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Own a Small Business? Protect It With This Liability Coverage

Doing business in the 21st century is both easier and more complicated that it used to be. Unfortunately, the employees and tools that help you serve your clients may also be the downfall of your business. Your hard work can be wiped out in the blink of an eye by the expenses of recovering from a data breach, or if you must defend yourself from a lawsuit brought against you by an employee.

At L & M Insurance Group, we think you should consider the following two types of liability coverage, in addition to a standard Business Owners Policy (BOP), if you’re a small business owner.

Cyber Liability Insurance

Many small businesses are not even aware that they are at risk for attack, believing cyber criminals are more likely to target large companies. Unfortunately, small businesses are more and more frequently the target of cyber attacks—for example, not long ago one small accounting firm in our area had to spend many hours and dollars recovering from having a hacker breach their system and access clients’ personal information.

Any business that collects and stores sensitive personal information is at risk. If your business handles or stores customer information such as credit card numbers, Social Security numbers, and even addresses, you should carry cyber liability insurance.

It can cost your business thousands of dollars to recover from a data breach. You’ll face expenses related to investigating the crime, communicating the breach to your customers (which is required by law in most states), legal and public relations expenses, and costs you incur due to interruption of your business while you sort things out.

Cyber liability insurance protects both you and your customers from financial losses related to a data breach. It covers a range of threats, including hacking, network failures, or a breach related to the loss or theft of an employee’s laptop or smart phone.

Insurance companies have been working to make this coverage more affordable, as well as suit the needs of businesses of all sizes.

Employment Practices Liability Insurance

Another type of liability coverage you should consider buying is Employment Practices Liability Insurance (EPLI). This coverage protects your business from lawsuits brought by employees claiming discrimination, sexual harassment, wrongful discipline, wrongful termination, retaliation, and so on.

Small businesses can be especially vulnerable to these claims because, unlike large corporations, they may not have an employee handbook or a legal department spelling out what procedures to follow when hiring, disciplining, promoting, and firing employees. You can be sued even if you’ve done nothing wrong!

Most EPLI covers legal costs (whether or not you win the lawsuit), judgments, and settlements. Most policies cover the business itself, officers and directors, management, and employees.

For your protection, please consider adding these two types of liability coverage to your insurance plan, either by endorsement or by purchasing stand-alone coverage.

At L & M Insurance Group, we understand the challenges of small business because we’re a small business ourselves. Please call one of our trained agents at 813-672-4100 to discuss your small business insurance requirements, or contact us by email. As independent agents, we can tailor your insurance coverage to fit your specific needs.

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Extra Protection With American Integrity

During October, we’ve introduced you to one of our trusted partners, American Integrity. Not only does American Integrity offer programs for small boat owners and owners of high value homes, they also write coverage for more modest homes, condos, manufactured homes, renters insurance, and more, including:

Coverage for rental properties. If you own rental property, American Integrity writes DP-1 and DP-3 policies.

Umbrella policies.

Cyber attack coverage. In conjunction with a homeowners or renters policy.

Golf cart coverage.

Home Systems Protection. This policy covers repairs or replacement when certain home systems, such as your central air conditioning or conventionally installed water heater, break down and cause physical damage. Most standard homeowners policies don’t cover this kind of damage. Home Systems Protection is included in their Silver, Gold, and Diamond Reserve endorsements for your homeowners or condo insurance, or can be purchased as stand-alone coverage under certain programs.

Identity theft insurance. This coverage includes identity restoration case management as well as reimbursement for the expenses you face when restoring your identity. This coverage is also included in American Integrity’s Silver, Gold, and Diamond endorsement bundles, or as stand-alone coverage for a $25 fee in conjunction with a standard homeowners insurance policy.

Don’t forget the discounts!

American Integrity also offers many different types of discounts, including discounts for newly-built homes (within the past five years), alarm systems, secured communities, recent updates to your roof and/or other major systems like electrical or plumbing—even a discount if the policyholder is 55 or older. Be sure to consult with your L & M Insurance Group agent to see if you’re receiving all the discounts you’re entitled to.

If you have any questions about American Integrity, or any of our other carriers, please call L & M Insurance Group at 813-672-4100 (or click here to email us). As your local independent insurance agency, we want to help you find the insurance coverage that will give you financial peace of mind. 

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Protect Yourself and Your Business From Cyber Security Threats

Cyber Security Threats can Affect You and Your Business

You’ve probably read about data breaches at large companies such as Equifax, Target, and Home Depot as well as other types of cyber attacks. But did you know that small businesses and even individuals are also at risk and can find themselves devastated by a cyber attack? In fact, Florida has the second highest number of victims of cybercrime in the U.S., and ranks third in the nation for frequency of identity theft, according to the Insurance Information Institute (III).

 

Phishing and Ransomware Cybercrime

Two of the most common cybercrimes are phishing and ransomware. Phishing refers to hackers trying to trick you into sharing your private information through an email or a webpage offer. Popular phishing schemes include emails that purport to be from your bank or credit card company, a friend in need of money, or threatening you for some unnamed illegal action.

 

Ransomware is malicious software (malware) designed to block access to your system and demanding ransom payment to restore access.

 

There are things you can do to protect yourself. These tips apply to individuals, employees, and business owners.

 

To Protect Yourself from Cyber Attacks

  • Create strong, unique passwords. Passwords are your first line of defense against cyber criminals. DO NOT use the same password for all your login credentials. If you have a hard time remembering your passwords, download an app to store them.
  • Use extreme caution when clicking links or opening email attachments. Don’t click links appearing in emails if you have any doubt at all about their legitimacy, even if the email looks like it’s from someone you know. Be skeptical of any urgent requests for money or bank transfers.
  • Protect your personal information. If you get an email from your bank or credit card company requesting personal information, call the number on your credit card or statement to verify the request.
  • Look for the security lock symbol in the web address of any site that asks for your personal information. Click on the lock to check that it has an up-to-date security certificate.
  • Keep all system software up to date.
  • Install, update and run security software such as anti-virus and malware protection programs.
  • Back up and store data at a secure offsite location.

How Cyber Insurance Can Protect Your Business

One more tip, if you have your own business: Consider buying cyber insurance (also known as cyber liability insurance). Business owners policies may provide some coverage for losses related to cyber incidents such as a computer virus or hardware failure. However, to better protect your business, consider buying a stand-alone cyber insurance policy tailored to your specific business needs. Cyber insurance covers several types of risks including, loss or corruption of data, business interruption, liability, identity theft, cyber extortion, and data breach.

 

“Virtually all businesses use information technology (IT) in some way—to communicate via email, to provide information or services through a website, to store and use customer data and more. Your business can be held liable if certain data is compromised….” notes the III.

 

At L & M Insurance Group, we take cyber security seriously, taking steps to protect both our business and our clients’ personal information. Please call us at 813-672-4100 if you need to discuss cyber insurance, or any other aspect of commercial or personal lines insurance.