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Many companies especially smaller businesses rely on the cloud to store data. Using cloud storage allows businesses to avoid spending money on hardware and expensive servers. Many cloud storage companies offer monthly subscriptions helping businesses better budget costs. However, cloud storage is not without its risks making Orlando cyber liability insurance still necessary.
Cloud storage offers easy sign-up often only requiring a credit card to get started. Unfortunately, the simplicity the cloud is loved for also comes with vulnerabilities. Criminals can use the cloud to send out malicious attacks to your business. A cloud service provider that does not monitor transactions or authenticate their processes should be avoided.
The more people who have access to your cloud service provider, the greater the risk of fraud. Employees are often the number one culprits behind fraud in a business. The ability to access the cloud without proper authentication can make finding the criminal behind theft or other attacks difficult.
Ensure those who have access to the cloud storage cannot inadvertently delete, alter or hide documents. Allowing your employees read-only access with only a select few having full access may be a better way to handle your cloud data.
Orlando cyber liability insurance helps your business cover the risks associated with cloud storage. The convenient solution for many small businesses is susceptible to abuse both outside and within the company.
Anyone that owns and operates a business needs to have insurance for a variety of risks and exposures associated with the type of business they run. Purchasing several policies from different agencies can be a more expensive solution and time consuming, which is why agents have suggested to business owners that they consider buying a bundled insurance package, commonly referred to as a business owner package, or BOP.
Business owners policy coverages are designed to package a few of the required policies a business owner needs to protect their business, along with any personal assets that could be threatened should they experience a large claim against their company resulting in a large settlement amount.
When purchasing insurance there are many advantages to having an insurer that understands your market and can help you to obtain the best rates from the most trusted carriers in your area.
Some advantages of a BOP package
BOPs generally include business interruption insurance, property insurance, vehicle coverage, liability insurance, and/or crime insurance. Based on a company’s specific needs they can exercise the option to select which policies are included in their BOP. Typically a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverages desired.
Other types of available coverages
Depending on the type of company, number of employees, vehicles in use, and other existing factors, owners should consider purchasing policies that reflect the exposures the business might experience. Most businesses have concerns regarding stoppages due to any number of issues currently affecting companies nationwide, such as cyber theft, weather damage, fire, earthquake, employee theft, vandalism, and a host of other concerns.
There are certain incidents that could ultimately cause your company to close its doors for an extended period of time, (and in some cases, some never reopen again due to the amount of damage incurred). You could also face the threat of damage to your reputation and that could result in the loss of customers and vendors.
Operating a business in this day and age requires some type of risk management planning and strategy that can help prevent your business from experiencing a catastrophic loss of some sort. Securing the proper business owners policy coverages using a BOP package can make the cost of your insurance even more affordable. Speak with an agent today!
Workers comp insurance is a tricky field to navigate, especially if you are a small business owner. A workers compensation insurance broker will be able to inform you of what you need so that you do not pay too much or lose out on essential coverages.
Figuring Out State Laws
Every state differs on what it requires concerning workers comp insurance. While it is always good to have, some states will financially penalize you if it is discovered you are operating without it. Some states may not require you to have it based on the number of workers you employ, so when you meet with a broker, you will need to know how many full-time employees you have.
Figuring Out Premiums
Your broker will also assist you in determining how much you will end up paying on the premium. The amount you need to pay will depend on your payroll and your industry classification code. The type of industry you are in also plays a role. Businesses that are viewed as high-risk usually need to pay more.
These are the basics you need to familiarize yourself with before meeting with your workers compensation insurance broker. The professional will be able to go over all these with you in greater detail.
In order to run a successful business, staffing agencies rely on their talented team of staff and temporary employees to showcase their expertise and dependability. But they are also quite aware that circumstances often develop where a job candidate or temp staffer may decide to sue the business over what they might perceive as unfair treatment, even going so far as to allege that the reason they weren’t offered, or were terminated from a position was due to a stance of a discriminatory nature.
For example, let’s say that a former employee makes claim that he or she was wrongfully terminated from their employment, and brings litigation against the staffing firm. Having employment practices liability insurance can help the staffing firm with defense costs as well as pay any court costs and settlements that often accompany this sort of accusation.
Why purchase employment liability insurance?
Obtaining employment practices liability insurance (EPLI) safeguards a business against the high costs associated with lawsuits as a result of charges of discrimination, harassment, wrongful termination, and other similar claims associated with unfair business practices.
A company would find it difficult to defend against any claim stating that they violated a person’s civil rights, or failed to provide a fair, acceptable environment for certain people to work in, without this coverage on hand. Temp staffing agencies often find they have a greater exposure since they, for the most part, do not have control & custody of their employees.
EPLI can cover your business when accused of anything from mismanaging employee benefits or wrongfully terminating employment, as well as claims that they wrongfully disciplined or demoted an employee, sexual harassment, damaging an employee’s reputation due to slander or libel, discrimination, based on age, gender, religion and race, or other such factors.
This also includes breaching an employment contract, invading an employee’s privacy, causing emotional or mental distress, or making negligent decisions related to hiring, promotions, or compensation.
If anyone in a management position violates legal protocols in the workplace, whether intentionally or not, the company could end up facing a lawsuit. Given that the nature of these claims often comes down to one person’s word against another, most companies would prefer to avoid being embroiled in a lawsuit, and purchasing employment practices liability insurance coverage is the right solution to what has become a very common workplace concern.
Kidnap insurance in PA may not be at the top of your business priorities, but it is necessary for the safety of your employees. If you send employees on business trips overseas, there is a heightened risk of political tensions that create dangerous situations for Americans.
What Is Covered
If an employee is taken hostage while conducting business in a tumultuous region, you need insurance to cover the expenses that typically accumulate. Expenses covered by kidnap insurance in PA include the following:
- Legal advice
- Travel expenses in the event someone must go to the area to manage the situation
- Lost income
- Expenses related to training temporary employees
- Public relations expenses related to managing company image
- Ransom/reward money for those with information
- Medical and/or psychological bills for the victim
- Lawsuits by the victim against the company
- Funeral costs
What Kidnap Insurance Does Not Cover
Kidnap insurance in PA will not provide coverage for a kidnap situation that occurs in a country against which the United States has sanctions. Your business should consult with experts prior to sending an employee overseas to find out if travel is allowed and learn how to be safe while there.
While a hostage and kidnap situation is the worst-case scenario when your business sends an employee overseas, it must be considered and protected against. Research the best options for your company when it comes to kidnap insurance.
Many small business owners have a difficult time purchasing workers comp insurance coverage per their states regulations. For some, it’s just too expensive; for others, the job to be insured is too dangerous. As an insurance agent, it’s your responsibility to match the policy to the client, so work with a wholesaler that has the ability to handle small accounts just as effectively as large ones.
Small Account Issues
Some reasons why small business owners find getting workers compensation coverage tough is because many insurance companies are only interested in larger clients. Corporations mean money, and the small enterprise might find itself being rejected due to its lesser needs.
Another issue is your client’s niche. If you’re looking to secure workers comp insurance for a business office, you probably wont have too much trouble. If your client specializes in demolition, well, you’re going to be more hard-pressed to find a suitable carrier willing to take on the risk.
Variety Is the Spice of Insurance
In order to cater to the specialized needs of small business owners, you should work with a wholesaler that has a strong presence in the insurance industry. Even if your client does work in demolition, a wholesaler that knows several workers comp insurance markets can secure the policy you need, alongside educating your clients in OSHA regulations and safety.
As an insurance agent, you hear stories of workers compensation fraud all the time. You know the fear employers feel and how fiercely they protect their insurance policies, or do you? The Coalition Against Insurance Fraud provides some interesting facts.
Just the Facts, Maam
According to the ACIF:
- 1 out of 10 small business owners think an employee will fake an injury/illness to get benefits
- 1 in 4 owners install CCTV systems to monitor their employees
- 1 in 5 business owners don’t know how to identify workers compensation fraud
- 58 percent of business owners fear employees who have a history workers comp claims
Those numbers are huge. Your clients don’t trust their workers, and what length will they go to protect themselves?
The ACIF provided another distressing discussion. In order to avoid having to secure workers compensation insurance or paying a claim, business owners have been known to:
- Lie about the number of employees on their payroll
- Pay employees under the table
- Classify an employee in a high-risk job as working a low-risk job
- Misclassify employees as independent contractors
Your clients don’t have to do this if you find an insurance wholesaler that specializes in workers compensation coverage for small businesses. Don’t let your clients become a statistic in workers compensation fraud. Match them with the perfect policy provider today.
There are many different types of businesses, and nearly all of them can benefit from insurance. When you purchase coverage from insurance companies in Connecticut, you can cater it to your specific needs. For example, if you are a photographer, then the coverage can be designed to address your specific risks.
Many photographers sign contracts with their clients. They agree to meet with them on a specific date and at a specific time. If something happens, and they are unable to meet their obligation, professional liability coverage can be beneficial. Even if you tried to be perfect, mistakes can happen. Insurance will give you peace of mind that you can protect yourself professionally.
Photographers own a lot of expensive equipment. This equipment is costly to replace if it breaks, gets lost, or is stolen. In any of these scenarios, insurance can help the individual replace the piece of equipment so that they are not worse off financially. This type of coverage is especially beneficial. After all, if your camera breaks the day before a big wedding, you need to know you will be able to get a new one.
To learn more about catering your insurance to the needs of your photography business, contact insurance companies in Connecticut. You will be glad you did.
Hiring a specialized agency for insurance marketing frees up your time to spend providing top service to your clients. Here are some reasons why a marketing agency with an expertise in the insurance industry is a smart move.
What is your image online? In addition to setting up an online presence in the form of a website and social media profiles, the agency will work with you and craft a brand identity for your business. Using an agency to administer your marketing means that your branding will be applied consistently.
High Quality Content
Once you have an online presence, you need to have content on your website and social media feeds that will matter to your prospective customers and keep your current customers engaged. A quality agency insurance marketing company will have professional writers craft content specifically for your business.
An agency will also know how to best target advertising so that your ad budget goes farther. They will also utilize search engine optimization (SEO) strategies to make sure that prospective clients find out about you.
When you have a business to run, it is helpful to know that you can depend on a marketing agency that knows all the right moves for your industry. Agency insurance marketing has your publicity, image, and advertising needs covered.