Many businesses are focused on various types of insurance like asset and health insurance without realizing that their greatest potential source of expensive lawsuits are their employees. Indeed, employee-related lawsuits are constantly on the rise, and they’re in fact surpassing most other business claims like professional liability. (more…)
Your business has many assets. These may include office space, vehicles, equipment, employees, products, inventories, and most importantly, yourself. Would you have sufficient finances to protect these assets if a business emergency were to arise? If your answer is no, it would be wise to talk to an insurance company about the types of insurance that your business needs. (more…)
As the world’s cyber security systems are getting more and more advanced, so do the hackers that aim to breach them. The rising number of cyber threats and related incidents have led to tighter IT security measures and emphasized the importance of technology insurance policies. Indeed, these days, insurance companies have specific coverage plans for technology professionals involved in a wide variety of IT services, from data processing to internet service provision or hosting.
To further underscore the significance of defending your business from losses due to online attacks or cybercrimes, here are some examples of major data breaches that occurred within the last few years:
Heartland Payment Systems – Spanning a year from 2008-2009, over 130 million records held by the New Jersey-based payment processor were compromised when cybercriminals exposed credit and debit card information. Such attack was considered the biggest one to ever hit an American company during that time.
Evernote – The note-taking and archiving site suffered an attack on March 2013 that saw email addresses, usernames, and encrypted passwords exposed due to a security breach—more than 50 million according to estimates. Fortunately, Evernote found no financial or user-generated content compromised.
Ubuntu – Using the special MD5 hashing algorithm, hackers were able to scramble some 2 million passwords from Ubuntu user accounts. Security experts unanimously agreed that the way Ubuntu protected its stored passwords was the one to blame, as the latter’s protective strategies were found “inadequate”.
Every business will need to dispose confidential papers at some point. Customer lists, sales statistics, price lists, drafts of bids, even company memos may have information about the company which competitors may deem as matters of interest. The information contained in these papers must be kept private; the company’s employees and customers have rights to have these types of information protected.
Without a proper disposal system, these papers could end up in the garbage where it can easily be preyed upon by anybody, and it wouldn’t be illegal. Business spies consider the garbage a treasure trove for information. Any business that discards private and vital information without destroying them exposes itself to the risk of making company secrets public. As a result, the company could suffer a huge financial loss and possibly shut down for good.
Did you know that some insurance companies have policies that cater solely to document disposal and shredding companies? Due to the sensitive nature of their work, companies that engage in the pickup, storage, delivery, cataloging, retrieval, and destruction of confidential information must obtain liability coverage specially designed to protect themselves from third party claims of real or perceived negligence. If your business handles sensitive company, customer, and employee data, take a cue from the document shredding industry and obtain insurance for your business.