Category Archives: Big Data Insurance

errors omissions manhattan

Why Your Accounting Business Could Benefit From Errors and Omissions Insurance

Accounting has long been a necessary trade, and owning and accounting business is one surefire way to turn a profit, particularly in the modern market. However, because of the high stakes which you and your employees often have to work with when it comes to balancing accounts, accidents can occur that put your business’s financial stability at risk. This is why having insurance for errors omissions in Manhattan is potentially one of the smartest things you can do for your business in the coming years. This service protects you from issues like:

  • Mistakes or oversights that result in substantial losses for clients or other oversights by your employees.
  • Failure to make a bid in certain situations in which serious gains could have been made for a client otherwise.
  • Failure to inform clients about important developments with their accounts that have the potential to impact them on a large basis.

These are all serious threats which any large or growing accounting company faces on a daily basis. Accidents in calculations can and do happen, so it’s best to protect yourself form the fallout with the help of errors omissions in Manhattan. Speaking with a professional is the best way to clear up any questions you may have about this service and to get started with getting your coverage right away.

Cyber liability insurance in Newton, PA

Benefits of Cyber Liability Insurance

As most businesses take their companies online, the potential for hacking is real. Even if you are the victim of a malicious hack, you are still responsible for any losses that your clients may have suffered as a result. Cyber liability insurance in Newton, PA can make a difference. Here are two ways it can benefit your company.

They Keep You Protected

A professional insurer can help make sure that you have all of the protections necessary in place. When it comes to technology it’s easy to make mistakes. You may not be aware of what might cause a data breach or how open to a hack or virus you are. An agency may help make sure that you have a good firewall installed and can help you work out your social media policies to heighten security.

They Keep You in Business

If you’re a small business, then odds are you don’t have the risk management funds available to pay legal fees or even settlements if you were to lose a liability case. Without insurance, you’re left alone. Many companies can’t afford those costs along with making sure that their company survives. With cyber liability insurance in Newton, PA, your business can survive.

Cyber liability insurance can benefit your company in many ways. As with most insurance policies, it helps protect you against unforeseen costs. Security breaches in technology can happen to anyone. If it happens to you, you don’t have to be alone.

Cyber Liability Coverage

Get The Most From Your Cyber Liability Coverage

You hope not to have to file a claim, but should you need to do so there are a few things that you need to keep in mind. Check out these tips to ensure that you get the most from your cyber liability coverage.

Know Your Policy

The first step in utilizing anything properly is to know how it works. The same is true with insurance. Take some time to read through your policy to make sure that you understand what and who is covered under each benefit. Since providers may make changes to your policy at times, it is a good practice to review your policy at least twice a year.

Gather Needed Materials

In order to file a claim there are certain procedures that you must adhere to. Each provider is different, so be sure that you understand the proper filing method for your policy. If handled incorrectly, it could slow down the progress of your case or result in denial of your claim.

Consult With Your Agent

If you have any questions, do not hesitate to contact your agent. Helping you with your policy is the agent’s job, and it is in your best interest to utilize all available resources.

By heeding these tips you can be sure to get the most out of your cyber liability coverage. For more helpful information, contact your local provider.

3 Uses for Big Data in Insurance

The incredible volume of digital information that is generated and catalogued on people all over the world and the advances in algorithms used to interpret this information is known as big data. The concept behind big data is that past statistics can help to more accurately predict future behavior. Big data in insurance is extremely useful by aiding insurance professionals with at least three things.

  1. Setting Premiums – Insurance professionals constantly have to balance their potential profit margins with their clients’ budgets when they issue an insurance policy. By using actual information about each individual seeking a policy to more precisely asses their risk level, insurance agents can offer more efficient rates.
  2. Identifying Fraud – According to the FBI, the average United States family has increased insurance premiums of between $400 and $700 per year because of fraudulent insurance claims. Using big data to profile current insurance claims against known fraudulent past cases can indicate which specific claims have a high probability of fraud.
  3. Marketing – The availability of big data allows the insurance industry to better understand their target market, enabling them to offer their clients products and services that more effectively meet their specific needs. The insurance industry can save time and money on advertising by pinpointing what is important to clients in their respective markets.

Insurance should be fair, objective and able to protect the policy holders while still making a profit for the insurance companies. Using big data in insurance can be beneficial for all parties involved.

Survive a Security Breach With Big Data Insurance

If your company is the victim of cybercrime, planned response strategies help mitigate damages to your employees and customers. Threats, security breaches and data loss affect business in all industries, calling for improved security measures. Companies who add big data insurance to their policies can build confidence in their clients while also protecting their future.

Planning for the Worst Scenario

While no organization hopes to be the victim of a security breach, businesses large and small have been targets for network security breaches, malicious viruses and other attacks from hackers. Big data insurance policies protect organizations from lawsuits, while providing resources to address the immediate needs of customers and employees following a breach.

Customize Policies Around Your Specific Needs

Insurance services can customize policies for the unique exposures of your business, as well as the general exposures of your industry. Depending on the design of the policy, coverage can include costs for the following:

  • Customer credit monitoring
  • Legal and forensic services in the event of a suspected breach
  • Regulatory compliance for verified breaches
  • Crisis management and public relations
  • Expenses for business interruption
  • Settlements or judgements as the result of a lawsuit
  • Electronic media liability that includes copyright infringement

Instill Confidence in Your Clients

These coverages are just a selection of the protections offered through big data insurance plans. Plans can also help rebuild your company image through crisis management and public relations coverage. Opting to include this coverage in your insurance plans strengthens resources for risk management while building confidence in clients and employees.