Cyber Liability – What Does It Cover?

Posted: March 26, 2012 | Author: | Filed under: General Commercial | Tags: , , , | Leave a comment »

The rise of Internet-related activities caught part of the insurance industry off guard, and it has recognized some of its shortcomings.  For example, loss of computer data was not covered by property insurance because property as defined in insurance policies must be tangible to qualify to be covered. Only a few insurers offered cyber policies to address these concerns for many years. 

However, recently more carriers have followed suit and produced their own cyber liability insurance policies. Standard business policies may address this liability in the future, but for now, you must purchase a cyber insurance policy separate from your other coverage for your business as you evaluate your overall corporate risk.

What Does Cyber Liability Cover?

  1. Data Loss and System Damage – While your current property policy covers damage to the computer itself, it likely does not cover the data stored on them. 
  2. Business Interruption – This includes loss of revenue from downtime after a hack, denial of service, a viral attack … anything that causes a temporary or long-term shutdown in your operations.
  3. Notification Expenses – Almost every state has notification requirements – your company must disclose any breach to parties whose private information was, or is reasonably believed to have been, acquired by a person without valid authorization. You may also have to provide ongoing credit monitoring.  This requirement could generate significant expenses to your organization.
  4. PR/Crisis Management – Say you’ve experienced a security breach, been out of business for a week, and notified thousands of clients, vendors, etc. of the breach. You must hire a PR firm and do some marketing and public relations to minimize the damage to your brand as well if you want to stay competitive.
  5. Content Liability – This covers anything associated with the content of your website, blog or other web presence, from copyright and other intellectual property claims to slander to invasion of privacy.
  6. Third and First Party Liability – These consist of the following:
    1. First Party Protection, with Loss of Digital Assets coverage, Non-Physical Business Interruption, Extra Expense, Extortion, Cyber Terrorism and, Security Event Costs
    2. Third Party Protection with Network Security and Privacy Liability, Employee Privacy Liability and Electronic Media Liability

A reputable business insurance agency will provide you with an overview of what cyber liability covers and your responsibilities in case terms of the policy go into effect. He or she will explain that while such provisions may appear intimidating, it will be far more harmful for your business if it lacks adequate cyber liability coverage in today’s Information Age.

If you have any questions about cyber liability coverage, contact Mark Ellington at mellington@siagroup.net or call (910) 455-7576. 

Photo Credit: TCProject.net

A Leap Into New Blogging

Posted: February 29, 2012 | Author: | Filed under: Bonds, Construction, Employee Benefits, General Commercial, Hospitality, Personal Lines | Tags: , , , , | Leave a comment »

(From Don Mills)

Happy Leap Day! Since an occasion like this comes around only once every four years, I thought this would be a great time to let you know about some unique changes to our blog!

We will be expanding our blog to include a broader range of topics, as well as give a glimpse of what it is like to be part of the SIA Group family. In future days and weeks, look for blog changes from SIA Group team members that will include the following:

  • A broader range of topics coverage – we will discuss personal lines of insurance as much as our commercial ones and other topics.
  • Entries from team members sharing their own experiences in personal and commercial insurance lines.
  • Insight into our community involvement throughout North Carolina and the other markets that SIA Group serves – we as a company are committed and involved in making these cities a better place for people to live and work.

As always, we plan to give you timely and informative news on personal and commercial insurance. These changes will help you know SIA Group a little better, as well as what we do in and beyond the insurance industry.

Feel free to use the comments section to give your thoughts on our posts, as well as ask any questions you might have. These changes are occurring to serve you better, so we want to know what you think. Thank you!

If you have any questions about personal or commercial insurance, our team at SIA Group is here to meet your needs. Give us a call at (910) 455-7576 and we will be happy to help.

Keeping Employees Safe By Keeping Them Cool

Posted: September 14, 2011 | Author: | Filed under: General Commercial | Tags: , , , | Leave a comment »

During the summer months, you might find it hard to step outside without breaking a sweat. Employers need to take the necessary steps to make sure that their employees are protected from this heat and heat-related illnesses.

Outdoor heat is obviously not controllable, but you can take steps to make sure that employees are safe and comfortable indoors during hot weather conditions. Though more than 30 workers in the United States died from heat-related illnesses last year, many employers forget about the hot weather impact on indoor employees.

Workers’ Compensation

Employers should know that heat-related illnesses are not only health issues, but workers’ compensation issues as well. According to the Centers for Disease Control and Prevention, extreme heat adds unnecessary and damaging stress to an employee’s body. This often results in heat cramps or exhaustion that can lead to further injury at work.

In order to avoid employee injury and having to navigate workers compensation claims, employers should make every effort to keep their employees cool.

How To Keep Cool

Many heat-related illnesses can be prevented by proper monitoring and maintenance of indoor air quality. As outdoor temperatures rise, more and more air conditioning units break down. In many cases, air conditioning issues cannot be fixed quickly due to a high number of maintenance calls to repairmen. Therefore, it is necessary that employers make sure that air conditioning systems and units are of high quality and regularly checked for problems in advance of summer to avoid employee discomfort and health issues.

The Occupational Safety and Health Administration, along with the National Oceanic and Atmospheric Administration, encourages businesses to take other measures to keep employees safe in extreme heat. These suggestions include:

  • Drinking water often
  • Dressing appropriately for the weather
  • Taking regular breaks
  • Limiting exposure to outdoor heat

Keeping indoor employees cool during periods of extreme heat is an issue that presents concerns for many employers. It is important to remember that indoor conditions can be controlled and heat-related illnesses can be prevented.

 

Insurance + Small Business + Jamie Roush

Posted: July 19, 2011 | Author: | Filed under: General Commercial | Tags: , , , , | Leave a comment »


Everyone needs advice, especially when running an efficient small business. TheStreet.com compiled a collection of seven insurance needs for small business owners to keep in mind and Jamie Roush, sales executive for SIA Group’s commercial lines, gives perspective on employment practices liability insurance. Take a look at the article and make sure you are protecting yourself and your place of operation! http://bit.ly/jdWXrK 

 

Natural Disaster Preparation

Posted: June 27, 2011 | Author: | Filed under: General Commercial | Tags: , , , , , | Leave a comment »

Disaster preparedness can be a particularly daunting task for a small business with limited resources and restricted staff dedicated to the task. But if we learned anything from Hurricane Katrina, it was that natural disasters do not discriminate in their destructiveness between the prepared and the procrastinators. Mayhem, it seems, is an equal-opportunity visitor.

When faced with potential natural disasters such as hurricanes, it’s essential that small businesses prepare their employees to effectively respond. Through effective coaching, internal staff can grasp the importance of having emergency “go bags” (including water, food, clothing, medication and lighting), pre-planned locations for a family to meet in the event of an evacuation and various types of communication methods in place, in case wired and wireless voice communications are interrupted.

If your company engages customers in transactional exchanges, review your customer management plan thoroughly. Do not neglect the importance of examining the disaster preparedness and recovery plans of vendors that are vital to your operation, as these organizations need to be as equally prepared as you are.

Oftentimes businesses and individuals place themselves in a corner and feel exempt from unfortunate or life-threatening circumstances, but recent occurrences teach us all the lesson that planning for the unimaginable is essential. Organizations should take nothing for granted and consistently evaluate the systems in place, so that if and when disaster strikes, the level of readiness is at its maximum preparedness. Disaster preparation means more than surface analysis of work space and technology evaluation. Valuable preparation places heavy focus on the protection and support of all employees, inevitably allowing employees to feel comfort in the fact that under the worst circumstances, stability can remain for their business and families, because challenges have been addressed before a crisis strikes.

Looking for more information?

SunGard has a specific website devoted to hurricane preparedness for businesses. The Federal Emergency Management Agency (FEMA) also offers advice on how to quickly recover from natural disaster. For more detailed information on the upcoming hurricane season, visit The National Hurricane Center, which has details on what to expect with the upcoming hurricane season.

Photo source: diveofficer

Business Income Coverage

Posted: June 8, 2011 | Author: | Filed under: General Commercial | Tags: , , , | Leave a comment »

Recently, North Carolina has been hit with several catastrophic storms, forcing many businesses to close their doors while repairs are being made. Unfortunately, many of those businesses will not reopen because they cannot afford to be out of operations for an extended period of time. This situation shows how important it is to put coverage in place that can protect your income when you are faced with unexpected threats as a business owner.

Business Income or Business Interruption coverage is protection against loss of income or profits, when a business has suffered property loss or damage from a covered disaster, such as fire, natural disaster, theft or vandalism.

Business Income coverage can be tailored to the needs of a specific business, depending on the type of revenue or income. It is also available for a business that has seasonal income fluctuations. Your local agent can help determine the best type of coverage for your business needs.

Because this is one of the most misunderstood coverage options available, be sure to ask your agent about some of these key policy requirements:

  • What is the restoration period, and how long does it last?
  • How do you determine my amount of coverage? What types of documents/records should I be maintaining while I have this coverage?
  • Do I need a business disaster or recovery plan?
  • What type of records should I keep while my business is down, and what is the best way to keep those records safe?

In most policies, overhead power lines are not covered because of the frequency of damage. To handle that, “off-premise power income coverage” provides businesses with income protection against the potential financial loss that comes from power outages, water supply damage, telephone lines, Internet and other communication sources that fail to operate in the correct manner.

When major incidents occur that extend the loss of income more than 30 days, the company may request “extended business income coverage”. The coverage provides payments for the loss of income for the difference in income for up to 30 days after the business reopens or until the business earns the same amount of income that it had done before the incident occurred. Extended business income coverage is strongly recommended for hotel, restaurant, or store owners located in hurricane-, tornado-, or flood-prone locations, since many of these incidents will take more than 30 days to resolve.

Companies are in business not only for their passion, but to make a profit and business income coverage protects that profit. Not only does business income coverage provide income protection, but it also covers monies to pay for “continued operating expenses,” which include, but are not limited to mortgage, rents, taxes, insurance, payrolls of key employees and some utilities.

If you have any questions about your current policy or would like to know more about adding Business Income coverage for your business, call us for more information at 800-682-7741.

Image source: ASurroca

Avoiding OSHA Fines and Penalties

Posted: May 9, 2011 | Author: | Filed under: General Commercial | Tags: , , , , , , | Leave a comment »

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has levied its largest fine in history against BP North America – to the tune of $87 million.

As an employer, it is critical to know what your responsibilities are before an accident or other event occurs. As trusted advisors, it is the goal of the independent agents at SIA Group to assist you in taking a proactive role in preventing these accidents.

Taking measures prior to a situation can make a large difference in reducing or eliminating OSHA fines and penalties. First, employers must know where their responsibilities lie. Employers have certain responsibilities under the Occupational Safety and Health Act of 1970.

These responsibilities include, but are not limited to:

  • Providing a workplace that is free from serious recognized hazards and that complies with standards, rules and regulations issued under the OSHA Act.
  • Examining the workplace conditions to ensure they conform to applicable OSHA standards.
  • Posting, at a prominent location within the workplace, the OSHA poster (or the state-plan equivalent) informing employees of their rights and responsibilities.
  • Keeping records of work-related injuries and illnesses.
  • Reporting to the nearest OSHA office within eight hours of any fatal accidents, or an accident that results in the hospitalization of three or more employees.

In addition to these responsibilities, OSHA has provided a list of the 10 most frequently cited standards that cause employers to incur fines and penalties. These standards are the cause of far too many preventable injuries, illnesses and deaths. They include:

Contact us today to see how the trusted advisors at SIA Group can help you proactively ensure the safety of your company and employees.

Distracted Driving – Employers Liability

Posted: April 4, 2011 | Author: | Filed under: General Commercial | Tags: , , , , , , , , , , , , , , , | Leave a comment »

More than 16,000 Americans were killed in “texting while driving” accidents between 2001 and 2007. That number is now up to 16 people killed every day by distracted drivers, a rate that will equal more than 5,800 by the end of 2011.

Distracted driving affects virtually all age groups and backgrounds. For example, every week we hear about high school students taken too soon because of distracted driving. And in September 2008, 25 people lost their lives when the engineer of the train they were riding in slammed into a freight train that he never saw coming because he was texting while operating.

While these statistics would be enough to push any parent to the brink of an anxiety attack, employers need to be paying strict attention as well. As of October 2010, 30 states plus the District of Columbia had outlawed text messaging while driving. Nine have banned the use of cell phones by drivers in their entirety.

So What Does This Mean for Employers?

Employers are responsible for employees who do any driving while on the clock, whether it is making deliveries, or just running an errand for the boss. It is an employer’s legal obligation to have clearly stated policies against employee texting while driving.

Additionally, it is your responsibility to make sure that these policies are enforced. If a member of your staff causes an accident while behind the wheel of a car during work hours, the employer can be held liable by the victims of the accident. This is not direct liability, as if the employer committed the act themselves, but vicarious liability, which holds superiors responsible for the actions of their subordinates.

As the number of deaths from distracted drivers continues to skyrocket, it has become everyone’s responsibility to figure out how to stop it. Almost every day we hear about horrific accidents caused by those who text, check e-mail, or otherwise multitask while driving. Employers should communicate to their staff a zero-tolerance policy of these dangerous practices, because the consequences of failing to do so are too great.

 

Image: astrocoz

Protecting Your Business from Slips, Trips and Falls

Posted: February 28, 2011 | Author: | Filed under: General Commercial | Tags: , , , , , , , , , , | Leave a comment »

Ensuring your customers, staff and your business are protected from slips, trips and falls is important during the entire year. People can track loose gravel, mud, snow, ice and other debris into your building, creating a potentially dangerous situation in which a business is liable for anyone hurt from hitting the floor due to this situation. Sometimes even the floor mats that are put down to absorb this moisture and debris can become the cause of the accident and the source for a liability claim.

By the Numbers

While the financial impact from a slip and fall varies greatly, the National Floor Safety Institute estimates that the average cost of a compensation claim for an injured worker is $4,000. However, if this accident should happen to a customer, vendor or other third party, the cost to your business leaps to between $60,000 and $100,000. While these types of workers’ compensation and liability claims occur all year, during the winter months they make up the majority of all workers’ compensation claims. The U.S. Department of Labor’s Occupational Safety & Health Administration (OSHA) states that 15 percent of all accidental deaths happen as a result of slips, trips and falls, second only to motor vehicle accidents.

Prevent the Accident, Protect Yourself

The best way to protect yourself and your business from these types of liability claims is to make sure that these accidents don’t happen in the first place. While there is nothing that you can do to control the weather, managers should walk the grounds of the business often to ensure that sidewalks, walkways and stairwells are free of rocks, loose gravel, snow, ice, puddles, spills and other debris.

Putting down proper matting to absorb wetness and debris that makes its way into entryways is important to reduce the chances of an accident. However, you must make sure that these mats lie flat on the floor, because if they are the cause of an accident themselves, you could have a liability claim on your hands.

Another element you will want to manage is the way that floors and entryways are cleaned. Using the correct cleaning products on floors will not only keep them free of moisture and debris, but also ensure the proper traction – the better traction your flooring provides, the less likely that there will be an accident.

Despite your best efforts at floor maintenance and slip protection, accidents will happen. Slips, trips and falls are accidents that need to be managed on a year-round basis. Call your insurance agent today to make sure you have the best coverage available to protect yourself in case of workers’ compensation and other liability claims.

 

Image: BrokenSphere

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