Cyber Security and Your Commercial Business Insurance in Alliance

cyber Security

Like many businesses, yours may store, send, receive, or use electronic data. This data may contain information that belongs to your business, such as tax records and sales projections. It may also include information that belongs to other people, such as employees, vendors, and customers.

If this electronic data stored on your firm’s computer system is stolen, compromised, or lost, the price of restoring it can be substantial. In addition, your company may be held accountable for damages to third parties.

Your business may also sustain notification expenses if your state requires you to inform those who have been affected by the breach. You can guard your business against the costs associated with data breaches by purchasing a cyber liability policy.

What Is Cyber Liability Coverage With Your Commercial Business Insurance in Alliance?

Cyber liability insurance provides coverage for financial losses that result from data violations and other cyber events. Several policies include both first-party and third-party coverages. First-party coverages are those sustained by your company directly.

An example is damages to your company’s electronic information files caused by a hacker. The third-party coverages apply to claims against your business by people who have been damaged as a result of your actions or failure to act. For example, a client sues you for carelessness after his personal data is stolen from your system and released in an online forum.

While cyber liability policies differ from one the next, many provide comparable types of coverages. The most common are outlined below.

First-Party Coverages
: Commercial business insurance in Alliance that includes cyber protection typically includes various crime and property coverages. They also cover certain costs, such as notification expenses.

Damage or Loss to Electronic Data: Many policies cover losses caused by damage, disruption, corruption or theft of your electronic data. They also cover theft or damage of data stored on your computer system that belongs to someone else.

Loss of Extra Expenses or Income: Many policies cover income that is lost and the additional expenses you suffer to avoid or minimize a shutdown of your business after your computer system fails due to a hazard that is covered.

Cyber Blackmail Losses: This pertains to when a cyber thief or a hacker breach your computer system and threatens to commit a contemptible act.

Notification Costs: Policies may cover the cost of informing parties who are affected by the data breach and the cost of hiring an attorney to determine your company’s obligations.

Injury to Your Reputation: Some policies cover the costs you incur for public relations and marketing to protect your company’s reputation.

Third-Party Liability Coverages: Most commercial business insurance in Alliance that contain cyber coverage that applies to settlements or damages that result from the cost of defending you against claims.

Network Security Liability: This covers lawsuits against you due to either a data breach or to the inability of others to gain access data on your computer system. This can include a denial of service attack, malware, unauthorized access, or a virus and use of your system by a hacker or rogue employee.

Network Confidentiality Liability: This insurance covers lawsuits based on claims that you failed to protect sensitive data stored on your computer system.

Electronic Media Liability: This covers lawsuits against you for acts like libel, defamation, copyright infringement, slander, invasion of privacy or domain name infringement.

If you need to know if your commercial business insurance in Alliance include coverage for cybersecurity, contact our office today and we’ll walk you through was is – and isn’t – covered.

3 Scenarios That Legally Require Commercial Business Insurance in Boardman

Commercial Business Insurance

Today more than ever before, people are deciding to forgo the security of a 40-hour work week at large, established companies for the flexibility and opportunities provided by starting their own business. Today we’re taking a look at three of the most common and frequent scenarios that trigger a legal requirement for some form of commercial business insurance in Boardman.

A generational shift is occurring where modern entrepreneurs are learning they can have more control over their future and wealth by starting their own companies. However, if you have never run a business before, you may not be aware of all the things you’ll need to take care of in order to comply with the law.

Obtaining the proper commercial business insurance in Boardman is one of those things. Yes, buying business insurance, for the most part, is a practical but optional choice, but which scenarios legally require a business to have coverage in place?

Hiring Employees and Contractors: The first, and most common, the scenario that will generate a mandatory insurance requirement is the hiring of employees or independent contractors. Employee safety should always be top of mind so ensuring that your employees can recover quickly after a workplace accident or illness is imperative.

That is why every state legally requires all companies with a certain number of employees or contractors to maintain workers compensation insurance coverage. The number of employees or contractors that triggers this requirement varies by state.

It’s important to understand that employers are always responsible for all medical costs associated with an employee injury or illness that occurs while the employee is performing their job duties.

Company Owned or Leased Vehicles: Another common situation that triggers a legal requirement for commercial business insurance in Boardman is when there are any company-owned vehicles. Just like for personal auto insurance, business is legally required to hold automobile liability insurance for any vehicles owned or leased by the company.

Data Breaches: It seems like every day we are hearing about another hacking-related data breach that compromises some amount of private information from a company’s customers.

It can range from confidential corporate information like trade-secrets to personally identifiable information like credit card information or health records. These data breaches cause such a significant amount of damage to everyone involved that regulators have begun to enforce cyber liability and data security requirements in your commercial business insurance in Boardman.

Today, the executives of companies experiencing data breaches are being held personally legally responsible for the data their companies retain and failing to properly protect that data can result in hefty fines and, in some cases, even jail time for owners and executives. So, you have to be protected!

Keep in mind, these are just a few of the most common types of insurance and the scenarios that legally mandate them. There are a host of other policies that can be legally required through customer contracts or lease agreements.

It’s best to periodically review the insurance requirement clauses in your company’s policies to ensure you aren’t underinsured. So if you’re thinking about starting your own company or if you’ve already taken the leap and are nearing one of these milestones, keep us in mind. If you need help obtaining the right commercial business insurance in Boardman, call us today!

6 Often-Overlooked Business Insurance Policies in Alliance

Business InsuranceIn business, anything can happen at any time. Someone can get injured…an angry employee might sue…your database may be compromised. Not everything will be covered by your basic business insurance policies in Alliance.

Before you’re faced with skyrocketing expenses, major headaches, and unplanned threats, find out what kind of insurance you may need that you overlooked in the past.

Commercial Auto Insurance: If you use your own vehicle for business, own one or more business vehicles, or allow employees to conduct business with their personal vehicle, you may need a commercial auto insurance policy. Coverage includes damage, bodily injury, liability, collision, and comprehensive coverage. You can also add on additional options for rental reimbursement or trailer interchange coverage if needed.

Cyber Security Insurance: Consider the amount of data you have regarding your customers and employees. Now envision if your business was compromised and that information was stolen or became exposed. You have a big problem. With cybersecurity coverage included in your business insurance policies in Alliance, you’ll be able to take care of your legal responsibilities – notifying everyone affected, investigating the breach, and monitoring their credit for suspicious activity – without going broke to do it.

Employment Liability: No one ever wants to think an employee will sue their business, but it happens. Employment liability will protect you if you face accusations of wrongful termination, harassment, discrimination, or sexual harassment. The amount you’ll pay in premiums is nothing compared to court costs, attorney’s fees, or even a settlement.

Business Income and Extra Expense: You’ve got insurance to protect the building and inventory in case of fire or other disasters. But what about the loss of income you’ll experience while your business is repaired? How will you pay salaries and other regular expenses? A business income and extra expense policy will help cover those expenses for a set period of time until you’re up and running again.

Professional Liability: You and your business were hired to do a job and provide a service using your technical knowledge or skill. You’re also responsible for staying on top of the minimum standards within your field. Mistakes happen, and people fail. As a professional, you can be held liable if any damage is caused by that failure. Liability business insurance policies in Alliance protect you if that happens.

Umbrella Liability Coverage: Not every situation is covered by business insurance policies in Alliance. Some things are so unique they’ve never been considered before. When the craziest, strangest thing happens and it’s not covered under an existing policy, umbrella liability coverage may take over. It also helps cover the cost of the larger-than-expected claims that exceed policy limits by paying the difference.

There are so many insurance options for businesses, it can feel a little overwhelming. Consider your business now and how you want it to grow when deciding what coverage may be best for you.

Don’t lose your business because you couldn’t predict a disaster or lawsuit. Purchase the right insurance coverage and rest easy knowing you’re protected when the worst happens. Call our office today to discuss the details of your business insurance policies in Alliance and what insurance options are available.

Can I Cancel My Personal Auto Insurance in Alliance At Any Time?

Personal Auto Insurance

There are plenty of reasons to cancel your personal auto insurance in Alliance. Some people cancel theirs after finding a better policy, while others may cancel it after selling their vehicle or moving to another state. But can you cancel your car insurance at any time?

Keep reading to find out everything you need to know when you cancel your personal auto insurance in Alliance.

You can technically cancel car insurance at any time. Technically, you can cancel your car insurance at any time. There’s nothing stopping you from calling your car insurance company today and cancelling your policy. However…it is important to know that in the state of Ohio, it is illegal to operate a motor vehicle without proof of financial responsibility, which for the majority of people means auto insurance. If you’re planning to switch insurance, you’ll want to have auto coverage in place with another company before you cancel. Otherwise, you could be driving without auto insurance.
In some cases, your car insurance policy can be canceled immediately after you call, and in some cases, you receive a refund for any prepaid premiums.

Different car insurance companies have different cancellation rules. Some companies might require you to pay a cancellation penalty or fee. Others may require you to cancel your insurance policy in advance. Some car insurance companies allow you to cancel any time without penalty, with cancellation taking effect immediately.

Other car insurance companies require a waiting period before your policy is canceled, with payment required up to that date. Others prevent you from canceling a new policy within 30 to 60 days of signing up for the policy.

Typically, you will only be charged if you bought a car insurance policy and then canceled it immediately.
To cancel your personal auto insurance in Alliance at any time, just contact your local insurance agent. Policyholders cancel and switch insurance policies every day so the process should be relatively easy.

Cancellation fees for personal auto insurance in Alliance. In most cases, a car insurance company will not charge a cancellation fee for cancelling your policy. However, specific policies differ between insurance companies.
Some companies might charge a flat-rate fee, charging a $25 or $50 fee in exchange for cancelling your policy immediately. Other companies charge a percentage fee – they might charge a percentage cancellation fee of your remaining premium, for example.

Every car insurance company has its own cancellation policy. Check your insurance documents to verify that you understand your insurer’s policies. Look at the fine print to ensure you understand any surcharges and fees. If you need an explanation contact your insurance agent or insurance company.

Do you get a refund when canceling car insurance any time? The answer depends on your insurance company. Some insurance companies will refund all premiums you have already paid. If you prepaid for 6-month or 12-month personal auto insurance in Alliance, then you might receive a refund for only the number of days the policy was in effect as a refund.

Can you cancel car insurance within the grace period? Generally, you can cancel personal auto insurance in Alliance at any time. However, there could be cancellation restrictions during the grace period. Typically, the grace period provides coverage for a specified number of days past your payment due date.

Car insurance companies have different cancellation policies. Generally, however, you can cancel your personal auto insurance in Alliance at any time. Read your insurance policy documents or call your local agent to confirm that you understand your car insurance policy.

Call us today at 330-337-9557 to request an auto insurance proposal. We help our clients understand their auto insurance.

Top 5 Claims For Boat Insurance In Salem OH – And How To Avoid Them

boat insuranceStatistics regarding claims for boat insurance in Salem OH reveal that over 30% were related to collisions, which are by far the costliest and most frequent type.

The vast majority of claims reported, however, involved sailing craft which indicates how motorboats and powerboats are far less likely to be involved in collisions. While motor boaters reported fewer claims on the whole, there are still specific risks to be aware of and steps you can take to reduce the likelihood of filing a claim on your boat insurance policy in Salem OH.

1. Weather Damage: The weather can pose numerous dangers for boats on the water and when left out in the open. If you keep your boat at a marina, it’s generally less vulnerable and sheltered from the worst conditions. It’s certainly wise to store sails rather than leaving them furled as well as checking your lines in the event of a weather warning.

Cold snaps can cause substantial damage to engines. It is therefore considered wise to winterize them in accordance with manufacturers’ recommendations to ensure sufficient protection against frost damage.

In severe storms, lightning strikes can disable or short-circuit on board electrics. This can lead to fire in extreme cases, so it’s always worth keeping fire safety in mind and making sure that your fire extinguishers are well-maintained. There’s little you can do (except get to safety) if you’re unlucky enough to encounter this kind of weather, but that’s why you have boat insurance in Salem OH.

2. Striking underwater objects. There is nothing more depressing than catching a propeller on an underwater hazard. Installing a GPS unit, reviewing paper charts and talking to local fishermen or other boaters when sailing through unfamiliar waterways can help avoid propeller and hull damage.
Monitoring the current in front of the boat also helps as a sharp change in the current’s direction may be an indication that something – such as sandbars – lie just beneath the surface.

3. Theft: If an outboard engine can be removed easily, it’s an open target for thieves. There is no entitlement to a new-for-old settlement, so it is essential to ensure that outboard motors are secured against theft and if possible, taken home and locked away.

It is also a good idea to remove all personal items from your boat and store them in a safe environment. By doing so, you will also make your boat less attractive to thieves. There can also be a requirement under certain policies for personal effects to be removed from the craft during the policy’s winter lay-up period.

4. Collisions: Waterways are busier in the summer, so it pays to be on the lookout when sailing or driving a motorboat, and to plan your movements in good time. If you are on the water when a race is taking place, expect participants to tack more frequently and plan accordingly.

Collisions with third parties are common, so you should pay particular attention to the rules of the water. Although you might have the right of way, for example, everyone is responsible for avoiding a collision.

5. Cradles and trailers: Most policies will insist that cradles and trailers are fit for purpose and it’s recommended that you undertake a thorough examination before they are put back into use after being left inactive for long periods of time.

If you are involved in an accident, being protected by the right boat insurance in Salem OH is paramount. We know accidents happen and whether it is a broken propeller or a more serious accident, we are here to help you get back on the water safely.

For a boat quote proposal, contact our office at 330-337-9557 today.

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