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What You Should Know About Cyber Insurance

What You Should Know About Cyber Insurance

Even 10 years ago, most business professionals would shrug at the term cyber insurance. Today, hackers target cyber systems in an effort to steal and sell personal and proprietary information stored digitally. They also attack businesses with ransomware and malware, which could cripple your business.

To protect your business, beyond high-end digital security practices, consider cyber insurance for those instances when the firewall isn’t enough. There are a couple things to keep in mind when shopping for information security, or cyber, insurance.

Cyber Insurance is Relatively Inexpensive

If you run a small- or medium-sized business that does not deal in a lot of digital customer information, you could find an adequate information security policy for less than $1,000 annually. That depends, however, on the type of information security systems you have set up. The more you are protecting customer data, the less a risk you are, which translates into a smaller premium.

Know What’s Not Covered

There are usually several exceptions to any information security policy. It is up to you to review what those are understand how you are protected. For example, you may not be covered if malware is downloaded to your network by an employee.

When hackers target cyber systems, they are almost always after sensitive information. As long as you have the right security plan and cyber insurance coverage, you should be okay.

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Cyber Risk Insurance: How Does It Work?

Cyber Risk Insurance: How Does It Work?

Unfortunately, as technology advances so do the risks. With the cyber attacks increasing on businesses, the risk for data breach is high. Wherever there is a risk to your business or your data, there should be insurance to cover it. If you’re looking for cyber risk insurance in Indiana then you already know this. What you may not know, however, is how it works.

Transferring Risk

When you have cyber risk insurance, you are transferring your risks. For instance, if your company suffers from a cyber-attack, any losses you suffer must come out of your business’s pocket. Insurance frees up your resources and the risks transfer to the insurer.

Analyzing Needs

An insurer will discuss and decide what types of coverage your business needs. Since technology is always advancing, it’s important that you have a specialized agent who understands the risks to your company. An agent or broker who specializes in cyber risk insurance in Indiana will help you figure out coverage, exclusions, deductibles and limits.

When it comes to your electronic data and information, you don’t want it to end up in the wrong hands. Cyber attacks can and do happen. While you may have defenses set up, cyber risk insurance is important as an extra safety precaution, in case something happens.

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3 Major Reasons Why Truckers Need to Insure Their Loads

3 Major Reasons Why Truckers Need to Insure Their Loads

Truckers or freight companies often try to remain frugal when it comes to purchasing load insurance to reduce their overall expenditures. However, there are several problems they may run into down the road that may make it more worth the investment than they anticipated. Here are a few reasons cargo insurance is a must have.

1. Required By Contract

Some companies which hire trucks to haul cargo or goods may require load insurance up front before they agree to have you ship for them. If the goods end up lost or damaged the truck owner is required to pay for damages. If the terms of the contract are breached then the truck owner may also face legal issues or post-term financial losses.

2. Protection Against Underinsured Claims

The truck owner or freight company can’t always depend on the buyer’s or seller’s insurance to cover the total value of the load unless their insurance details had been discussed beforehand. If a buyer or seller purchases insurance from a foreign location or obscure broker and there is a claim, the freight hauler could end up paying more in legal fees than damages.

3. Paid Export or Import Risks

If a freight company hasn’t been paid for the goods they are selling in an export, they face a risk of losing the value of the cargo if they are damaged. Likewise, a freight company who has already paid for goods they are importing can not be reimbursed for the value of the haul.

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Get the Right Yacht Builders Insurance Coverage with a Broker

Get the Right Yacht Builders Insurance Coverage with a Broker

You take care to craft a high-quality, high-performance marine vessel. When searching through the available yacht builders insurance brokers, look for one that takes the same care with their clients. Your reputation and business benefit from a broker who holds your values close to heart.

Why Use a Broker

An insurance broker can navigate the different coverage options to cover your risks and liabilities. What types of yachts the company builds as well as the size of the company influence the coverage options needed. Yacht builders insurance brokers tailor their policies to the company often including many of the following in the policy:

  • General Liability
  • Workers Compensation
  • Builder’s Risk/Boats Under Construction
  • Ship Repairers Legal Liability
  • Business Income Coverage
  • Docks and Piers Coverage
  • Directors and Officers Coverage
  • Jones Act/MEL/USL&H
  • Protection and Indemnity and Hull Coverage
  • Wind, Hail and Flood Coverage
  • United States Longshore and Harbor Workers Act

How to Choose a Good One

Yacht builders insurance brokers who take the time to get to know your business and your company are best equipped to help you ascertain the coverage options you need. You might need some, all or more coverage than listed above. A broker with experience in your line of work can be an invaluable asset. Don’t wait until disaster strikes to analyze your current policy or obtain one.

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Protect Your Yacht Club With the Right Policy

Protect Your Yacht Club With the Right Policy

Yacht clubs are regal destinations where discerning members come to relax. Members have high expectations, and it is important that you meet those expectations. Part of that is having the right insurance coverage for yacht clubs, which keeps you and your members protected from the unexpected.

A good insurance agent can help you put the right insurance package together. Look for these coverage must-haves and options when putting your policy together.

General liability coverage. Not only with general liability coverage protect your members and staff, it will also cover incidents related to sailboat races and regattas.

Marina operator’s legal liability coverage. Make sure your boats, and your members’, are protected while docked at the club.

Limited pollution liability. More than anything, this coverage protects you if someone is hurt or damage occurs due to pollution. Think about what might float along the docks, for example.

Protection and indemnity. This policy covers boats owned by the yacht club, especially when borrowed, rented or loaned. The crew is also covered.

Take time to do your research and speak with experts who understand everything there is to know about insurance coverage for yacht clubs. If you do your homework and follow the advice of experts, you can ensure your club is protected from most eventualities.

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What Businesses Should Know About General Liability Insurance

What Businesses Should Know About General Liability Insurance

When choosing insurance, many new businesses may have been recommended general liability ascendant insurance. If you’re unfamiliar with this type of insurance, then you may not understand how to find your business’s coverage needs or even how it works.

What Does General Liability Insurance Cover?

At some point, businesses require basic asset, employee or customer protections to avoid legal settlement or punitive damages. Here are a few of the following areas which general liability ascendant insurance may protect your business.

-Medical costs (for injuries caused on the property)-Legal defense (covers costs of settlements or awards)-Renter damages (covers the cost of damage or accidents caused by the person renting a home)-Misinformation claims (copyright infringement, slander or false advertisements)

Most businesses may benefit from the type of base coverages offered in the general liability insurance policy. If you need additional coverage that is not listed, you may need to speak with your insurance agent to find the right type of insurance for your business.

How Much Coverage Does Your Business Need?

When you set up a policy with an insurance agent, they can help you determine how much coverage you may need and which types of insurance would benefit you best. The amount of coverage in monetary value and risks covered will largely depend on the type of business you have or how big overall the company is.

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Professional Liability and E&O Insurance: What is the Difference?

Professional Liability and E&O Insurance: What is the Difference?

If you are a business owner and want to protect your company from possible legal action, you know you have to back the business with the right insurance policy. But what type of policy? Professional liability or errors and omissions insurance? Which is better? And are they the same? For an insurance company, professional liability and E&O insurance questions are easy to answer.

What are the differences? There aren’t many, but they do exist, and they can be significant. Here are a few ways the two products are different.

Differences and Similarities

Today, professional liability and E&O insurance are nearly synonymous, but that was not always the case. Years ago, professionals, like lawyers and doctors, would purchase professional liability insurance, which would protect them from malpractice. A similar product was available to smaller businesses, sometimes called semi-professional occupations, termed errors and omissions insurance.

There are technical differences between the two. Professional liability insurance provides a larger umbrella of protection than an errors and omission policy, which is intended to be slightly more specific in nature. You will discover various insurance products under that professional liability umbrella. E&O insurance is more focused on protecting professionals from what they did and didn’t do.

Ask your insurance company the right questions. Professional liability or errors and omissions insurance? They will help determine which is right for you.

 

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Request an Online Cargo Insurance Quote Today to Prevent Financial Disasters Tomorrow

Request an Online Cargo Insurance Quote Today to Prevent Financial Disasters Tomorrow

As soon as they step behind the wheel of their cargo transporting rig, drivers take on the full responsibility of the load to make sure it arrives to its destination safely. If truck and freight operators experience an accident, they have the option to request a cargo insurance quote online to find the best deals.

How Is the Cost Determined?

The total cost of insurance for cargo truck companies is based on how many vehicles, the value or type of cargo or the type of vehicle transporting the cargo. After liabilities and risks are evaluated, the insurance broker will determine the best policy for your company.

What Type of Risks Are Considered?

An expert insurance broker will take a look at the types of guarantees or exclusions your company has created that may put your income at risk. The Motor Truck Cargo Insurance will cover the following types of risks.

  • Cargo stored in the warehouse or terminal-Cargo in transit or being moved for transit-Cargo that has been delayed for transit or being shipped with other packages-Cargo that can be damaged from fire, collision or minor accidents

Are There Any Restrictions or Exceptions?

Its important to note that the Motor Truck Cargo policy only covers for-hire types of trucking services that use the following types of vehicle designs.

  • Box trucks-Car haulers-Cargo vans-Cement mixers-Dump trucks-Pull-behind cargo trailers-Flatbeds-Tractors
    To request a cargo insurance quote online, contact a reputable insurance broker.
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Two Primary Types of Insurance Coverage

Two Primary Types of Insurance Coverage

Having insurance coverage protects your most valuable assets, whether in a residential or commercial setting. When you are looking for competitive rates and superior services, ask the providers of insurance for Bergen County residents what they offer to meet your specific needs. There are two types of insurance you may be in the market to purchase.

Personal Insurance

Also known as residential, personal insurance policies protect valuables, assets, family members and property. The types of exposure to risks you have will help you decide the amount of coverage you need, but these are common policies with standard limits. Comprehensive coverage options would include policies for the following:

  • Home Insurance
  • Condominium Insurance
  • Renters Insurance
  • Flood Insurance
  • Earthquake Insurance
  • Collector Car Insurance
  • Auto Insurance
  • Motorcycle Insurance
  • Boat Insurance
  • ATV Insurance
  • Personal Umbrella Insurance

Business Insurance

Also considered commercial coverage, business insurance has application for both small and large businesses. The size of the business, the location, the type of industry and the number or employees helps determine the type of policy you need. Commercial coverage options include:

  • General Liability Insurance
  • Workers’ Compensation Insurance
  • Commercial Auto Insurance
  • Property Insurance
  • Commercial Umbrella Insurance
  • Employment Practices Liability Insurance

When looking at the options of insurance for Bergen County residential or commercial needs, consider your direct coverage needs and the agency best able to meet them.

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Challenges to Hospice Care

Challenges to Hospice Care

Hospice liability insurance programs are a critical layer of protection for end-of-life care providers. The difference between what a family anticipates and what actually happens may be significant, and grieving family members may feel justified in filing complaints or lawsuits. In the last 5 years, more than 3,200 claims have been filed against hospice providers.

Hospice Services

Hospice is a blanket term covering a variety of services which may be provided in the patients home, in a rehabilitation or nursing facility, or in a long-term care facility. In addition to pain management and other palliative care, hospice providers offer emotional and psycho social support, coaching for family members involved in care, and bereavement counseling.

What Can Insurance Cover?

Liability insurance for hospice providers should be tailored to the specific needs of a particular provider or facility. Elements of that coverage may include protection against claims based on the following:

  • allegations of errors, omissions, or negligence in the provision of care
  • allegations of billing fraud and financial impropriety
  • on-the-job accidents and injuries to employees

HIPAA violations

Responding to any of these types of claims may be costly, both financially and in terms of human resources. Hospice liability insurance programs can provide the coverage your agency needs to meet these challenges.

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