The growing number of businesses taking advantage of cyber risk insurance is a surefire sign that even the big guys are prone to become victims of online misdeeds. Businesses today rely heavily on computers and the Internet to store data and information that range from logbooks to confidential documents. Even the private lives of people, along with their conversations and interactions with each other, can be stored and accessed virtually with just a few keys and codes. (more…)
Life isn’t without risk; bad things happen and we can’t do anything about them. The important thing is to pick ourselves up and recover from them – which is exactly what insurance aims to do. This is essential both for employers and employees, especially for those in the volatile technology industry. There are several insurance packages that every tech company should have, along with the standard health insurance and worker’s compensation. (more…)
In 2012, Hurricane Sandy hit the northeastern part of United States and left a total of 117 casualties; 34 of which coming from New Jersey. The state was one of the hardest hit areas, leaving it paralyzed due to power loss for days, deep flooding, and property damage. As expected, businesses were greatly crippled. About 19,000 small businesses in New Jersey alone were affected with total estimated business loss reaching $8 billion. (more…)
Group life insurance coverage is an optional offering that employers are encouraged to provide for their employees. Unlike individual policies, these predominantly employer-sponsored plans often don’t require that applicants pass a physical exam. Group life insurance is also fairly easy to convert to individual ones when an employee leaves.
Group life insurance is often provided as part of a complete employee benefit package, which in most cases, costs far less than what an individual would pay for similar protection coverage. Because of its relative cost-effectiveness, employees who are offered group life coverage by their employer are often encouraged to take it, especially if the employee doesn’t have any other life insurance or if the latter’s coverage is inadequate.
As policy owners, employers or any related entities keep the actual insurance policy, also known as the master contract. Everyone covered by the policy typically receives a certificate of insurance that serves as proof of the coverage, but this certificate is not the policy itself.
Group term is the most common type. With this, the employer-company can protect its employees against death or total and permanent disability (PTD) by providing employees and their families a sum of cash benefit when they need it most. The amount of the coverage is usually equal to one or two times the employee’s annual salary, and as the policy is handed through the employer, the latter usually pays for most (and in some cases, all) of the premiums.
As an IT professional, your health insurance will be extremely useful during those times you fall seriously ill and find yourself in urgent need of medical care. While you may be at the peak of your health, it’s natural to succumb to illnesses once in a while, and health insurance gives you peace of mind from that fact. In the same way, technology insurance is important during that time when you commit errors or face threats that cause your work to be unsatisfactory.
IT professionals like you are often subjected to situations that have their fair share of stress. For instance, you lose sleep because you keep wondering whether you made a programming error or not earlier in the day. Stress factors like this make you more prone to miss out on some details and thus commit an error.
At times, problems with IT systems are not due to human error. As technological innovations have gotten more and more sophisticated, so have computer hackers. These cybercriminals use creative tactics to break into an office’s security system, something that IT professionals detect only after a security breach has been made.
You may be constantly told to improve your practices and methods, but there are some things that are beyond your control. For this reason, your best bet is to protect yourself from liability with technology insurance. This way, clients won’t fault you in cases when something on the technical side of things goes wrong.
“Data breach– Often offered by a reliable technology insurance company like Insure Your Company, this type of policy covers the pitfalls brought about by the unnecessary disclosure of sensitive, non-public data that the company holds.
Now that you’re aware of the different types of insurance policies, you should take the time to pick the right one for your business. Be sure to keep their unique traits in mind, and your business will never be caught unprepared.”
“Even if you belong to high-risk classes though, there are always ways for you to keep your premiums down. One such way is to hold and document efficient safety awareness programs in your enterprise and actually practice them. Aside from training your employees on safety, you can also focus on installing safety technology and gadgets.
With the help of NJ insurance providers like InsureYourCompany.com, you can be assured that you won’t have to face the prospects of financially-draining legal issues in the future. Nevertheless, in the long run, it still falls on you and your business to make sure that you don’t injure or harm any person in the day-to-day conduct of your enterprise.”