 With the proliferation of cyber attacks, businesses have been warned to bolster their digital security...but do all businesses really need cyber security insurance?
Both cybersecurity and insurance experts agree that a business that stores any form of digital data should consider carrying cybersecurity insurance, even if it's low coverage limits. This kind of insurance covers the financial impact of hacking, ransomware extortion, data breaches, and data theft. The amount of coverage a business needs depends on a number of factors including:  If you're one of millions who have a home-based business, do you know if your company is covered by your homeowner's policy?
Typically, no. Homeowner's insurance may include some very narrow protections like replacement of damaged electronics and other similar business property. If you have clients come to your home for business purposes or have employees, you need to have business insurance in case they are injured, their property is damaged, or they bring a lawsuit against you for other unexpected situations. There are a number of options for insuring your home-based business. To get a better idea of what you need for yours, call me at 706-726-1446. I'll be glad to help you.  Are you among the many side hustlers renting out your backyard and pool (or other property) by the hour?
In addition to bringing in some extra money, it can also create additional liability issues for you.  Happy Fall!
Oops, I'm a few days early but Fall IS coming, and did you know there are certain types of insurance claims that are more prevalent during the fall and early winter seasons?  How does a home warranty differ from homeowner's insurance, and do you need it?
Most homeowners are required to have homeowner's insurance by their mortgage company, but a home warranty is an option that can be added on to a home policy.  It's football season and time to enjoy the cooler temps and social events like tailgating.
If you're taking to the road to your favorite football game, drinking and driving can be one of the most expensive mistakes you can make, not to mention the legal, physical and emotional tolls. Do you know when you get a DUI, when it will show up on your insurance, how much to expect it to go up, and how long before it falls off your motor vehicle record (MVR)?  With the rise in vehicle technology, insurers have to consider more complex claims issues, and electric vehicles are a prime area.
Electric vehicle (EV) owners haven't necessarily thought about the risk of using public charging stations. The software in these stations can transfer data in and out. This allows the potential of spreading malware TO an EV from the charging station. Cyber criminals have also been able to hack into electric vehicles, with the major results being data or privacy breaches. However the second most common issue is theft or break-ins from accessing the wireless key fob. Hackers have also been able to access third party applications that control music, door unlocking, and flashing headlights. It's a matter of time before someone takes control over the steering, brakes, and acceleration functions. So who's responsible for cyber risks and hacking?  Have you been thinking about buying an electric vehicle (EV)? If so, you've also probably wondered if the insurance for an EV will be more than a comparable gas-powered vehicle.
So how does EV car insurance premiums compare to non-EV insurance premiums? According to a recent comparison study of EV vs. non-EV rates across low to high cost vehicles, on average, EV insurance costs about 25% more than its gas alternative. Why is that? Several reasons - generally:  The number of high-tech safety features on new vehicles has mushroomed in the past few years. Here's a partial list:
Do insurers offer discounts for these newer auto safety features?  Auto insurers typically give discounts for some safety features but they vary by company and state to state.
Also, some states require insurance carriers to give discounts for certain safety features. It's important to make sure your insurance company has the right model of your vehicle. Providing a vehicle identification number (VIN) assures the accurate information is transmitted to your company. What safety features might qualify for discounts?  If you experienced a significant home loss due to a weather disaster as many have in the last several months, how well could you document your property and contents to the insurance company in filing a claim?
The last thing you need is the added stress of trying to list out a detailed inventory after the fact. Before disaster strikes, take these 5 easy steps to create a detailed and comprehensive inventory of your home and possessions: |
AuthorDennis Lam Archives
July 2024
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