Phone: (920) 848-2341
shane@sennhometownins.com
Oconto Falls, WI

Cyber insurance for businesses a necessary coverage today

Cyber Insurance for business

Target, Home Depot, Best Buy, what do they have in common besides being significant names in the retail world? All three were victims of data breaches by hackers. Such is the nature of today’s digital business world. But small business is safe, right? I mean, big retailers are the real gold mines, right? Nobody goes after small businesses in Wisconsin, right? Wrong, wrong and wrong.

Chances are your business is being repeatedly attacked weekly and there are security systems on the market to identify how often thieves attempt access. Today, even an email can be an effective tool for hackers. Chances are you have even identified some suspicious activity. The bottom line is no business is safe. Owners must brace for that reality and that means adding cyber liability coverage.

  • What is cyber liability insurance? This type of coverage offers a business protection in the event customers personal information – credit cards, Social Security numbers – is stolen or exposed in a data breach. It can also cover additional liabilities related to lost data, intellectual property, viruses unknowingly passed along or even a defamatory blog post. There are a wide range of activities the policy can cover beyond just a data breach. Your local independent insurance agent can help you navigate the coverage.
  • Shouldn’t this be covered under a standard BOP? These types of situations would not automatically be covered under your BOP. It’s a double-edged sword. The technology we are using today is helping us streamline our businesses and do more each day. Problem is the technology is moving so fast that it would be difficult for risk managers to assess accurately your risk today, tomorrow and five years from now to roll into standard coverage. Double check to make sure this coverage is part of your package, and if not, can it be added? If it cannot be added, it is available separately, as well.
  • What if I use a third party for collection of personal information that could normally put a business at risk? You are still at risk. Just because a third party is hosting this information in the cloud, doesn’t let you off the hook. If you are asking for the information, you are culpable.
  • What’s at risk without it? Quite simply, your business. One need only look at the size of the numbers related to judgements against companies that were breached to gain an understanding of the damages. Costs include restoring lost data, investigating the depth of the breach, identity restoration and ongoing monitoring for those impacted, legal fees, compensatory damages as a result of litigation, and many others. So in assessing the risk, consider if just a few dozen of your customers’ data was breached and you were paying these costs out of pocket. The numbers can be crippling for a small business. In fact, many never survive such a situation.

If only your business information and systems were safe and secure when you closed the safe and locked the door for the day. Unfortunately, that’s not the case. Today’s thieves are skilled hackers adept at breaking into systems any hour of the day (even when you are there) and their currency in this new world is personal information. Business owners retaining any personal information on-site or through a third-party hosting service should consider seriously the security that comes with a cyber liability policy. Contact your local independent insurance agent to navigate these new waters of cyber liability insurance.

 

Our professional agents at Senn Hometown Insurance Agency, Inc. can help you with all of your business insurance needs. Contact us today to review your policies and make sure you are adequately covered. 

Senn Hometown Insurance Agency, Inc.

920-848-2341

This email address is being protected from spambots. You need JavaScript enabled to view it.

Are you covered for damage from melting snow??

Melting snow could cause damage to your property

We’ve already seen the devastating power of Mother Nature with the recent epic snowfalls in Northeast Wisconsin. As if dangerous travel and painful snow removal weren’t enough, the heavy snow placed major stress on roofs and other structures… to the point of collapse. When we saw the footage on the news and heard the whipping winds outside, it’s around that time that most of us started thinking about our homeowners coverage for such events.

So with that in mind, it’s worth taking a look at how insurance covers such extreme weather conditions as we’ve seen.

  • Snow load and tree collapse – The most recent damage that’s been in the spotlight the last several days. In almost all cases, this will be covered under a standard homeowners policy. Included, would be roof collapse from snow load as 
  • well as fallen tree limbs due to weight, wind, ice, etc.
  • Water damage – A similar situation might include property damage to electronics or other appliances due to snow that made its way in through a damaged door or window. Again, this water damage is typically covered through standard homeowners coverage.
  • Melting snow – When we get a significant snow in April, the next fear homeowners have is a fast melt that contributes to flooded basements. It’s the product of that snowstorm, so you should be covered same as the examples above, right? Unfortunately, that’s not the case and many homeowners find out the hard way that they needed flood insurance. This was also the case for thousands of residents impacted by last year’s hurricanes. Basements flooded from a rapid snow melt, oversaturated ground, storms, etc. require flood insurance to be covered. Even some water damage from an unaddressed bathroom leak or sewer backup is not guaranteed to be covered under a standard policy; coverages vary greatly by policy and state.

The bottom line is that we sat here in April with 30 inches of snow in our yards. While it is Wisconsin, we still have reason to believe that the weather will turn quickly and this snow is melting just as fast. This water is and will continue to be a mess… it is going to go somewhere, and that somewhere likely could be in your basement if drainage is not given attention. Now is the time to address any possible drainage/runoff issues and it’s most definitely the time to chat with your independent insurance agent to ensure you are properly covered.

 

Contact Senn Hometown Insurance Agency, Inc. to review your homowners policy today and to discuss ways to protect your property. 

Shane Senn

ph. 920-848-2341

This email address is being protected from spambots. You need JavaScript enabled to view it.

www.sennhometownins.com

 

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