Risks in Technology to Watch Out For
Technology and innovation go hand in hand. It is no surprise this means changes in risk. It is important to stay informed of potential risks that each year could bring. According to Insurance Journal, here are 3 risks to watch out for in internet technology:
- Mobile fever. As smartphones continue to increase market share in the mobile market, there’s more access to internet. This access increases the risk of security threats. So beware of what you are sharing. There is errors and omission insurance that can help protect you as well as social networking coverage.
- Cookies, even more persistent. Cookies collect personal information and new technologies may make it harder to detect and get rid of them. Federal Trade Commission now holds websites hosting them responsible. Make sure you are aware if your website is hosting them.
- 3. Go to the cloud. The cloud is predicted to grow more this year. Outsourcing IT functions doesn’t mean less risk but more managing the third-party. If there’s a breach, you could still be held liable. Make sure you have the right coverage. Not sure? Call us at 877-500-6997 for a review.
See a risk in technology emerging that we missed? Tell us here!
A Push for Green: How will it change businesses?
Technology is part of the foundation for innovation and changing everyday lives. One of the big questions according to GigaOM, is “Will Silicon Valley drive Detroit green?” As gas prices continue to increase almost daily, this opens up opportunities for further innovation in the electric vehicle market.
In the case of electric vehicles, there has been a perceived risk from consumers. But innovation in cell phones, EVs remote battery management, insurance and education can reduce anxiety.
Currently, electric vehicles have found its place within normal car insurance policies. However, as the electric vehicle market evolves so will policies. I wouldn’t be surprised to see EV-specific policies, just as the growth of social media has spurred policies.
Moreover, it can be an opportunity in green business in general. Stepping into green business using technology can really be a win-win for business and consumers.
Is your business innovating to be green? What do you want to see in the future?
Harsh Weather Could Cause Damage to your business – Do You Have Business Interruption Insurance?
We have seen the reports of the harsh winter weather hitting different places around the world. There has been snow, floods and high speed winds – just to name a few. What happens when this harsh weather or some sort of disaster interrupts your ability to do business and temporarily closes your location? You need business interruption insurance.
What is business interruption insurance?
Business interruption insurance is not sold separately but can be added into your property insurance policy. It will help protect you from losing out to competitors if your business must be closed down temporarily due to a covered physical disaster or damage. It covers the following:
- Compensation for lost profits you would have earned, if your business was able to continue as usual based on past financial records
- Compensation for operating expenses
The price of the coverage depends on the type of business and risk. It can take around 48 hours for business interruption policy to start. Make sure you talk to your insurance broker to get the right amount of coverage for you.
What is Office Package Policy? Here’s a Few Basics to Know
photo credit: garryknight
Everyone loves convenience. It saves time, effort and can even save money. That is what the office package policy is in a word – convenient. It combines several coverages under one policy. Office package usually includes:
- General Liability
- Property
- Auto
Office package policy can also be tailored for your specific industry and your business. These coverages can include:
- Non-Owned Auto Coverage
- Umbrella Liability
It is important to know that this policy usually does not include Errors & Omission insurance. Paired with E&O, office package policy is a must-have insurance policy to have for your business. You can even apply online. Click here to find out more.
Workers Comp Basics for Businesses
In the insurance world, I often see news about workers comp. Sometimes it’s about changes for a particular state or lawsuits. Most recently, The Hardford Financial Services Group has released a guide on workers comp for business owners. Here’s my own basic guide for worker comp:
What is Workers Compensation Insurance?
According to Insurance Information Institute it is defined as, “Insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions.”
What does that mean? It means businesses are required by law to provide benefits if an employee is injured on the job or ill during employment.
What Injuries are covered?
- Injuries sustained at the workplace while performing employment duties
- Auto accidents that happen during work purposes (excludes driving to and from work)
- Workplace violence
- Terrorist attacks
- Natural disasters
- Occupational diseases
- Certain illnesses
What are the employee benefits?
- Income replacement: total or partial depending on employment type
- Benefits are paid usually for a specific number of weeks
- Benefits amount is based on percentage of worker’s weekly wage
What are my costs?
- Premiums which are based on employer’s industry classification codes and payroll
- Payments for deductibles
- Administration costs of handing and reporting claims
Another important part of this is when an employee is absence from work due to injury is the well being of the person and company. Long absences can have a negative impact. Therefore, it is important to keep weekly contact with the employee and use effectively communication. Employees should also be explained how workers comp works.
If you want more information about workers comp, feel free to contact us for your business insurance needs.
Be Aware: Facebook Posts or Evidence in Lawsuits?
photo credit: anitakhart
Many people are connected to social media every day; it was only a matter of time before the courts would use it too. As reported by Brian Grow on Insurance Journal, “U.S. lawyers are trying to mine the private zones of Facebook and other social-media sites for photos, comments, status updates and other tidbits that might contradict what their opponents are saying in court. And increasingly, judges in civil cases are granting access to online caches that had formerly been considered off-limits.”
Information of the parties is being gleaned from their social media sites. More private photos, comments and other information marked for “friends only” have had greater protection; however, this seems to be changing. More courts are granting access for it to be used. The question is: if you are willing to put more and more information up online, what is your privacy? It seems for litigation it can be overruled.
What could this mean for your business?
If you have a company Facebook page, this could be a concern. A “what if” scenario could go:
An upset customer complains on your page and an employee says something back that makes the consumer more upset. The situation hasn’t been handled in the best way possible. Moreover, if the customer feels personally attacked and decides to take legal action, then Facebook becomes evidence.
You never know how people will react. It’s important to protect your business.
Ways to protect your business:
- Create a Facebook Engagement Policy: Provide policies for your employees to follow
- Obtain Employment Practices Liability Policy
- Obtain Social Media Coverage
Life Science Insurance… What you need to know
Thomas Edison once famously said, “I have not failed. I’ve just found 10,000 ways that won’t work.” Innovation creates great opportunities and through innovation risks are also created. Life science companies are unique in that they deal in innovation daily which exposes them to unique risks.
What is Life Science Insurance?
Life science insurance is specialized coverage for companies dealing in medical devices, pharmaceuticals, biotechnology and other facets of the industry. These companies are exposed to unique liability. Insurance experts that specialize in life science insurance can give you tailored coverage for liabilities in:
- Bio contamination
- Losses associated with research records
- Disclosure of confidential information
- Intellectual property infringement
- Clinical trails
- Research and development property
- Oral and written contractual liability
Your company is specialized and so should your insurance. Get what you need!
Going, Going, Green!
CSI went paperless ten years ago, yes that is10! In 2001, we were one of the first insurance agencies to do this and it’s thanks to technology. We are able to electronically transmit documents and save tons of paper. It is our responsibility to the environment and we’re passionate about it!
In addition, we are certified Green Business in Marin County. The general practices and compliances we meet (as presented on the CSI website) include:
- Monitor and record rates of water and energy usage and solid and hazardous waste generation.
- Provide three on-going incentives or training opportunities to encourage management and employee participation.
- Inform your customers about your business’ efforts to meet the Green Business Standards.
- Assist at least one other business in learning about the Green Business Program and encourage them to enroll.
We also obtain practices to conserve water and energy and prevent pollution. Recycling bins are also in the office for everyone to use.
Going green and being green isn’t just about the certification, it’s about making daily efforts to improve everyday life. It is small changes to make a greater impact. Technology constantly changes. Why not use it improve your life?
Unique Internet Business Insurance
Source: ImageShack
Running a business over the internet is unique in the different aspects of business. This includes the returns as well as the risks. There is a vulnerability in your security as well as your client’s security that comes with internet business. The vast reach causes more exposure to attacks against important database information. As the internet continues to change and grow, the insurance industry has evolved with it. Thus, having coverage helps manage that liability. E-commerce insurance related coverage can be covered in property insurance, and liability insurance.
Property Insurance
According to Insurance Information Institute, internet businesses can include two basic policies within the traditional property insurance. One policy is called Computer Operations Interruption coverage. This covers lost income and extra expenses as a result of computer problems. The other policy is called Electronic Data Loss coverage which includes the cost to replace or fix electronic data that is destroyed or damaged from computer viruses or other harmful codes.
Liability Insurance
Liability insurance is important to protect against the possibility and likelihood of system breach. There is a risk that private information will be stolen or compromised. Thus, an additional liability policy is Electronic Data Liability Endorsement.
It is important to select policies that fit your unique internet business, as there are different levels of insurance. An insurance broker can help you get coverage you need. Remember we are here to help you. Contact us today!
