving notice to people who were affected and setting up an information center for these people. Businesses also generally must provide ongoing credit monitoring for affected clients or employees. These undertakings can quickly become expensive.
The short-term disruption or long-term loss of business associated with a cyber attack can also prove costly. Businesses may face all of the following expenses:
General business interruption policies may not cover these costs, which makes cyber risk insurance especially important.
Some attackers extort money from businesses by threatening a cyber attack if a ransom is not paid. Cyber liability insurance may cover this cost, provided that a threat is found legitimate and capable of significantly affecting a business.
These potential costs underscore why most businesses can benefit from purchasing cyber liability insurance. Cyber threats or attacks can introduce various unique and potentially crippling expenses. The right insurance policy is the only way that business owners can truly ensure protection against this threat.]]>
First and foremost, you need to be aware that professional liability is not something that is initially covered under a regular insurance policy. Professional liability is what helps to protect your organization against any claims that are leveraged against it from your clients. It doesn’t matter if your clients claim that your company neglected them in any kind of way or that your company failed to provide some type of service. All it takes is one little accusation or mistake, and your organization is stuck dealing with the expensive aftermath.
In this day and age, no business can afford to lack any type of coverage, especially liability. When it comes to choosing a good liability policy, make sure that it includes a sufficient amount of coverage for errors and omissions. Although you may plan and operate every aspect of your organization down to the letter, it doesn’t hurt to protect your organization against any unexpected events or mistakes.
The next time you find yourself asking what is professional liability insurance, just remind yourself that it’s what keeps your business covered against errors and omissions.]]>
Since most construction workers employed by independent contractors cannot sue their employers directly, they’re likely to go through the workers’ comp system for any lost wages and medical expenses. Having experienced, well-trained worker reduces the likelihood of this occurring.
The Scaffold Law imposes an absolute, non-delegable duty upon owners and general contractors to provide a safe working environment for laborers who work at elevation to protect them from accidents specifically related to gravity, such as experiencing a fall from heights or being struck by an inadequately secured item.
For trade contractors, having safety measures in place is vital, as well as making sure to hold daily meetings with laborers to ensure that the proper equipment is being used and job site and public protection is being enforced.
Because the risk of insuring a repeat safety violator is typically much higher, insurers regularly look at policyholders’ training documents to ensure they maintain rigorous training programs for their employees. They typically look at important areas such as fall protection, trenching and other key construction project elements having higher workplace accident rates.
Subcontractors should also have strict hiring practices in place and not resort to bringing labor in off the street and instead, hire only qualified, competent workers who have demonstrated a level of knowledge and safety in their particular construction industry trade. The underwriting process often focuses on loss control measures to eliminate fall hazards, using a detailed analyses of past claims experience and proper contractual risk transfer language for contractors that utilize subcontractors.
Keeping workers healthier can also mitigate the risk of serious injury, illustrating the importance of requiring a zero-tolerance disciplinary policy for workplace safety infractions. Most agents look at risk management practices as a key element in determining which contractors they believe they can provide with New York Construction Insurance to help benefit their business.]]>
Fleas are wingless insects with six legs. They can jump incredibly far. They live on your pet for their lifetime (adult fleas can live for about 100 days), laying from 20-40 eggs per day (which are deposited randomly throughout your home as your pet roams), until they die. Only adult fleas feed on the host which, in this case, is your miserable pooch. While they are on board, they can transmit diseases such as bartonellosis and tapeworms, making your pet ill.
In contrast, ticks are of the arachnid family, closely related to spiders, and in most stages of development have eight legs. Unlike fleas, they don’t rely on warm weather to thrive; these parasites are hardier and harder to kill, and can survive in even near-freezing conditions. They can live a few weeks up to three years, laying thousands of eggs all at one time, after which they die. In the meantime, though, they wreak havoc on your pet, and can cause illnesses such as Lyme disease and Rocky Mountain Spotted Fever, which can be fatal.
Just as humans who are normally docile can become snappish and aggressive when they are suffering from an illness, pets’ personalities can undergo a similar transformation. Carrie found this out when her beagle, normally playful and loving, came home after a hike. The pooch scratched itself raw, then chewed mercilessly on its hindquarters until it drew blood, and became withdrawn and unresponsive to Carrie’s ministrations-even attempting to bite her (albeit halfheartedly) when she tried to apply some ointment on the affected area. A trip to the vet revealed ticks had attached themselves near the tail, despite the topical pesticide Carrie had applied to her pet.
The vet removed the ticks carefully, treated Carrie’s beagle with a more effective pesticide and sent them on their way; the pair lived to hike another day. The point is, any pet’s gentle disposition can be transformed by pain and a dog bite can be sustained even by an owner, let alone someone who is unfamiliar to the animal. Talk to a professional insurance agent about obtaining coverage for the dog bite liabilities that are part and parcel of owning a pooch, and consult your vet to determine the best way to protect your pet from fleas and ticks.]]>
The main difference between a specialty classic car carrier and a standard auto carrier is, a) the type of policy offered and, b) how the policy accounts for a vehicle’s value. Guaranteed, or agreed value coverage is typical for most companies specializing in classic car insurance. A traditional auto policy writes an actual cash value (ACV) or stated value policy, which may not provide adequate coverage.
Guaranteed value coverage simply means that the owner and insurance provider agree upon the car’s value at the time the policy is issued, and that value will not be depreciated in the case of a total loss. An ACV or stated value policy will potentially depreciate the car’s value, which reduces the amount of the claim.
Many collector car owners have an emotional connection to their automobiles and there’s often a sentimental value far greater than any actual dollar value. It is important to accurately value your vehicle when purchasing a policy so speak to a representative at the classic car insurance company or consult a price guide. There are a number of classic car price guides available to research current market values, including Hagerty Price Guide, NADA and Old Cars Price Guide.
Work with insurance companies in CTthat understand the unique needs associated with collectible vehicles because specialty insurers recognize that the risk for loss are far less in a classic car than in a regular-use vehicle, making the premiums much lower in some cases.
Also, search for a company that handles claims in-house which makes for more efficient claims handling and ensures that the person handling the claim has experience with the unique needs a collector car may require during the repair process. Policy options often include repair shop of choice, roadside assistance with guaranteed flatbed towing, and coverage for spare parts and tools.]]>
As an appraiser, when confronted with an angry buyer, you must use your judgment to decide whether what you’re concerned about could possibly lead to a claim. Is the person just asking for information regarding their purchase, or asking for clarification on some issue or are they behaving in an angry manner and being accusatory? If the phone call is threatening, you should ask the caller to put their complaint in writing. This helps to tell you exactly how serious the situation might become.
If things become serious, and they do put their complaint and/or demand in writing, you should definitely inform your insurance company about the situation. You may receive their complaint letter and think the allegations are complete nonsense and a waste of time. You should still let your insurance company know about it. The company should be informed about all accusations and not just the ones you deem to be valid.
For example, the appraiser decides that the subject property’s condition falls under C2, which simply means that the improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. It’s not reasonable to assert that a borrower can rely upon the appraisal for information about the property’s condition because that is not the purpose for which the appraisal was prepared.
The fact is that the appraiser is not a home inspector and the appraisal report is not a home inspection. The appraiser only performs a visual observation of accessible areas in and around the property and the appraisal report cannot be relied upon to disclose actual conditions and/or any existing defects in the property.
Regardless of what the appraisal does or doesn’t reveal, in terms of what underlying concerns that a buyer might have, e and o insurance is the only way that an appraiser can defend against accusations of misrepresentation or errors and omissions in the commission of their work.
The continued occurrence of serious data breaches, including the Sony Pictures hack that resulted in the canceled theatrical release of “The Interview“, a satirical film about North Korean leader Kim Jong-un, and the Home Depot, Staples, and Target data thefts, impacting hundreds of millions of consumers and several financial institutions, has certainly brought to the forefront the many complex issues of cyber security and the protection of sensitive personal information.
Because of the many high-profile cyber incidents that occurred in 2014 agencies have seen even more of a demand to provide their clients with options on coverage to help pay the costs of these expensive breaches for everything from point-of- sale (POS) breaches against customer accounts to targeted denial-of-service attacks intended to disable a company’s network and cause wide-spread panic.
Insureds sought financial protection through insurance in larger numbers, due in part to the attacks against major companies. Meanwhile many smaller businesses were overwhelmed by cyber theft occurrences in medical offices, retail sales divisions, and a host of other outlets. In 2014 alone, the number of U.S.-based Marsh clients purchasing standalone cyber insurance increased 32 percent over 2013, according to the report Benchmarking Trends: As Cyber Concerns Broaden, Insurance Purchases Rise, by Marsh USA.
Most of these large breaches drew attention for their effect of raising the level of attention given to cyber risks within companies, and for spurring changes to payment card systems in the U.S. and beyond. Along with any disruption resulting from cyber crimes and the ensuing reputational damage, many companies experiencing a data breach could also find itself attracting the unwanted attention of regulators, including the Federal Trade Commission.
Insurers responded to this demand by offering broader cyber insurance coverage in 2014, including coverage for contingent business interruption (CBI) and cyber-induced bodily injury and property damages and this trend has continued throughout the first quarter of 2015.]]>
If an employee of your company has a serious auto accident during the commission of work in their own vehicle or in a hired non owned vehicle, even in cases where they can use their personal insurance but it isn’t enough to cover the claim, your company will be responsible to pay the balance of any resulting settlements. These claims can be catastrophic and the cost of this insurance is quite low annually by comparison. Every business owner should seriously consider this coverage, and temp agencies, because they so often send candidates to different locations on a regular basis, run greater risks when it comes to automobile accidents.
Hired Auto coverage can either supplement or replace a car rental agency’s liability coverage. But because this insurance policy doesn’t cover physical damage to a rented vehicle, it is suggested that your company also purchase the rental agency’s physical damage coverage. The Hired Auto policy’s liability coverage protects only your company, and not the employee driving the rented vehicle, which means that the employee would still be personally liable for injuries or property damage to third parties.
It would be ashamed to lose your business due to inadequate insurance when it comes to having employees use their personal automobiles while at work. Regardless of the reason, there are serious risks involved in operating your business in this way, and no amount of money saved can offset the high price of litigation. Hired non owned auto coverages are usually added as endorsements on a General Liability policy. These types of coverage meet contract requirements for Commercial Auto coverage when the company has no vehicles titled in its name.]]>
The process begins once you’ve got some leads to contact. Remember that what you’re selling on the initial telephone call is the appointment so focus on just booking that. A key tip is to develop a script that seeks to sell an appointment; selling insurance comes later. The biggest mistake you can make is to qualify or sell the prospect while on the phone.
Using their first name helps make the situation more comfortable and friendly. You should quickly remind the consumer that the contact was their idea. State the reason for the call, for instance, they sent back a card (contacted your website, etc) requesting information on such and such a product.
If you get a “yes” response then you can move on to explaining to them that you’re the agent assigned to their case and you can give them a quick explanation about their options and answer any questions they may have. Follow up by setting an appointment to go over the services in more detail.
Offer two time slots, which makes a prospect’s decision simply one or the other. Once the appointment is set, end the call by thanking them and letting them know you look forward to speaking to them again. The average time on the telephone is generally under two minutes.
Remember to respond to any questions they may ask you along the process with, “That’s a good question and that’s one of the things we’ll go over when we get together.” As your insurance appointment setting skills increase you’ll discover that the above script works quite well and most appointments will actually get done very quickly during the duration of the phone call.]]>
Spaying or neutering your dog is an important part of being responsible pet owners. Unneutered male dogs that are not able to mate experience frustration, and dog bite liabilities are often the result of their anxieties.
A USA Today article from May 7, 2013 cited that pets who live in the US with the highest rates of spaying and/or neutering also tend to live the longest. According to that report, neutered male dogs, on average, live 18% longer than un-neutered male dogs and spayed female dogs live 23% longer than un-spayed female dogs. Another positive aspect to consider in addition to the increased longevity of altered pets is the reduced risk that many of the animals face with regards to certain types of cancers.
While the types of problem behaviors exhibited by unaltered pets may vary between species and genders, these issues should factor into your decision. For example, dogs that aren’t spayed or neutered often tend to be more hyperactive and display behavioral problems (i.e. gnawing on household items and chewing through fences), as well as running away, and not bonding with family members or other pets. But perhaps the biggest issue in intact males is their unprovoked aggression and biting. Statistically, unneutered male dogs are responsible for over 90% of reported bites, with children being 60% of those that are bitten.
Both male and female dogs are all less likely to bite, fight, roam, or cause accidents in which people or other pets get hurt. Spayed and neutered pets also generally bond better with people, are less destructive and aggressive, and make better pets since their focus is no longer on breeding.
Pet owners can certainly benefit from the reduced dog bite liabilities associated with spayed and neutered pets. Speak to an insurer about any insurance benefits associated with having this procedure done.]]>