Tag: Insurance

Protect Your Wealth Online With the Right Insurance

Protect Your Wealth Online

If you made your money in business, you’ve probably already heard about how important cyber security can be. Every year, major companies are exposed to liability and financial loss when hackers and other fraudulent actors steal their information or use their systems to commit fraud. What you might not realize is that high net worth individuals often face many of the same risks to their assets and cash online. Cyber security coverages for high net-worth people are designed to protect your wealth from attempts to defraud your accounts and sometimes from the possibility of criminal actions by those entrusted with managing that wealth.

Best Practices for Maximized Protection

Cyber insurance for individuals is its most cost-effective when your risks are mitigated with good security practices on the ground. That means you can work with an insurer to discover the investments that correlate the most with increased security and reduced fraud risks, to make sure your investment in new security protection at the level of software and contracted labor is cost-effective and contributes to the overall cost-effectiveness of your risk management plan. The results can be powerful; especially if this is the first time you’re establishing full cyber security protocols. Don’t wait to get yourself personal protection that is as robust as the coverage you’d demand for your businesses.

Future Trends in Cybersecurity Risk Management

Cybersecurity

During the global COVID-19 pandemic, cybersecurity attacks are on the rise. With more employees working remotely and with the utilization of cloud technologies, companies must take an even more prudent role in preventing and mitigating cybersecurity threats. Looking ahead, we are seeing several cyber insurance trends that will continue well past 2020.

Cloud Security

As more companies move to cloud-based applications, they now share the risk of security with their cloud services provider. Companies need to make sure their cybersecurity insurance covers services and data hosting that is outsourced to third-party vendors.

Ransomware

The rise of ransom attacks continues and often leave companies with no choice but to pay an exorbitant demand. As claims like these remain costly for insurers, policyholders may be required to have a prescribed backup plan to mitigate risks of data loss and prevent having to pay costly ransom demands.

Property Damage

As devices become more connected, the risk of cyberattacks on smart devices increases. Cyber insurance may now include property damage and bodily injury to mitigate the risk involved with the hacking of IoT devices such as self-driving cars and smart medical devices.

In the ever-evolving cybersecurity risk management landscape, both insurers and policyholders will have to work together to reduce exposure and mitigate risks associated with cyberattacks.

Start an Electrical Contractor Company Using These Steps

electrical contractors insurance

Electricians continue to be a necessary aspect of the modern world. Now is a great time to set up a shop and start helping customers. There are a few things you need to get started such as a business plan, insurance, and clients.

Plan

The value of a business plan cannot be overstated. This plan essentially outlines how you plan to run the business, plan for the future, and even help secure funding. Take time to think about your pricing structure, suppliers, and marketing plan. Include these items in your business plan then adjust as needed.

Insurance

The insurance firm Daniels states that electrical contractors insurance is a complex topic. The size of the business helps determine which insurance products are the best to obtain. Insurance protects your new business in case it is sued by an unhappy client.

Clients

Once you get up and running, you need to secure clients. Your marketing plan can help you target those new clients whether through a website, online ads or social media. Start by working with family and friends and ask them for referrals.

Keep in mind that most municipalities do require electricians to have certain licenses and experience before operating on their own. Electrical contractors insurance simply steps in when a mistake is made or someone is hurt. It allows your business to keep moving forward.

Why Banks Need Blanket Bonds

Blanket Bonds

What is a blanket bond? For those unfamiliar with bank insurance, the term might sound confusing; but it makes sense when you know what the individual words mean. A bond is a type of insurance purchased by a bank. The word blanket refers to something that covers, or blankets, all employees. So, simply stated, a blanket bond is an insurance policy covering a financial institution in case an employee commits a criminal act that causes the company to lose money or property.

Who Is Bonded

A bonded employee is one for whom the bank has an insurance policy in case he or she commits a dishonest or immoral act. For example, if an employee steals money, the insurance company would reimburse the bank for the amount stolen. Coverage is automatic upon being hired, so with a blanket bond, the bank is not required to present evidence as to which employee was dishonest.

Which Criminal Acts Are Covered

The insurance firm at www.fgib.com lists the following risks as being covered:

  • Documents forged
  • Counterfeit money accepted in good faith 
  • Money or property lost or stolen during delivery
  • Money stolen by employees
  • Property vandalized
  • Bad checks written or accepted

Blanket bonds are often required by law and are one of the many types of insurance usually required for banks.

Insurance for Commercial Vehicles and Motor Carriers

GAIN Insurance Agency

While insurance for operators of tractor-trailers and other commercial equipment is similar to
personal automobile policies, there are other specific details for this industry that are important to
be aware of. State laws typically dictate a minimum amount of liability coverage required for
truckers to carry, but this does not protect you or your property in all situations.

Industry-Specific Protection

As discussed by GAIN Insurance Agency, big rig insurance has many facets
beyond the standard liability requirements. There are additional aspects that protect you
personally, such as Commercial General Liability, while others cover physical damages to items
such as your truck and the cargo that is being hauled. Bobtail insurance is especially important
for owner-operators, as it provides coverage in situations when not operating under the authority
of a trucking company.

Not Just for Enclosed Semi Trucks

Insurance options arent simply for the standard semi-trailer and truck. There is a wide variety of
commercial hauling equipment that agents can assist with finding the right coverage for:
Tow trucks
Car carriers
Flatbeds
Tankers and hazmat
Dump trucks

Having the correct policy behind you as just as important as having a solid rig underneath you.
Talking to a professional to understand all the available options will help ease your mind before
hitting the open road.

How to Find the Right Services for Your Business

FGIB

When it comes to dealing with financial institutions, there are different types of services that are necessary depending on what your company offers. This could range from needing protection through a guaranty bond. Here are a few things to keep in mind when looking for coverage that is right for your company.

Protecting Against Liability Issues

In a financial or other business setting, it is easy for liability issues to occur. Selecting insurance that covers professional liability, cyber liability, and even crime insurance can protect your company should a mistake, accident, or other problems occur. In the event that your business gets sued, this can offer a layer of protection that can help in different cases, according to FGIB.

Offering Help for Different Business Needs

No matter how you serve customers or operate, it’s important to have the necessary tools in order to assist those you help in case something goes wrong. With crime insurance and other types of insurance products, you can provide the protection necessary to keep customers feeling safe.

No matter if you need a guaranty bond or other types of financial protection for your bank or business, there are many different products on the market that can be tailored to your needs. Having just what you need to serve customers can give both parties peace of mind.

Getting a Refund on Your Insurance Deductible

CCaitling Morgan Insurance

Whether you purchase a commercial or private use insurance policy, there is usually a deductible established with each plan. The deductible is the out-of-pocket cost that the policyholder will have to meet before then insurance provider fulfills its potion of the policy terms. By having a deductible reimbursement policy, the costs associated with the deductible could be reimbursed, making it so the policyholder wouldn’t have any fees that needed to be paid out of pocket.

Opportunities for Reimbursement

There are several different types of insurance policies that could potentially have a reimbursement plan option. Some of them include:

  • Health insurance
  • Auto insurance
  • Professional liability
  • Workers compensation

These policies are often sought after by companies that have more financially demanding deductibles. The higher deductibles are often associated with company policies like workers’ compensation or commercial general liability. However, the experts at Caitling Morgan Insurance say that captive insurers find the deductible reimbursement policies particularly beneficial for the insureds. There are several benefits associated with this use. They include:

  • Reducing the third-party insurance expenses
  • Leverage captive assess back to the insureds for other business needs
  • Providing more control with risk management practice
  • Greater control over claims processing

If you would like to see a better return on your insurance expenses, check with your insurance agents for deductible reimbursement options. Putting money back in your pocket is always a nice experience.

Do Financial Institutions Need Insurance?

FGIB

Financial institutions such as brokerage houses and banks hold the trust of the individuals that store money with the company’s employees. But what happens when an employee commits an unthinkable act and embezzles money, trades fraudulently with inside knowledge, or uses money that is not his or her own? Dishonest acts can be devastating to a company’s reputation.

First-Party Coverage

The insurance firm FGIB states that while businesses cannot prevent employee dishonesty, the company can act to protect themselves from losses incurred by those acts with the help of a blanket bond. A fidelity bond, also known as bankers blanket bond insurance policy, is a program of coverage that the SEC requires financial institutions to carry. The insurance is first-party coverage that protects company securities, monies, and properties from the dishonesty of employees. Protections can include:

  • Extortion
  • Alteration of money order, checks, etc.
  • Damage to cash machines
  • Cyber fraud
  • Ransom demands

Sense of Security

A major benefit of the BBB is that if the position of the new hire is insured, the policy will automatically cover new employees during the critical first few weeks of the training period. This coverage can provide companies with a sense of security and provide the public with the knowledge the money they invest or store with the company will be protected.

Protecting Horse Events With Insurance

riding club insurance

Horse clubs can be an absolute delight for anyone who is a horse lover at heart. Many people don’t get regular chances to go horse riding or even see horses, so activities that are often organized by these clubs can lead to great excitement and adventure. However, this can lead to a number of accidents and liabilities. If you have a horse club which puts together public events, then you are at risk of claims. This is why its ideal to look into acquiring riding club insurance.

What Are the Risks?

There are many different shows and events that horse clubs can put together, but when opened to the public, the majority of activities are likely to involve:

Inexperienced riders
Those unfamiliar with how to handle horses
Younger people sometimes even children who are less responsible and aware
Third party property
A specific and extended schedule
Unusual surroundings for the horses
Nearby items and persons outside of your control

Any of the aforementioned items on the list could lead to problems. People who are less familiar with horses can end up getting hurt, leading to claims and medical bills. If something goes wrong and a horse ends up damaging property that belongs to someone uninvolved, you would be responsible for repairing or replacing that property. With so many things quite possibly out of your control or leading to accidents, riding club insurance is vital to protect those involved.

Insurance Marketing Agencies: How They Benefit Your Agency

Insurance Marketing System

The day to day tasks of operating a business is daunting enough without adding in a marketing campaign into the mix. Using an insurance marketing system through an agency can help your business grow by tackling the marketing for you. The system creates effective web design, campaigns, brand awareness and SEO.

Web Design

A responsive, visually-appealing website generates more leads and ensures potential customers stay on the site. The website needs to work for both tablet and mobile devices, have a call to action form and look uncluttered.

Campaigns

Not every insurance agency benefits from using the same marketing campaign. A marketing agency takes your business model and goals into account to create a customized marketing campaign to reach your target audience.

Brand Awareness

Creating a brand is a great start for any company but means little if no one knows about it. The marketing agency creates website content branded for your company to increase awareness.

SEO

Search engine optimization allows people to find you. By using SEO keywords that people use for insurance searches boost your website to the top of search engines.
Marketing your insurance agency can grow your business faster and more organically if done well. An insurance marketing system makes that go smoother for you, so you can focus on bringing value to your customers once you have them.