In the 21st century, preparing for cybercrime is just part of the cost of doing business. As governments around the world scramble to protect their own IT assets against "cyberwars" (and sometimes initiate similar offensive measures), business leaders in the private sector are worrying about legions of unaffiliated hackers who can attack from the comfort of their living rooms.
Threats can come from individual "rogue operators," employees, independent contractors or anyone with access to company data. The treasure? Networks, servers and hardware assets, as well as another kind of "modern gold" -- client data. Because many businesses keep their customers' financial information in databases, the technology costumers take security for granted can allow their credit card numbers and other sensitive information to end up in the wrong hands.
One type of business insurance addresses these concerns: network security and privacy liability coverage.
Such policies are available from AIG, Chubb and a variety of specialty insurers, and coverage usually be added as a rider to an existing business insurance policy. According to Small Business Review, annual premiums typically are $3,500 for $1 million in coverage (with a $5,000 deductible).
Cyber Security Insurance May Protect:
• Costs from lost business or downtime. • Costs of replacing hardware or reinstalling software. • Cyber extortion costs (payments to hackers demanding money to stop an attack). • Costs of regulatory actions after a security breach. • Crisis management costs. • Costs related to the investigation of cyberattacks. • "Denial of service" attack or Internet disruption coverage.
Business insurance provider Chartis offers a policy called netAdvantage, which covers many of the costly
details associated with the aftermath of an Internet security breach. In addition to covering the cost of
alerting customers to the fact that their information has been compromised, it also pays for providing creditmonitoring services to affected customers.
Whether it's a stolen laptop or a compromised server, an unhappy worker or an outside hacker, cyberattacks can cost companies boatloads of money from lost business, interruption of operations and regulatory actions, as well as class-action suits when customers sue for identity theft damages.
To Get Your Free Business Insurance Quotes Today Please Contact:
Community and neighborhood evacuations are more common than you might think. A wildfire, hurricane, tornado, mudslide, toxic industrial accident or other imminent disaster could force you to leave your home—in some cases, within minutes of the evacuation order.
Knowing what to do and what to take with you should the order come can help you preserve your most important possessions. Plan It Out.
1. Discuss an evacuation plan with members of your household well in advance of an emergency. Ask everyone to make a list of items they consider essential to bring and then prioritize.
2. Prepare a box with essential documents such as birth certificates, insurance records, passports, tax returns, wills and cherished photographs. Be sure to place this box in a secure location, such as a fireproof safe.
3. Create or update a home inventory list to accurately record your possessions and add the list to your essential document box.
•Plan your escape routes. Choose more than one route, going in different directions, as some streets may be blocked off. •Choose a meet-up place for family members should an evacuation order come when you’re not together. •If you have some advance warning, fill your car’s gas tank and keep it topped off. Keep some cash on hand too—ATMs may not be operable in a disaster.
Pack It Up.
For efficiency and speed, divide packing duties among household members. The Insurance Information Institute and the Department of Homeland Security offer suggestions for items to bring if you have only minutes to pack:
•Your prepared document box •Prescriptions, first aid supplies, basic toiletries •Computers or laptops •Clothing for three days •Comfort items, such as a child’s blanket or stuffed animal •Pet supplies, including food, medicine, toys, vaccination records and a leash or carrier •Bottled water •Flashlight, battery-powered radio, extra batteries •Cash
To learn how to be prepared in the event of a natural disaster please visit the Federal Emergency Management Administration (FEMA) for a detailed preparedness plan.
Lightning Strikes Are a Real Risk to Homeowners—Are You Protected?
Keith Leimbach never thought about the fact that his home was at risk of being damaged by a lightning strike. Fire? Sure. Storms? Of course. But lightning?
“It never crossed my mind,” said Leimbach, of Brentwood, Tennessee. “It’s just not the kind of thing you think can happen to you.”
Nightmare at Midnight
Leimbach’s home was struck around midnight during an electrical storm in 2009. Keith, his wife, Kirsten, their three children, Luke, Jack and Sofie, and five visiting friends had just recently gone to bed. Luke, Jack and Sofie had only moments before left the game room on the top floor of their home where the lightning hit."
"We were watching the storm from our bedroom when we heard and felt a loud crack right over our heads. When I went out to investigate I immediately smelled smoke," recalled Leimbach.
"I couldn’t believe it, but it was clear what had happened. After we got everyone out of the house and across the street, I called 911 and found out the fire department was already on their way–our alarm system had notified them automatically."
Fire Department's Quick Response Wasn't Enough
The Brentwood fire department proceeded to spend nearly eight hours dousing the Leimbach’s home with approximately 50,000 gallons of water. Any parts of the structure and contents that weren’t destroyed by the fire were soon ruined by smoke and water.
“No one was hurt, but we lost almost everything,” said Leimbach. "Luckily we had a good home insurance policy. Our carrier got us into a hotel room that night and then found us a rental home in our neighborhood. They even had it furnished."
Basic Home Insurance DOES Cover Damage from Lightning Strikes
A basic home insurance policy will cover damage to your home caused by fire, storms (including snow, rain and hail), wind, tornadoes and yes, even lightning. The policy will also cover your personal belongings as well as the cost to live elsewhere while your home is being repaired, if necessary.
Soon after Leimbach’s meeting with his insurance adjustor, contractors began working on the reconstruction. The Leimbach’s moved back into their home within a few months.
Your Coverage Levels Are Key
Does Leimbach have any advice for other homeowners? Just one thing: "It's easy to think that by just buying home insurance you’re covered for anything. But you can’t make those assumptions. You’ve got to talk to an agent to make sure you have enough coverage to rebuild your house from the ground up if necessary. I can’t imagine what would have happened if we hadn’t had enough coverage."
Is your home adequately protected by your current home insurance policy? If you’re not sure, compare home insurance quotes today at Diversified Insurance. You’ll have the opportunity to speak to a Califonria licensed, experienced home insurance professionals who can help you make sure you have the protection you need. Plus, by shopping around you’ll have a great chance to find a policy at a lower rate.
ATMs are under siege more than ever from skimming. Skimming, where ATM thieves steal your PIN and account number using remote devices, is increasing dramatically. Often done by sophisticated crime rings from the Eastern bloc countries, ATM skimming is becoming a high-tech art that's hard to detect.
That's bad news for consumers. Experts say that losses from skimming are approaching $1 billion. Nearly one in five fraud victims reported having their credit card PIN or debit card ATM PIN information stolen in 2009, according to Javelin Strategy & Research. And Robert Vamosi, an analyst handling risk, fraud and security at Javelin, sees ATM skimming continuing to rise this year and next.
"Consumers aren't aware of ATM tampering," he says. "ATMs have 40 years of trust."
Skimming isn't new. It's been around for at least 10 years. What has changed is that the "technology of the bad guy is getting better and better every year," says Robert Siciliano, a security expert based in Boston. "It's up to consumers to watch their own backs."
Typically, ATM thieves use two devices to capture your PIN and card data. One device sits near where you swipe your card and reads the magnetic stripe on your card with your account number. Even more confusing, the device mimics the card slot. "The technology has evolved to a point where the molded plastic fits like it belongs there," says Siciliano. Devices are even readily available over the Internet for as little as $300.
A camera, hidden from view, captures the PIN. "You can get the data in real time," says Siciliano. "You can be in your car with a laptop remotely accessing the device."
Thieves then burn the data onto a blank card to access your money.
U.S. Secret Service spokesman Max Milien wants consumers to be warned. "The public is notified after an event," he says. And don't take bank security for granted. Fraud can occur at any bank in any part of the country. Thieves are even sending out false text alerts to get consumer data.
Banks, they say, are slow to adopt anti-skimming measures. When Javelin surveyed 25 banks, four stood out, though, for their anti-theft measures. They are Bank of America, Chase, Citibank and Wells Fargo.
Experts add that debit card users are most at risk. Typically, consumers must report fraudulent charges within two days, limiting your liability to $50. If you report ATM skimming fraud within 60 days, you're liable for the first $500 of any transaction. Siciliano adds that thieves carefully orchestrate ATM withdrawals, maxing out cash withdrawals one day and waiting until after midnight for the next stash, which quickly adds up.
Here Are Four Tips To Help You Protect Your Account.
1. Cover your password with your hand
Hidden cameras are disguised so they can pick up your password. By protecting it, ATM thieves can't access your account.
2. Use familiar ATMs and limit your visits
ATMs in dimly lighted spots or used late at night could be more susceptible to fraud, while ATMs under video surveillance can be safer. Stay away from ATMs at retail stores or restaurants, adds Siciliano. Recently, skimming devices were found on ATMs in a popular grocery store in central Florida. Airports, convenience stores or kiosks are equally vulnerable to ATM thieves. Still, even highly trafficked ATMs outside a bank branch have been targeted by thieves.
Also, try to limit your visits to the ATM. "With frequency, there's risk," says Siciliano. 3. Check bank balances frequently
Given the two-day window for reporting fraud, it pays to check your account frequently. If you don't report fraud within 60 days, you have unlimited liability. "Sign up for alerts and notice unusual withdrawals," says Vamosi.
With credit cards there are more protections in place, and you can dispute charges."You have at least a billing cycle," says Siciliano.
4. Observe the ATM
Vamosi cautions consumers to look at an ATM to make sure a card slot is "legitimate and not tacked on." Look for things that strike you, he says. "Some people have felt that when they inserted their card, something went awry," he says. In that case, try another ATM.
When protecting your account against ATM thieves, "it's all about awareness, paying attention and understanding risks," says Sicilano. "There are 400,000 ATMs and every one of them is susceptible to fraud. The speed and convenience of technology has replaced the security of technology."
The word "peril" invokes different images for different people, although the reaction is usually the same for everyone: avoid, avoid, avoid.
Despite your best efforts, sometimes perils to your home and property cannot be avoided. That's where a good homeowner's insurance policy comes in. Homeowner's policies are defined by the perils that they insure against. The average homeowner's policy helps protect you, up to the policy limits, not only from common hazards like fire or wind, but from perils that you might think would be more likely to see in exotic locales than in your own neighborhood. Like volcanic eruptions and explosions.
Although there are myriad choices confronting policy shoppers, there are essentially three main categories of perils that you can insure basic dwellings against. Most policies cover the first 11, and you may have to purchase additional coverage for the others.
Here's a breakdown of the basic perils as covered by standard homeowner's insurance policies.
The 11 basic perils:
Fire and lightning
Windstorm and hail
Explosion
Riot and civil commotion
Aircraft
Vehicles
Smoke
Vandalism and malicious mischief
Theft
Damage by glass or glazing material that is part of a building
Volcanic eruption
The next step up in coverage usually includes the 11 basic perils plus six more:
Falling objects
Weight of ice, snow, and sleet
Three kinds of water-related damage from home utilities or appliances
Electrical surge damage
A third type of coverage protects against the above perils plus any other peril not specifically excluded by the policy. Examples of common exemptions include:
Damage to the land on which your house is built
Floods
Earthquakes
War
Nuclear accident
Intentional damage
Business losses
Wear and tear
Damage caused by pets
Theft from a house under construction
Freezing of pipes in an unoccupied or vacant house
Vandalism of a house vacant for over 30 days
Weight of water or ice on a fence, patio, pavement, swimming pool or dock.
Losses to property belonging to tenants
Losses due to animals, birds, and fish
For More Information On The Differences Between an HO3 and HO5 Homeowners Insurance Policy Please Contact Jason Shroot at 714-988-3325 or Jason@diversifiedinsurancequotes.com
Taking the family on the annual summer vacation this year? If so, you’ll need to plan ahead and consider your insurance needs before setting off.
Though a majority of Americans have been staying home the past few years due to a lack of discretionary funds, electing instead to practice the famed “staycation,” many families’ financial situations have improved recently, freeing up money for things like vacations once again.
But risk is inherent when traveling.
So it’s always wise to consider your options before you depart.
What kind of coverage should you buy? That depends totally on your plans.
If you’ll be renting a car or motorcycle and driving, you’ll need auto insurance that covers rentals—or you’ll have to purchase the temporary coverage offered at the rental counter.
If you’ll be renting a home on the beach or elsewhere, you’ll need to make sure your home insurance is up-to-date—or buy renters insurance during the period you’re away from home.
If your plans include hitting the lake in a sailboat, canoe or some other sort of watercraft, you’ll want to make sure it’s insured for your own protection.
These are just a few of the types of insurance coverage you may need this summer.
To find out more, check out Diversified Insurance & Ask About Picking The Proper Summer Time Insurance Solutions, and make sure you and the family are protected when you set out for a season of fun.
You own a condo and the association has insurance. So what’s the big deal? Well, your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association...BUT NOTHING OF YOURS PERSONALLY !!!
Unfortunately there are many cases where that insurance policy won’t cover you or your things — like a break in, water damage to your living room walls, or someone injuring themselves slipping on your wet kitchen floor. That's why you need condominium insurance designed specifically for condo or co-op owners.
Condominium policies protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others.
What Does A Condo Insurance Policy Cover?
The articles of the condominium association (CSRs) and state law determine exactly what’s covered under the association's master insurance policy.
In most cases the association's coverage STOPS after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your own personal condo policy would come in.
Looking for more detail? Just give Diversified Insurance a call at 714-988-3325 & We'll Be Happy To Provide You With An In-Depth Explanation And Personalized Condo Insurance Quote.
Have You Ever Hired Maids To Help Clean Your Home?
When one mentions employment practices liability insurance, most homeowners likely would think of
corporations, small businesses, hospitals, schools or commercial construction sites.
Yet according to the U.S. Dept. of Labor, there were 917,120 maids and housekeepers employed in 2009. And households who hire residential employees should be aware of the potential risks associated with becoming an employer, because domestic employees also sue.
Homeowners must recognize that they become employers the moment a domestic employee first walks through the front door. This relationship exposes the homeowner and all household residents and guests to litigation for conduct toward domestic employees.
Consider the following scenarios:
1 The maid begins to feel like she has been sexually harassed because the husband often displays a bawdy sense of humor and tells obscene jokes
2 The wife makes a racially derogatory comment to a friend on the phone, which is overheard by the employee, who is later fired
3 The property manager brings a groundless sexual harassment lawsuit against his employer because he has fallen on hard economic times
4 The employer terminates the nanny because the employee was unwilling to do something illegal or immoral.
The above examples show how accusations of harassment and discrimination—originally found in the workplace—have entered into the perceived safety of the home as well.
Jeff Cox, president and CEO of Lloyd Bedford Cox Inc., with offices in Bedford Hills, N.Y., and Greenwich, Conn., said that his clients should know about significant exposures when they hire domestic help. "It’s amazing how quickly a relationship can turn south when there is a dispute and money is involved," he said.
Cox pointed out that his agency uses a "risk analysis interview" to identify its clients’ exposures. Once the agency assesses the clients’ lifestyles and realizes that they have domestic employees or are planning to hire someone, the conversation switches to personal-line employment practices liability (EPL) coverage.
"Clients are bound by the employment rules and regulations of their state, so we work with them and the carrier to insure proper coverage," Cox said.
Liability
In today’s litigious society, inappropriate words from a guest to a housekeeper or a few seemingly innocent jokes can create a hostile work environment and ultimately cost a client thousands, if not millions, of dollars.
Moreover, homeowners are subject to wrongful employment allegations. According to reports from Jury Verdict Research, the median employment practices settlement for 1999-2005 was $75,000; this figure increased from the previous time period of 1997-2003, in which the settlement was $60,000. However, these settlements do not factor in the incalculable cost of a damaged reputation. Even if the allegations are false, substantial defense costs averaging more than $100,000 can result. Additionally, research has shown that juries have a tendency to be sympathetic to the plaintiff in these cases.
With today’s shrinking economy, some homeowners may decide they need to trim their domestic staff. Letting employees go may open homeowners to wrongful termination lawsuits. To help avoid a suit, a written agreement between homeowners and employees should contain an "employment at will" clause that allows termination without cause for any reason.
Employers’ Responsibilities:Even conduct among the residential staff creates exposure. Clients often lose sight of their responsibilities as employers because the household is seen as a safe and informal space and verbal contracts are often vague.
Wealthy individuals often think of domestic employees as "part of the family" instead of maintaining a traditional employer/employee relationship. However, state and federal employment laws do apply to these relationships. Homeowners place themselves at high risk if they do not manage their staff by communicating clear rules and expectations. In fact, with the assistance of qualified legal counsel, homeowners should draft employment manuals and contractual agreements.
Household employers need to clearly communicate their expectations and keep a well-organized and documented human resources file on every employee. An appropriate household management assessment can provide clients with advice on hiring, legal issues and security measures with regard to household employees. Proper background checks, well beyond simple Internet research, are recommended for anyone working in the home.
Homeowners also need to know that they cannot totally control the work environment. They can be held liable for conduct that might be perceived as obscene, discriminatory or offensive. Thus, homeowners should take steps to educate themselves and their families about their responsibilities toward domestic help. Staff members also need to be trained on proper work conduct.
Employment Practices Liability:EPL insurance can provide coverage for settlements, legal fees and jury awards for insured employers accused or convicted of wrongful employment acts. In addition, this insurance sometimes includes
overage that can help pay public relations expenses to minimize damage to the homeowner’s reputation.
Homeowners and umbrella policies exclude employment-related exposures. For the few insurance carriers that offer domestic EPL insurance, it may be offered as stand-alone or as an endorsement to a homeowners or excess liability policy.
Homeowners need to be aware of the many liability exposures that are associated with hiring domestic help. "Clients should not be afraid of the risks, but understand that these realities do exist," Cox said.
Clients of Jason Shroot & Diversified Insurance working closely to help their clients mitigate the risks and secure proper employment liability practices coverage in the event a loss does occur.
