Do you need a business interruption insurance policy?

14988411_M (2) A loss from an unexpected event or a natural disaster can leave your business at a standstill. How do you protect your livelihood? After a disaster, you have so many things to consider—business expenses, employee salaries, vendor obligations and other operating expenses. If you are not prepared in advance, you may have to close your doors, at least temporarily. Business interruption insurance can give you peace of mind that your business can continue normal operations after an unexpected loss.

There are a couple ways to get business interruption insurance. You may be able to add the coverage by endorsement to an existing business owner’s policy (BOP) or you can buy a stand-alone policy. Here are a few things this policy will cover for you:

  • Business operating expenses (employee salaries, loan payments, rent, etc.)
  • Relocation expenses to temporarily move if your building or office, fixtures and furniture need repairs
  • Lost business income while your business is closed

There are a few things that a business interruption policy does not cover. These exclusions from coverage may include any losses resulting from flooding, utility outages, earthquakes/hurricanes, glass breakage, fire, theft, or vandalism. In some cases, however, coverage for excluded items can be added to the policy by an endorsement.

If you have extensive damage to your business and won’t be open for some time, you can check into an extended coverage endorsement, which adds additional time to the business interruption coverage if you are going to be closed for longer than 12 months.

Wondering whether business interruption insurance is a good idea for you? Give us a call to review your business coverage. We are here to help! https://accurateprotection.com/

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Why buy a cyber insurance policy?

43434039 - security lock with mobile device, close up.We’ve all heard the staggering losses suffered by major companies attacked by cyber criminals. But did you know that small businesses also are in the crosshairs? In fact, nearly 55 percent of small businesses report having experienced a data breach of some form. A cyber criminal attack can hurt your reputation, your employees, your customers and your bottom line.

Cyber criminals often use malicious software to infiltrate a company’s data files, and then steal sensitive client data such as Social Security or credit card numbers. In some cases, the criminals ransom the data, demanding a payment to return the data or unlock your files. If you collect and store client data of any kind, you are vulnerable.

General liability policies generally exclude cyber liability and even an E&O (errors and omissions) policy will not provide protection for cyber liability. What can you do? To protect your business’ liability interests, it may be necessary for you to purchase a cyber insurance policy.

Cyber insurance can help your company recover losses such as these after a cyber attack:

  • Lost revenue
  • Data loss or destruction
  • Business interruption
  • Equipment damage
  • Legal fees
  • Forensic analysis
  • Public relations
  • Legally mandated notifications to clients

A cyber insurance policy helps cover the cost of notifying your customers of the data breach and helping to restore personal identities of those customers. It also can help with recovering data that has been compromised and repairing the damage to your computer systems. Some cyber insurance policies offer credit monitoring services to your clients after a data breach has occurred.

Interested in protecting your business against the damage of a cyber attack? Let us know. https://accurateprotection.com/

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