Small business insurance

Small Business Technology Insurance

 Affordable solutions for small business owners

Insurance for Techs understands the importance of proper coverage for your business. As a leading technology insurance company, we know that small businesses are experiencing an ever-increasing capacity for work. As a result, you also have a greater likelihood for technology errors and omissions liability. When it comes to protecting your business, you need an insurance plan that meets your needs. Check out Salesforce to help manage these things.

Insurance for Techs is a technology insurance company that responds to the changing business environment. We know how to efficiently and appropriately quote technology Errors and Omissions Liability insurance. With Insurance for Techs, you get more than technology insurance – you get a protection plan that includes essential risk management advice.

We have affiliated ourselves with the low cost insurance providers in the marketplace and leverage our significant buying power to negotiate the best deals for our clients. We recognize that many of our smaller tech clients are buying their insurance primarily to meet contractual requirements in order to be awarded a job, also we work with the Virtual Insurance Service which is one of the fastest and best ways to make your insurance inquires, fix the issues and get solutions. Of course, we hope that they also appreciate the fact that our coverages can protect them against losing everything in a lawsuit or losing their sensitive computer equipment due to a lightning strike or artificially generated electrical power surge.

For the larger tech accounts with more complicated operations and exposures to risk, we are able to tap into additional insurance carriers (at higher premium levels) that offer more specialized coverages. In addition, we are able to offer advanced risk management services such as insurance coverage audits and contract review audits.

The tech department service staff at Sadler & Company have received specialized training on tech risks and are eager to accommodate your needs. Our tech department is equipped with state of the art automation and operate in a paperless environment which helps to assure that your service needs are met in the most efficient fashion.

4.50 avg. rating (85% score) - 2 votes
Categories: Errors & Ommissions, Small Business, Tech Insurance, Technology

Risks in Our Digital Information Economy

Defending digital assets against cyber crime

Anyone with access to a computer, tablet or smart phone can buy goods online, pay electronically and request information from corporate networks. Business websites that don’t have proper management and security systems in place provide entryways to the valuable information they have amassed.

 The data companies spend years gathering is a valuable business asset – and even a small gap in security can pose a huge risk. Cyber criminals waste no time figuring out new ways of exploiting weaknesses in the technologies that businesses spend billions of dollars on to stay ahead in the e-commerce world.

 E-criminals

 Tech-savvy criminals recognize the value of digital information and look for ways to steal it. They commit their crimes by exploiting security hiccups in corporate systems or by using malicious code to infiltrate computer networks. Smart phone and wireless technologies are being utilized by wider numbers of people, presenting increasingly tempting targets. What were once attacks on operating systems are now attacks on apps, database software, and even antivirus programs. Their motivation is simple: go where the money is. The confidential information these business amass provide a nearly infinite source of illicit profits for e-criminals.

Malware

One tactic e-criminals take is to leave behind bits of code called Trojan horses that track the keystrokes of the user to steal passwords, social security numbers, credit card numbers and other confidential information. Criminals are also able to control the systems of huge groups of personal computers by infecting them with malware. They cover their tracks by using thousands of personal computers to launch such attacks. Once discovered and shut down, they simply move on to another group of computers.

These threats are major concerns for both businesses and consumers. Companies that depend on the Internet for their livelihood can be devastated by attacks that shut down their web sites. Companies depending on seasonal sales can’t afford a malfunction or shutdown at the wrong time, as evidenced in the Target hack during the 2013 Christmas season. Such security breaches can result in huge financial losses in damage repair and lost business from gun-shy from consumers and clients.

 What businesses can do

A Technology Insurance policy costs almost nothing in comparison to the financial devastation from which it will protect your business.Seven out of 10 small businesses that experience a major data breach fail within one year. Don’t let that happen to you.

Call us at 800-622-7370 so we can help you assess your level of risk. In just minutes you’ll learn how our affordable Cyber Risk Insurance can protect your business from e-criminals and loss of property.

3.00 avg. rating (67% score) - 1 vote
Categories: Breach Of Security, Crime, Cyber Liability, Tech Insurance

Data Breaches Growing Rapidly

Tech Companies Uninsured

Over the past several years, there have been over 225 million reported consumer data breaches. This year alone, there have been more than 30 million reported security breaches of consumer data. No one knows the actual numbers since it is suspected that most security breaches are unreported.

Most tech firms and regular businesses with exposure don’t have insurance to cover this expensive peril. Liability for the following categories of expenses are common in these breaches of security:

  • Class action lawsuits
  • Regulatory fines, fees, penalties
  • Statutory notification expenses

Tech companies that collect confidential information or assist clients in doing so must make sure that their Professional Liability/Errors & Omissions policy is specially endorsed to respond to breach of security lawsuits. Non tech companies with exposure must make sure that their Cyber Liability policy does the same.

Source: S.H. Smith & Company, Inc. E Bulletin, 10-19-08

4.00 avg. rating (77% score) - 1 vote
Categories: Breach Of Security, Errors & Ommissions, Professional Liability, Tech Insurance

Social Media Risk Exposures

An attorney weighs in on the risks involved

Social Media exposureThe Internet and social media are having an increasingly effect on businesses, which also can cause substantial loss exposures, according to Daniel Maldonado, an attorney with Kunz Plitt Hyland & Demlong.

Social Media Liability can be defined as a liability exposure arising out of social media or networking sites such as Facebook, Twitter, YouTube, and LinkedIn. The risks involved in using these social media sites include possible insurance claims filed for libel, slander, privacy invasion, intellectual property infringement, and harassment.

What risks does your policy cover?

The majority of commercial insurance policies include personal and advertising injury that offers general coverage for libel, slander, insulting remarks as well as invasion of privacy. Some Homeowner policies also can provide protection of personal and advertising injury. A number of carriers may provide coverage for personal and advertising injury on renters policies. The 2001 ISO Form, defined advertisement  in part as “material placed on the Internet or on similar electronic means of communications.” This ISO Form also added Exclusion K, which excludes coverage for personal and advertising injury arising out of chat rooms and electronic bulletin boards.

A businesses’ networking-related exposures usually correlate with the business activities. For example, a business manager or supervisor may broadcast information regarding termination of an employee or reveal personal information. Personal networking exposures can extend to criminal accusations, infidelity, disclosure of financial records, failure to disburse child support payments, or posting inappropriate images or videos.

How far the risks can reach

Sometimes insurance claims involve older posts, which can affect the cost of defense; the costs of electronic discovery can include subpoenaing data or information from the social networking site. In addition, depending on the nature of the claim, the insured may be faced with several lawsuits in numerous jurisdictions including countries outside of the U.S. Social media allows for effortless  libel, slander, and privacy invasions when derogatory comments can be broadcast globally rather than  in the privacy of a person’s home. As a result, the damage of an insurance claim will be more significant due to the number of people it reaches.

It is suggested that if a client utilizes social media or networking sites, offering optional personal injury protection for the homeowner or rental policy would be beneficial, as well as businesses obtaining a Commercial General Liability policy, which typically includes personal injury coverage as well.

Source: “Rough Notes;” Bruce Hicks; June 2012

4.50 avg. rating (85% score) - 2 votes
Categories: General Liability, Risk Management, Tech Insurance

Infograph Illustrates Cyber Risk

What can happen when company data isn’t adequately protected

Here’s an excellent infograph illustrating the risks involved when company information isn’t protected. Company reputation, customer satisfaction, and business opportunities are just a few examples of what is at risk from failing to protect private data. Below we offer a brief outline of the information included in the pictograph:

Cyber risk insurance

Private information includes data such as:

  • Credit card information
  • Applicant and employee’s Social Security number
  • Date of birth
  • Driver’s license number
  • Contact information
  • Health data
  • User names and passwords
  • Financial reports

People, procedures, and technology are the risk factors involved in cyber attacks

People risks include:
  • Hackers
  • Careless employee allows laptop to be stolen
  • Rogue employee
  • Employee posts sensitive data online
  • IT staff unable to manage security breach
A few proactive steps in addressing people risks consist of:
  • Purchasing cyber policies
  • Providing cyber-threat training to employees
  • Implementing background checks on staff
  • Enforcing security procedures
  • Determining password protection measures
Procedure risks involve:
  • Lack of training in security procedures
  • Vendor allowed access to customer data
  • Employee downloads a game on a company computer and contracts a virus
  • IT team unaware of state and federal regulations
Preventive measures in reducing procedure type risks are:
  • Implementing procedures on how to react to a breach
  • Monitoring of vendors who have access to customer information should be monitored
  • Train employees on importance of security
  • Ensure compliance regarding state regulations on private information
Technology type risks include:
  • Outdated spyware
  • Lack of encryption for sensitive information
  • Social media spreads information
  • Unmonitored firewall
  • Important information corrupted
Strategies to reduce technology risks include:
  • Maintaining active anti-virus software
  • Implementing encryption procedures for private information on company database, laptops, and mobile devices
  • Monitoring employee activity and website visitation
  • Maintaining Internet firewall
  • Implementing backup and recovery measures for important information

Source: Business Insurance: “What’s Really At Risk

4.00 avg. rating (78% score) - 3 votes
Categories: Breach Of Security, Cyber Liability, Risk Management, Tech Insurance

Sadler Tech Blog Ranks 14th

Industry recognition as risk management source

Sadler Tech Insurance and Risk Management blog is ranked 14th best nationally by Risk Management Masters, an online resource specializing in Insurance Risk Management.

We are proud to be recognized as an important source for technology insurance and risk management information and strive to educate our prospects, clients and the public on these topics.

Source:  “Top 50 Risk Management Blogs”

4.50 avg. rating (85% score) - 2 votes
Categories: Risk Management, Tech Insurance