The Rise in Need for Cyber Insurance

Advances in technology and the rapidly increasing dominance of the Internet in our lives means that websites are becoming an ever more attractive avenue for companies to promote their products and their business value to the marketplace. However even with the great benefits and advantages offered in a progressively technologically advanced computer age, complex legal issues connected to both dissemination and protection of unique materials and concepts often follows.

When the potential risks to business or individuals in this “techno” climate are becoming ever more ambiguous. Purchases of cyber liability insurance will be important for countless organisations. Some policies will cover a great number of issues, together with the security of a network, copyright infringement defence procedures to reduce the likely loss caused if a business ISP goes down or loss in connection with a computer attack to compensate. Information security and data protection is vital for numerous companies, especially those storing sensitive information.

Spreading viruses, worms and Trojan Horses could also result in damage to 3rd party computer systems or files and creates situations that will result in a business experiencing a huge drain of resources. One of the better known cases in regards to these issues was the “ILOVEYOU” bug, which infected about forty-five million company files with costs totaling $ 2.6 sixty-one million (£1.3 three million). Businesses can protect themselves with cyber insurance from the cost of the system/computer repairs, reimburse any loss of income as a result of downtime and pay the legal costs if an affected 3rd party holds them responsible for spreading the virus.

Protection is available for damage to a corporate computer network or any data held concerning 3rd parties. A recent survey conducted by the Business Link website shows that companies are becoming increasingly more aware of the risks and damages they leave themselves open to with the lack of Internet security. According to the study group, almost half of SME managers understand that they are likely to experience security issues in the next year, issues such as electronic viruses, suggesting that proper cyber liability insurance would give businesses using online resources a greater peace of mind.

The British Insurance Broker’s Association Technical Services Officer said: “An authorised cyber-liability product is a valuable new addition, especially at a time when businesses are becoming more and more dependent on the use of e-mail and Internet connectivity and so are exposed to greater risk from malicious attacks on their system.

If you would like further information on Cyber Insurance please call 01254 391411 or email enquiries@sagarinsurances.co.uk. Alternatively fill out the form below and we will contact you.

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Article Source: http://EzineArticles.com/6391335

Cyber Liability & Data Breaches – How to Protect Your Business From Hackers, Viruses & Loss

Through the use of social media, cloud computing, email and databases, information can be transferred with a click of a button, and viewed by any number of people around the world in a matter of minutes. This is undoubtedly a quick and relatively cheap method of communicating with customers and marketing your company, until it goes wrong.

Cases of virus attacks, infringement of copyright, defamation or theft of customer and employee data have risen in the last few years, and these types of case continue to appear in the news on a regular basis, especially when the data breach is from a company we all know and trust such as Sony.

Sony Online Entertainment and the PlayStation Network

In April 2011 hackers stole the personal details of around 77 million users of the PlayStation Network, and an additional 25 million from the users of Sony Online Entertainment. This included data such as names, addresses, email addresses, phone numbers, and debit/credit card information. The cost of the investigation, cleanup, insurance and updates was estimated to be around £105 million – not including lawsuits.

However, it is not just huge international companies that experience expensive breaches. The number of attacks on small businesses (fewer than 100 employees) rose from 141 in 2009, to 761 in 2010.

In fact, it is difficult to find any business that isn’t at risk of becoming a target, due to them owning at least one of the following:

• A computer network
• Option of credit card transactions
• A database of personal information

And it is not just the risk of being hacked by a virus or a cyber criminal that can cause problems. More and more of us are accessing emails and databases on the move through laptops and smartphones, which can be easily lost meaning sensitive information could be accessed by a member of the public. And even if the data is not abused, the fact the information was lost in the first place counts as a security breach, with a potentially large cost.

• Facts and Figures
• The average cost of a data breach in the UK is £1.75 million (2011)
• 31% of data breaches are due to malicious or criminal attacks
• Negligent employees or contractors caused 36% of breaches
• The number of attacks on small businesses (fewer than 100 employees) rose from 141 in 2009, to 761 in 2010

Although it isn’t always possible to totally stop these breaches from occurring, it is possible to protect your business from the problems a breach may cause. Cyber Liability Insurance, also referred to as Internet Liability Insurance or Online Liability Insurance, protects against claims arising from:

• Security breaches
• Misuse of company email
• Libellous content on the company website
• System damage caused by viruses or malware
• Financial loss caused by internet downtime, or failure of the company website

This provides specialist protection which is often not included in general liability policies, whilst minimising business interruption after a claim and protecting your business financially from costs such as cleanup, security updates and expensive lawsuits.

Contact us today to discuss how your current business insurance could be improved, and for advice on how you can reduce any risks. Please call us on 01254 391411, email enquiries@sagarinsurances.co.uk or use the contact form on our website http://www.sagarinsurances.co.uk
Article Source: http://EzineArticles.com/7006683

Bad Hair Day at the Office – Insurance Tips for Salons

Hairdressers and beauticians are a creative bunch. One of the less interesting aspects of running their salons is making sure their business is adequately insured, so it’s understandable that insurance is swept under the rug along with the hair trimmings. But a bad hair day for a salon owner could have far wider implications.

There are many hazards in a hairdressing salon which your business, your customers and your employees need to be protected against. What might happen?

• There are always plenty of cables lying around in a salon. Hairdryers, tongs and straighteners are just a few trips hazards.
• Slips? No problem, those unswept hair clippings and water from the basin taps will do the job nicely!
• Hot-hot-HOT! Chemical burns from perm solutions, tint and bleach mixtures. Scalds from hot water – is the temperature alright for YOU madam?
• Cuts from sharp scissors, clippers and razors – never mind, you have two ears.
• That hair product you sold me? I came out in a painful rash and it’s all YOUR fault!

If you’re a salon owner, I guarantee you’ll be faced with situations like this over the course of your career. The question is, when the client sues you, do you have insurance to protect you?

Public and Products Liability insurance protects you against claims of injury or property damage made against your salon. It could be treatments they had at your (or your employee’s) hands, or an accident whilst on your premises or a product you sold them before they left.

This is a very important insurance for a salon owner to have.

Tools and Equipment Insurance

It’s not only your clients who could spell disaster for your business. What would it cost to replace your professional hairdressing equipment? If you were burgled, or even if your equipment was damaged in an accident that’s out of your control, could you afford to replace it?

Tools and equipment insurance will cover those salon items and enable you to continue your business with the minimum of disruption.

 

Buildings, Contents & Stock Insurance

Do you own the building from which you run your business? If so, you should insure the building against risks such as storm, flood or accidental damage. The buildings and contents section of your salon insurance will make sure that you can afford to repair, re-stock and get back to normal.

Employer’s Liability Insurance

This is a legal requirement – no getting around this one if you employ staff in your salon. It will cover the other hairdressers in your employment, as well as any other staff (juniors, receptionists etc) against damage to their property or injury to themselves whilst working for you.

 

Business Interruption Insurance

A disaster, such as a flood, might not only cause damage to your building, equipment or stock. It might also require that you cease trading for a while to put things right. Can you afford to lose that income? Business interruption will reimburse you for loss of income until your business gets going again.

Every salon is different, so every salon insurance package can be tailored to suit you. Don’t put it off. Protect your salon and your business today.

If you would like a free quotation for your salon, complete the form below.

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Staged Accidents

Fraud involving staged or induced road accidents is becoming increasingly common. Research by the Insurance Fraud Bureau (IFB) indicates that from 1999 to 2006, more than 22,500 staged and induced motor accidents took place in the UK. The IFB estimates the cost of motor fraud at £1.5 billion per year.

Staged accidents are frequently referred to as ‘cash for crash’ or ‘slam ons’. Fraudsters drive to busy roundabouts, road junctions, or slip roads and then perform unexpected and unnecessary emergency stops designed to cause innocent members of the public to crash into them.

Claims are made to the innocent motorist’s insurer, often including several accounts of fictitious injuries from members of the criminal gang. For each successful scam, the criminals can net up to £30,000 and the IFB has evidence to show that proceeds from this type of fraud are used to fund other forms of serious and organised criminal activity. Whilst all motorists can be potential innocent victims of ‘slam ons’ business vehicles are often targeted because insurance backing is more assured. In addition to own damage repair costs, not covered by insurance, other hidden costs of staged accidents include vehicle down time, lost productivity resulting from injury to drivers, time penalties being incurred due to late or non delivery of goods, to name but a few. Furthermore the number and cost of accidents has a direct bearing on motor insurance premiums

How to reduce the risk of being involved in a staged accident

• Proceed with caution when approaching roundabouts. Do not look for a gap in the traffic on the roundabout until you are at the give way line. Then ensure the path immediately in front is clear, before pulling onto the roundabout.
• Watch your speed when approaching roundabouts, junctions and slip roads. Just sticking to the speed limit and maintaining a realistic safety gap from the vehicle in front will help reduce the risk of accident.
• Be vigilant when driving and maintain awareness of surroundings at all times. Do not assume that other drivers will always act rationally.
• The best weapon is driving defensively. Always drive at such a speed that you can pull up safely within the distance you can see to be clear.

What are the indicators that an accident may have been staged?

• The vehicle in front involved in the collision does not stop at the scene of the accident, but drives on. The driver subsequently returns on foot to the scene of the accident. This may be done to prevent: visual inspection of the damage to the fraudster’s vehicle and/or ascertaining the number and identity of passengers (if any) present in the vehicle.

• The other driver of the vehicle involved in the collision appears well prepared with written details of their name, address and insurer ready to provide to you.
• Witnesses appear from nowhere and corroborate your liability for the accident.
• The vehicle in front (with which you have just collided) does not show any signs of stopping e.g. brake lights not being illuminated.

What to do if you think you may have been involved in a staged accident?

• In any accident, staged or otherwise, the standard advice to drivers is not to admit liability at the scene of the accident. The basic rule of thumb is that it is ok to say sorry, but don’t admit fault – you may well not be.
• Do not confront the other party or take any action that you feel might place you at risk
• Call the Police from the scene and report the accident. Invite the other driver to remain with you until the Police arrive.
• Be vigilant at the scene and aim to:

– Count the number of occupants in the other vehicle
– If possible, ask for the names and addresses of all people present, including any reported witnesses, together with the make, model and registration of the vehicle you have collided with, and also establish who the owner of the third party vehicle is (hire car?)
– Note the insurance details of the driver of the other vehicle, ensuring if possible that it is recorded by you from what the other person tells you, not by asking them to write it down
– If possible make a mental note of any distinguishing features of the driver/passengers. This could be useful evidentially in disproving subsequent insurance frauds.
– Take photographs if you are able to do so without confrontation.
– Record details of the location and extent of damage to the other car, the more detail, the better.

Most importantly, report the incident to you insurer as quickly as possible making any concerns that you may have known.

Why Do You Need Insurance?

Business insurance

Finding the right business insurance can be a difficult and complicated process. There is a certain amount of jargon associated with the subject which can put off many small firms. Companies want an insurance policy which will protect them when times are bad, or, if disaster happens. This is where your broker comes in handy.

Why insurance is important

It’s the law!
If you employ anyone, insurance is a legal requirement. Employers’ Liability cover protects your staff and labour only sub-contractors in the event of an accident or injury at work for which you are legally liable. By law, if you have employees, you must have at least £5 million cover.

In a business-to-business setting, an insurance policy acts almost like a credential. By having a high level of cover you are demonstrating that you are a respectable business which takes health and safety very seriously, and that you fully understand your own responsibilities.

You might consider the risks that your business faces to be small or even affordable, but if this is the case then there is a very good chance that you are underestimating them.

The chances of your business being hit by a flood or destroyed by a fire might seem low, but disruption to your work can have serious consequences. Road works, police cordons and criminal acts could incur huge costs to your business and cash flow. However, all of this could be prevented with the right insurance cover and a business continuity plan. Talk to your broker about the cover available for your business.

Insurance you must have

Liability insurance

Most businesses need some level of liability insurance, and employer’s liability insurance is the most common one.

If you’re about to take on staff then you should ensure you have liability insurance first. Also, if you’re or thinking of becoming a limited company then it’s a legal requirement, as technically ‘the company’ is the employer. Talk to your broker to find out what level of liability insurance your business needs.

If any member of your staff is taken ill, suffers injury or death and this is deemed to be as a result of their work, then you are potentially liable.

The law states that you must have cover in order to cope if this happens. By law employers must have at least £5m of liability, although many policies offer £10m. There are just under 400 deaths and nearly 30,000 major injuries at work each year in the UK, therefore you should avoid any cuts here.

Motor insurance

Drivers know, motor insurance is a legal requirement, but many come unstuck when using vehicles for work related activities.

You might think that your current insurance covers you, but unless your policy includes business use then you’re mistaken.

If you’re employing someone who’s using their own vehicle for work purposes other than travelling to work, then you have a responsibility to ensure they are fully covered. This could be as innocent as dropping you off at a meeting – it doesn’t matter – they still require business insurance.

Public liability

Public liability insurance, though not compulsory, is something only the most cavalier business would cut back on. It covers you for damage against property or persons that you might encounter during your work eg your customers

Many clients won’t deal with you or can’t legally deal with you unless you have it, so you might consider it to be obligatory. This is particularly true when dealing with the public sector.

Planning ahead 

Disasters don’t just happen to other people.

Well they do, but they can most definitely, happen to you as well, so it’s important you plan ahead should disaster strike.

Business continuity or interruption planning is about protecting your business from incidents such as floods, fires, burglaries and physical damage. With business continuity insurance, you buy a policy that’s enough to cover yourself and your business for the worst-case scenario. A cautious business would look to get as much as two years’ worth of cover but many make do with one-year policies or less. Your broker can advise you on the right cover for your business.

Many business owners underestimate the disruption caused by a major incident such as a fire. It’s not just the rebuilding, lost stock and equipment you’ll need cash for, but also the loss of business and possibly the time needed to re-recruit staff and to encourage former customers who have gone elsewhere.

Some firms get policies which protect them if a key supplier is unable to trade. This might be a worthwhile extension if you are in manufacturing but probably not if you can easily switch suppliers and continue without interruption. Your broker will advise you accordingly.