Businesses across widely varying industries today are dependent on technological interconnection to function. The benefits of the internet and related communications networks are astounding, and invaluable, but with them comes increased risk of cyberattack and cybercrime. These risks continue to grow, as hackers become more sophisticated in method, and farther-reaching in types of businesses and institutions targeted.
For these reasons, carrying an adequate cyber liability insurance policy is necessary for organizations that make heavy use of digitized data.
What Unique Threats Exist?
Methods employed by cybercriminals continue to diversify, and may include phishing attacks, denial-of-service attacks, theft of confidential data, extortion schemes, and various other evolving techniques.
What Does Cyber Liability Insurance Cover?
A cyber liability insurance policy will be tailored to the specific needs of your business. It may offer help in the following areas, and more:
- Managing payments demanded in a cyber extortion scheme
- Replacement of hardware, software, or data damaged in an attack
- Public relations help in dealing with clients whose data has been compromised
- Assistance in investigating the source of a breach
- Implementing cybersecurity safeguards and risk management protocols to prevent future attacks
A reputable cyber liability insurer will work with your business to discuss specific needs and find a program of protection and coverage that offers financial security and peace of mind.
It can be hard to beat the beauty of living on the ocean — exceptional views, easy access to beaches, and all the other benefits of coastal life. That said, living on the coast comes with unique hazards, and carrying coastal home insurance in New Jersey is imperative for protecting your property and ensuring you can fully focus on enjoying your time at the ocean.
What Particular Hazards Exist When Living on the Ocean?
While a lovely setting, the coast can be environmentally hazardous. Owners of coastal property have to deal with unique dangers, including severe storms and flooding. Some of these hazards are worsening with climate change, and include phenomena like sea level rise.
What Does Coastal Home Insurance Cover?
To best protect your family and property, it is necessary to ensure you have a comprehensive policy of coastal home insurance in New Jersey. A thorough policy may include the following:
- Sufficient property insurance
- Specific policies for itemized valuables
- Rental income coverage
- Flood insurance
- Liability coverage to varying degrees
Whether your coastal home is a primary residence, second home used exclusively by your family, or is rented for additional income, a thorough insurance policy can cover your property in the event of any incident causing significant damage or income loss.
Professional liability insurance is a necessity for most businesses, and real estate companies are no exception. Due to the nature of their work, real estate agents rely on adequate insurance coverage to ensure any injuries or monetary issues that arise are not detrimental to an agency’s reputation or pockets. Fortunately, professional liability for real estate agents comes with a comprehensive and flexible variety of coverages.
1. Lawsuits Happen
It is, unfortunately, not uncommon for real estate agents or agencies to find themselves on the other side of a lawsuit. Buying a home is no small commitment, and buyers will waste no time in suing agents who they believe have failed to act in their best interest. Professional liability insurance protects agents from ensuing expenses, such as legal costs, court fees, and loss of income.
2. Stakes Are High
It’s easy for real estate agents to get caught up in the moment while discussing properties. This makes it equally easy, however, for facts to get misconstrued. Since buying a home is no small commitment, clients may feel, for example, that the agent failed to disclose vital information or negotiate fair pricing, resulting in clients being stuck with an unsafe home or prohibitively expensive payments.
No matter if it’s a starter home or a forever home, buying a house is an exciting but often stressful experience. Professional liability insurance ensures that this emotional experience runs smoothly for clients and agents alike.
Insurance protects rental property owners from dangers they can’t afford to take. Individual landlords often cannot afford the whole demolition of a rental home out of pocket, nor can they afford a $1 million or more judgment if someone is injured or killed on their property.
However, no single insurance coverage can cover landlord liability. Continue reading to learn about the most crucial kind of insurance that almost every rental property owner requires.
Typical Types of Insurance for Landlords
Some of the usual types of insurance to cover landlord liability include:
- Landlord insurance – Standard homeowners coverage won’t cut it; you need something more specific.
- Vacant property insurance – protects you if your property sits vacant for more than 60 days
- Personal umbrella policy – protects you if your basic policies have reached their maximums
- Commercial umbrella policy – covers you if you own more than four properties.
Sometimes you need coverage for special circumstances such as natural disasters. These policies include:
- Flood insurance – covers damage to structures due to flooding; it does not cover the personal property of tenets
- Windstorm insurance – Important in coastal areas where high winds can cause damage
- Fire insurance – as it states, covers damage from fires
- Sinkhole insurance – more common in some areas but a danger everywhere
- Earthquake insurance – like sinkholes, it’s regional but important to have everywhere
Take some time to explore the advantages of landlord liability coverage and protect your business.
Insurance companies offer cyber liability insurance to protect businesses from the risks of exposing sensitive information to hackers. These policies may exclude certain acts or not cover certain losses. Understanding what cyber liability coverage includes and excludes is important when choosing a policy. Here are some of the common inclusions and factors that affect the price of a policy.
What Cyber Liability Usually Covers
Cyber liability insurance policies generally cover the costs of recovering financial losses and legal expenses related to a cyber attack including:
- Notifying customers that a data breach occurred
- Unlocking systems in the wake of a ransomware attack
- Hiring legal services related to lawsuits and government legal action
- Paying federal or state fines
- Dealing with issues related to a network that goes down
You need to review your cybersecurity risks to determine whether this coverage alone is adequate.
The amount of coverage you need is the main cost factor when purchasing insurance, but many variables come into play, including:
- Type and amount of sensitive information handled
- Company revenue
- Size of the company
- Company history regarding insurance claims
Don’t forget to add the cost of any supplements your company needs to the cost of basic coverage to determine an accurate cost.
As with any insurance, the higher the risk, the more coverage will cost. You also need to check the exact coverage against your company’s requirements.
Weigh your needs against the costs when choosing cyber liability insurance to get the policy that works best for you.
Running a delivery business may seem like a relatively risk-free endeavor. After all, what could possibly go wrong when delivering goods to various homes.
Unfortunately, as with most businesses, delivery businesses do face a certain amount of financial risk. If you get sued by an unhappy customer or damage someone’s property, you could end up being out of a lot of money. Luckily, delivery business insurance can help.
What Is Delivery Business Insurance?
Delivery business insurance is a specialized type of insurance that is designed to protect delivery business owners from the financial consequences of a variety of common business risks. It can cover things like repair or replacement fees for damaged property as well as pay for medical bills in the off chance you accidentally hurt someone while working.
What Risks Are Covered By Delivery Business Insurance?
There are a few types of coverage that can fall under the category of delivery business insurance and these coverage types cover different risks. The most important of these coverage types is general liability insurance which covers costs associated with bodily injury, property damage, medical bills, and legal fees. Some of the other coverage types you can obtain with delivery business insurance are:
- Workers’ compensation insurance
- Commercial auto insurance
- Data breach insurance
Running a delivery business is not always easy. Delivery business insurance can help ensure everything runs smoothly.
Every business should have general liability insurance, but if you own an assisted living facility, it’s imperative to evaluate your coverage considering the high-risk environment. Adequate assisted living liability insurance can protect your assets and profits from momentary human error which can lead to injury and liability.
More Frailty and Mobility Issues
Your patrons are at a higher risk of injury due to frailty and mobility issues than the general population. If your facility has 100 beds, you can expect about 150 falls each year. The elderly are more likely to fall but also more likely to sustain injury such as a hip break because of that fall. In fact, up to 6% of those falls will result in a fracture.
Assisted living liability insurance makes sure that those fractures don’t break your business. If you are paying for medical care and claims you have less money to earmark for the proper care of your residents.
More Medical Issues
Besides dealing with frailty and mobility, your staff is responsible for a great deal of medical care with all its inherent risks. Even a mistaken meal order could potentially cause a medical reaction. Your insurance will cover you for medical mistakes residents experience.
With high-risk residents, adequate levels of liability insurance protect you and make sure that you can continue to provide the best care possible.
The euphoria of getting engaged and preparing for a wedding can be exhilarating. However, planning an event takes a lot of work, and if something goes wrong, you may be stuck paying thousands of dollars for an event that did not happen. The right wedding insurance company can offer you peace of mind regarding the big day.
Whether your wedding is small and simple or an extravagant affair, you have likely invested money into the catering, attire, food, venue and other critical aspects of the wedding.
If the caterer goes out of business the week before the wedding or the limousine breaks down on the way to pick up the bridal party, you can be seriously inconvenienced and need to pay for those services from other companies. The right insurance policy can offer financial protection for certain events, such as:
- Unexpected military duty
- Transportation issues
- Severe weather
- Damaged wedding gifts
- Lost or damaged rings and attire
Assessing Your Needs
Think about your circumstances when deciding on a wedding insurance policy. The cost of the event, time of year or likelihood of sudden deployment can all impact the type and value of the policy. If the insurance plan you choose does not cover everything you need, inquire about additional options.
Every wedding is different, and taking steps to guard against accidents or emergencies can help ensure your special day goes as smoothly as possible.
If you’ve recently had insurance force placed on one or more of your policies, you may be interested in understanding what the limits are of this coverage and the purpose that it serves for lender placed insurance companies. Lenders typically place this insurance when they require an extra security blanket on a given policy. Here’s what you should understand about lenders’ motivations and limits in force-placing insurance.
Lender-Placed Protections Offer Your Lenders Additional Financial Security
For most lenders, force-placing protections functions as an extra financial safety net in case other coverage falls through. Force-placed insurance typically provides:
- Financial protections for the lender in case the homeowner fails to make payments or maintain insurance coverage
- Security for the lender in the event of policy expiration, cancellation or lapse
- Safety measures against borrower oversight, risky properties or insufficient overall coverage
There Are Several Common Types of Force-Placed Insurance
Despite the umbrella-sounding name, force-placed insurance comes in several different types. The main variants that you may be more likely to encounter include:
- Lender-placed coverage
- Collateral protection insurance
- Creditor-placed insurance
Many lender placed insurance companies opt to force-place insurance in policy situations that could otherwise be risky for them. These key facts could help you better understand the limits of this unique form of insurance coverage.
Whatever type of restaurant you operate, having the right hospitality insurance is essential to make sure you avoid serious financial and legal hits in case the unexpected happens. If you’re currently browsing through restaurant insurance programs and don’t know which aspects to focus on, here are the main steps to securing the insurance every restaurant needs.
Find a Comprehensive General Liability Policy First
As a baseline, every restaurant should secure a comprehensive general liability policy. General policies provide broad protections for some of the most common scenarios restaurants may encounter, such as bodily harm or property issues. For example, most general liability policies cover:
- Slips and falls lawsuit coverage
- Bodily injury on site
- Foodborne illness claims
- Alcohol-related claims
- Property damage
Consider Adding On Other Hospitality Protections as Needed
Your restaurant may require additional protections beyond what a general policy can provide. In this case, look for extra hospitality coverage that addresses your needs. For instance, you may be able to bundle together:
- Liquor liability coverage
- Excess liability coverage
- Assault and battery coverage
- Products and completed operations coverage
In the hospitality business, securing the right restaurant insurance programs can make all the difference in the event of a slip and fall on the property, damage to the physical building and more. Review these simple steps to find the appropriate coverage for your restaurant today!