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Are You Covered?
  • Your Building in Winter
    Winter brings the threat of freezing temperatures and harsh conditions to much of the U.S. Some places are well beyond the threat; it’s going to freeze—there’s no way around it. Such conditions pose unique hazards to commercial building owners. Following is some information on common winter threats and how they are addressed by commercial property insurance.
  • D&O Insurance:  Protection from Boardroom Liability
    Many people will celebrate the holiday by giving back to their community. Volunteering time or services to a company or non-profit organization may be a selfless act of generosity, but these acts of goodwill can also expose volunteers to possible lawsuits if they are making decisions on behalf of the organizations or company. Fortunately, there is a way to mitigate the exposure to lawsuits and continue lending a hand.
  • How much building insurance is enough?
    As a small business owner, you know the importance of preserving your assets. For many business owners, the largest single asset they possess is their building. Whether you occupy the building or operate as a landlord (or both), consider key exposures in your risk-management and insurance planning.
  • Don't Get Robbed Twice!
    One of the often confusing attributes of crime insurance coverages is that the terms used in the insurance policies reflect legal definitions, not the meanings we assume in everyday conversation.
  • Insuring Income: The Lifeblood of Your Business
    If someone asks you if your firm has a catastrophe plan, how would you respond? Would your answer sound something like this: “There’s nothing in writing, however, if something happened that compromised our ability to earn we have a good idea what we would do.”
  • Business interruption insurance
    Would you believe that there is an insurance product specifically designed to help insure a solid, sustainable profit? In fact, without this coverage, hitting your profit targets may become impossible.
  • Where medical fits into liability coverage
    There are two extremely valuable provisions in a solid business insurance policy designed specifically to respond to incidents such as this. The goal of the provisions is twofold:  protect your business from the financial risk of such accidents—legal fees for defense, the potential for large lawsuit awards against you; and try to quickly respond to the pain of the victim in ways that help to avoid lawsuits in the first place.

  • Don’t Let the "Gottas" Determine Your Risk
    As the owner of a small business, you understand better than anyone the meaning of “risk.” The key is to know understand how much risk you can afford, and when or where is the right place to take risk.
  • Don’t Let Your Income Slip When You Do
    Chances are you started your small business with long days and longer nights.  You are fully aware of the truth of the old saying:  'When you are self-employed you work for the toughest boss in the world!"
  • Boom: Understanding Discontinued Operations Coverage
    As a homebuilder, you spent your life making sure the work you did was safe and sufficient. Every year you purchased a commercial general liability (CGL) policy just in case. You made it many years with no claims and want to reward your good work with a much deserved and overdue retirement in where else? Florida.
  • Protecting Your In-Home Business
    Today more than 43 million Americans are operating full- or part-time businesses from the comfort of their homes, and these numbers continue to grow every year. One of the secrets to running a successful home-based business is being able to separate your business activity from your home activity.
  • Landlords, Beware
    Experienced landlords will agree that there is nothing quite as comforting as a good tenant; especially if the tenant spends his own money making improvements to your building during the lease term. 
  • Managing Your Mod
    Employers are told by the states in which they do business how to provide adequate workers compensation insurance for employees. As in other forms of insurance, fair pricing is determined using historical loss data. In the workers comp world, this data is assigned to specific job-types; hence a roofer who hasn’t had a claim in 25 years may still pay a very high rate for his coverage.
  • Insuring the Theft of Your Business Data
    The stories of breached data security have become almost too familiar: An employee takes home a laptop against regulations. A hard drive is sent out for repair, but disappears. A disc with sensitive data is stolen from an office. For business owners and managers, the threat is real, and there is a need to protect against such violations of data security.
  • Triple Net Lease Caveats
    In recent years, more and more building owners are becoming fascinated with the concept of the “triple net lease.” A primary reason for the interest is that the terms of such a lease require the tenant of the building purchase and maintain adequate insurance on the building itself. This is in contrast with traditional lease agreements, which generally state that a tenant is responsible for insuring what’s his and the building owner handles the rest.
Insuring the Theft of Your Business Data

The stories of breached data security have become almost too familiar: An employee takes home a laptop against regulations. A hard drive is sent out for repair, but disappears. A disc with sensitive data is stolen from an office. For business owners and managers, the threat is real, and there is a need to protect against such violations of data security.

Big businesses are not the only targets of data theft. Doctor’s offices, retail shops, contractors, salespeople, and most other professions store personal information electronically. Sometimes, businesses that lose personal information are victims of sophisticated hacking schemes concocted by the most crafty computer cons. More often, data theft comes from the inside—a dishonest employee seeking wealth or a disgruntled employee seeking revenge. Regardless of culprit, victims, including employees, customers and others shoulder the risk of someone else’s access to their information.

Information stolen from your business can result in significant costs, including the following:
• Expenses you incur to inform those who may be victims of the theft.
• Expenses you incur to replace the data and income lost during the recovery process.
• Victims will incur expenses to recover lost information and expect you to pay for it.
• Victims will likely no longer do business with you, resulting in lost income.
• Victims who suffer financial losses resulting from identity theft may sue you for their damages.
• Personnel may lose confidence in you and seek employment elsewhere.

Traditional insurance products—such as general liability, property, business income and crime insurance—are designed to cover losses to tangible property. Since information is intangible, the insurance your business currently buys will not go far in covering this exposure.

Some insurance companies have created products to address data theft that occurs electronically, such as when someone uses a computer to steal electronic data. These policies may cover costs you incur to restore the data, including lost income. Others may cover liability, helping you cover costs incurred by others who are victimized by the theft of your data. Such policies are often called “Cyber Risk” or “Cyber Insurance” policies.

Data theft and the unpredictable methods by which it can happen are why there is no substitute for an effective data security plan. Call your Trusted Choice® insurance professional for information on how a cyber insurance policy could fit your business. 

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Alexandria, VA 22314
Phone: 800.221.7917
Fax: 703.683.7556
Email: Trusted.Choice@iiaba.net