Monthly Archives: June 2015

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.

Select the Best Auto Liability Coverage for Your Business

The right auto liability plan can literally be a life saver for your business. Both owned and hired/non owned auto insurance plans have their perks, and it is important that you select the best choice for you. As such, there are a few things that you should keep in mind to help you pick the right option.

Current Budget

It is important that you select a plan that you can afford. One simple way to cut costs is to seek a plan that you can customize to your particular needs. This will help to eliminate unnecessary benefits and costs.

Longevity

You should choose a plan that is flexible and that can support your needs beyond just now. Insurers usually reward clients who prove to be loyal, so if you select a plan and insurer that you can see yourself growing with, it can prove to be a mutually beneficial relationship.

Needed Benefits

Your particular company has certain needs. Make sure that you select a plan that meets those requirements. It is not enough for the plan to just state that it has a benefit; it is critical that you read the fine print and ensure that the scope of the benefit cover your necessities.

Whether you choose owned or hired/non owned auto liability coverage, if you keep the aforementioned things in mind you can be well on your way to selecting the best plan for your business.

How to Select the Right Flood Insurance Plan

Water from a flood can easily destroy a home in more than one way. If there was a flood in your home and you did not have any insurance, you may be left homeless until you can afford to repair everything. Instead of dealing with a stressful situation and having to live in a shelter, you may have decided to purchase flood insurance in New Jersey for safety purposes. There are several different plans available. You may want to choose a plan based on:

  • Amount of protection you would receive
  • Monthly premium you would need to pay
  • Number of enhancements offered

What Do the Additional Enhancements Cover?

The enhancements would include some compensation that you would be able to use for other expenses that do not involve the actual restoration and repair of the property itself. For example, you may need additional funds to rent out a home until the one that you own is completely safe for you to live in again. There are even coverage options that you can look at for other homes that you may have, such as rental properties in the area.

Decide which plan for flood insurance in New Jersey meets your needs without costing you too much. Make sure that you have that extra security because a flood could happen when you least expect it.

The Importance of D&O Insurance

Reports have noted a rise in liability claims against businesses. You may hope for it not to happen, but there is a chance that your company could face a lawsuit should a client feel slighted. In such an occurrence, having the right director and officer insurance in place is very important.

Protect Your Directors

As the faces and decision makers of the company, your directors and officers are at high risk of being blamed for any misdealing or accidents concerning your company. The right policy will help to provide the proper support in such instances.

Protect Your Company

Though the title focuses on the leaders of the company, the policy also covers the business in the case that a director or officer is found at fault. The right policy helps to separate the two so that the whole company does not have to suffer for one person’s or group of people’s negligent actions.

Stay Afloat

Though you can win a case without the help of insurance, chances are you will take a financial hit. This could severely affect your business, depending upon the severity of the case. A D&O plan helps to provides financial support in your case so that you do not have to experience a huge loss.

Director and officer insurance plans are very beneficial. The aforementioned factors are just a few things that make these policies important. To learn more, contact your local insurer.

As a Restaurant Owner, Are You Required to Provide Workers' Compensation Insurance?

Workers’ compensation insurance exists to provide medical coverage and a few other protections for employees if they’ve been hurt on the job. For example, restaurant owners workers’ compensation may cover an employee’s lost wages for time off he or she needed to take to recover from an injury that occurred at the restaurant, as well as costs for treatment. Workers compensation allows employees to receive the medical care they need even if they dont have their own medical insurance.

State laws may vary, but generally every employee who has more than a certain number of workers is required to provide workers’ compensation. Workers comp not only protects employees, but it can protect employers as well from being sued and other inconveniences. It can give you peace of mind knowing that your employee will be able to get effective medical care after an injury at work.

There are many opportunities for an employee to get injured in a restaurant setting. Slips and falls are common, as well as burns and injuries from equipment. Injuries that show up from repetitive movement or strain are also common among restaurant workers who carry trays of food or lift heavy boxes. Since an injury can happen without warning, its vital to carry restaurant owners workers compensation insurance. Workers comp doesnt have to be complicated or expensive for restaurant owners. There are plans available specifically to suit the restaurant industry.

What Is Professional Liability Insurance?

If you are a business owner in Florida, chances are that you have heard of professional liability insurance, but you may not fully understand what this coverage option has to offer. Perhaps you even have the coverage for your business and yet are not quite sure what it entails. Professional liability insurance in Florida can come in a number of shapes and sizes, but the general purpose remains the same: protecting your business against costly claims.

Professional liability insurance serves as general liability coverage. If an individual files a sizable suit against your business, the proper coverage plan can cover the costs incurred by the claim. In the event that your other liability coverage plans are insufficient to cover a large claim, professional liability insurance can be hugely important. This insurance can help ensure that your business is not held responsible for paying large sums of money during and after the claims process.

In the end, professional liability insurance in Florida can make all the difference, particularly if a costly claim is filed against your business. A single large claim can be enough to bankrupt some small businesses, and can financially cripple others. Rather than risk losing everything, consider investing in professional liability insurance. It can allow you to focus on the job at hand without having to worry about legal claims. Get your business covered.

How Can Direct Hire Insurance Protect Staffing Agencies?

Temporary staffing agencies require numerous specialized forms of staffing insurance to guard against unique industry risks. For agencies that primarily offer direct hire and permanent placement services, direct hire insurance is one of these essential policies. This insurance can protect an agency against a number of potentially harmful missteps during the hiring or placement process.

Guarding Against Direct Claims

Staffing employees and clients may make claims against staffing agencies for various reasons. Employees and job candidates who were not hired may bring claims involving discrimination and employment practices. Clients may make claims for professional oversights or errors. Even if these claims are unfounded, mounting a defense against them can be costly. Direct hire insurance can help address both defense and settlement costs.

Defending Against Third Party Actions

Direct hire staffing insurance can also provide coverage for any alleged wrongful acts that non-employees of a staffing agency commit. These covered individuals include contractors, interns and even volunteers. This extended coverage can be critical, since staffing agencies typically cannot oversee the actions and practices of every non-employee who assists the agency in hiring or placement processes.

Ensuring Adequate Protection

Direct hire insurance can be invaluable to staffing agencies. However, this insurance typically does not offer protection against the full range of risks that these agencies encounter. To ensure that other important forms of coverage are not overlooked, most staffing agencies can benefit from seeking the advice of an insurance agent, who can identify additional areas of risk that an agency may face.

Additional Options Available for Your Homeowners Insurance in Connecticut

When you are looking for homeowners insurance in Connecticut, there are various factors to take into consideration. Your priority is protecting your home in the event of liability or damage, but there are many other choices available to you. Learning what is and is not included in a conventional plan can mean the difference between reconstructing your home and replacing your personal belongings on your own, or as a benefit of your homeowners insurance policy.

Personal Liability and Replacement Value of Your Home

An insurance specialist can help you determine the preferred amount of Personal Liability coverage to include in your homeowners policy. The value fluctuates based on the value of your assets.

You can also add extended Replacement Value coverage to ensure that your home is rebuilt to the same standards as the original construction, including quality of materials and appearance of your home.

Amount of Personal Property and Special Coverages

All-risk replacement value coverage ensures full replacement of your personal property, often with no deduction for depreciation. Expensive possessions, such as collectibles, jewelry and art are typically covered separately.

High-risk assets, including pools, fences and sheds, are usually covered minimally under standard homeowners policies. With a Special Coverage policy, you are adequately covered for these types of assets.

Working with an insurance carrier who specializes in homeowners insurance in Connecticut can ensure that you receive comprehensive coverage and competitive pricing.

Characteristics of Quality D&O Insurance Providers

Directors and officers insurance, or D&O insurance is essential to protecting the leaders of a company. These individuals hold vital roles in any business, so protecting them is critical to the lifeblood of the company. As such, when selecting your D&O insurance, there are certain characteristics that you should look for within your provider.

Longevity

A quality provider will have a strong reputation and longevity within the industry. A quick internet search can provide you with vital information to gauge the legitimacy of a company. You should check for the following:

  • Years in business
  • Positive customer feedback
  • Awards, distinctions or reputable affiliations

Quality Offerings

Even if a company has a good reputation and offers an array of benefits, it might not provide the coverage you need. Take some time to map out your company’s specific coverage needs and make sure that the providers you consider offer policies that supply ample amounts of coverage to fully compensate for those needs.

Customer Focus

When any company has a customer focus it makes a different in the quality of service provided. This is no different when it comes to insurance providers. You should make sure that the providers you are considering take time to develop relationships with their clients and fully service their needs.

Consider the aforementioned characteristics when looking for a directors and officers insurance provider and you will be sure to select the best option for your needs.

Three Things You Didn’t Know Your New Jersey Home Insurance Would Cover

Homeowners insurance is vital to the protection of your investments. In addition to basic security, there are a few surprising benefits that these plans can offer. Here are three things you didn’t know your home insurance could cover.

Wine Collections

Your home insurance in New Jersey may protect that Pinot Noir and salvage spirits that you have collected over time. Wine is probably not the first thing that comes to mind when purchasing a policy, but wine collections can be worth a great deal of money. In the event of a loss, this coverage can be highly beneficial.

Groceries

If you experience a power outage for a significant amount of time, you are likely to end up with a fridge and freezer full of spoiled provisions. Typical home insurance includes coverage for major appliances, but you may be surprised to learn that this protection can extend to the contents within. Before you shrug off the loss, check your policy to see if there is an allotted amount for damaged food. You may be able to replace your groceries!

Interior Design Services

You forked over the funds to design the perfect living room, and true to Murphy’s Law, a fire broke out shortly after the project was completed. If you paid an interior decorator to furnish and adorn your house, some types of home insurance in New Jersey may allow for payment to a designer to redecorate the space.

Explore Your Options

If you don’t know what is covered, you might not make a claim if you have a loss. Whether you’re in the market for insurance or presently carry a policy, look into these potential perks to make the most of your benefits.