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Business Storm Insurance and Storm Safety Tips

April 20, 2022 Blog

As business owners prepare for the spring season, it’s important to keep potential weather hazards for businesses in mind. From severe thunderstorms and tornadoes to flash flooding, spring storms can pose a serious threat to businesses of all sizes. By taking some simple precautions, however, business owners can weather the storm and help keep their employees, property, and operations safe.

best business insurance with storm protection near me

An essential part of your business plan should be the best storm insurance for businesses. Business insurance can help to protect your most valued assets in the event of storm damage. It can cover the cost of repairs, lost inventory, and business interruption. It can also help you to recoup some of the cost of rebuilding after a disaster. The top business insurance policy will be tailored to the specific needs of your business and should take into account the value of your business, the type of business you run, and the risks associated with your location. By working with an experienced insurance agent like those at the Business Insurance Center, you can make sure that you have the coverage you need to protect your company in the event of a storm.

Business Storm Preparation List

Here are some spring storm safety tips and techniques to help businesses prepare for storms.

  • Create an emergency plan and make sure all employees are aware of it. The plan should include a plan for a variety of circumstances such as shelter-in-place, power outages, floods, etc. Employees should know evacuation routes, safe areas to shelter in, contact information for key personnel, communication protocol, and so on.
  • Inspect your commercial property and make repairs as necessary to help protect against wind and water damage. Dead trees, structural issues, and unsecured materials can become airborne hazards during windstorms. Keep your gutters and drains clean to help prevent flooding.
  • Sign up for severe weather alerts. If severe weather is in the forecast or you get an alert, be sure to secure the workplace by closing windows securely, bringing outdoor furniture inside, clearing out storm drains, moving equipment into safe zones, etc.
  • Stock up on emergency supplies such as food and water in case of power outages, shelter-in-place, or other disruptions. Get an emergency kit for the workplace containing flashlights, water, a first-aid kit, blankets, extra batteries, tools, and current contact information for state and local entities.
  • Invest in a backup generator on hand in case of power outages.
  • Back up any critical data often to help retain and protect data.
  • Review your business insurance coverage and make sure you are adequately protected against storm damage. An experienced business insurance broker can assist you in properly planning for the potential impact of severe weather. Call Business Insurance Center today and we’ll ensure there are no gaps in your business insurance coverage for storms.

Business Insurance with Storm Protection for the Gulf Coast

The Business Insurance Center is thrilled to announce that we now offer comprehensive business insurance plans WITH storm coverage! Businesses along the Gulf Coast face unique storm threats that require greater coverage to ensure you don’t incur losses from storms. With your needs in mind, we’ve created business insurance policies that include storm protection. Give us a call or click for a free business insurance quote today!

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Distracted Driving Awareness for Commercial Fleets 2022

April 20, 2022 Blog

Distracted driving is an all too frequent occurrence that poses a threat to all drivers on the road. This month is National Distracted Driving Awareness month and this provides the opportunity for individuals and employers to explore ways to be safer on the road. According to the National Highway Traffic Safety Association, over 3,000 deaths in one year alone are caused by distracted driving. Given these statistics, it’s imperative that everyone take into consideration the risks associated with distracted driving and how to mitigate them.

Driving safety is of even more importance for commercial fleets and businesses that require employee driving. Besides the threat to employee’s lives and others on the road, distracted driving on the job can incur other costly risks for employers. Understanding these risks and implementing proper prevention measures is imperative for employers in order to decrease distracted driving losses and keep their employees safe on the road. Discover what you, as a business owner can do to promote safe driving practices and save lives!

best commercial auto insurance near me

Tips for Reducing Business Auto Risks 2022

For companies that depend upon employees to drive, distracted driving losses are a serious concern. First and foremost is the safety of your employees and others on the road. Another consideration is the fact that distracted driving is one of the factors that affects the cost of fleet insurance and causes business profit losses. Data gathered by Advisen indicates that for businesses, the median cost of a distracted driving loss ranges from $1.2 million to $2 million. If you own a business in the transportation and warehousing industry, it would be beneficial to take these costs into account, as your industry is reported to have the largest proportion of distracted driving losses, averaging at 36% of all losses.

In order to reduce distracted driving losses for businesses, you as a business owner and employer can consider some simple prevention measures:

  • Utilize technology such as phone blocking technology or distracted driving detection technology within work vehicles.
  • Create a company distracted driving policy that forbids using devices while driving, as well as eating, reading, or any other activity that takes attention off the road. It’s vital to communicate these policies to employees through clear and accessible written documents.
  • Ensure that no business is conducted while driving. Business leaders need to lead by example and refrain from answering emails and texts while driving, and avoid contacting employees while they are driving.
  • Follow all state and federal driving laws for commercial vehicles. Many states have laws that ban texting while driving and some have laws against all handheld devices. The Federal Motor Carrier Safety Administration also forbids texting and using handheld devices for commercial motor vehicle drivers. Ensure that your employees are following all laws in order to increase driving safety and avoid costly fines.

Top Commercial Fleet Insurance Agency

Reducing costly risks and increasing the safety of your drivers is imperative for your business. Decreasing distracted driving is just one of the ways you can protect your business from financial loss from vehicle operation. One other method to protect your business is to get the best commercial fleet insurance policy that provides complete coverage. Business Insurance Center is here to assist you in tailoring a customized business auto insurance plan for your unique needs. Our years of experience in the industry have given us the expertise required to get affordable business vehicle insurance that offers the most coverage. Give us a call today and keep your valued assets protected on the roads!

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Insurance for Contractors 2022

March 23, 2022 Blog

As an electrical contractor, you know that your industry is complex. The nature of your work leaves you exposed to unique risks and one way to mitigate those risks is by getting comprehensive construction insurance coverage. The Business Insurance Center is here to explore the common risks electrical contractors encounter and explain more about the insurance products that can best protect you and your business.

What Types of Insurance Do Contractors Need?

Electrical contractors need the right insurance coverage to protect yourself and your business. But what exactly should you be insured against? And how much coverage do electrical contractors need? In order to determine what insurance is necessary for electrical contractors, it’s vital to first examine the risks that you face in this industry. 

worker

Injury: A common risk electrical contractors face is injuries that occur to either employees or third parties. Employees may be injured while performing their duties, and third parties may be injured on the project site.

Equipment Theft: Tools and equipment run the risk of being stolen if they’re left at an unsecured job site.

Equipment Breakdown: With all the equipment electrical contractors use, unexpected breakdowns are common and can cause work delays. 

Property Damage: During a project or after completion, damage may occur to a client’s property. For example, a faulty wiring job could cause later fire damage.

Auto Accidents: Accidents in work-related vehicles could lead to injury or death, or the vehicles involved could require complete replacement. 

In light of all the risks you face, it’s imperative to have insurance that will cover profit loss, medical costs, equipment replacement, and more. Each situation is unique, so contact Business Insurance Center agents today and we can create a customized electrical contractor insurance policy that will cover you completely, leaving no gaps. 

Best Electrical Construction Insurance Plans Near Me

Business Insurance Center provides the following insurance for electrical contractors. You can select an electrical contractor comprehensive insurance plan or simply choose the few insurance products that are necessary for your company. Some of the suggested insurance plans for electrical contractors include:

General Liability for Electrical Contractors: This is insurance coverage for legal claims of injury or property damage from your operations. If you work in occupied buildings, people come to the worksite, or you have an office, you are at risk for such claims. General liability insurance also provides coverage for reputational harm or advertising injury claims.

Commercial Auto Insurance: If you have a fleet of work vehicles, it’s a must to protect your vehicles and your drivers with a proper insurance plan.

Workers’ Compensation: Workers’ compensation is critical coverage, as it takes care of injured employees in the event of a work-related accident. It will pay medical bills for such injuries or illnesses, and compensate the employee for lost wages.

Completed Operations Insurance – Electrical Contractors: This protects you from potential later claims on completed work. Electrical fires are one of the main concerns you may face and this insurance would provide coverage. 

Property Insurance for Electrical Contractors: Property claims are common in the construction world, stemming from damage to a company’s physical assets, including owned buildings and the business property, If you do not own your commercial property or if you work out of your home, your equipment and tools can still be covered under such a policy.

Don’t leave your valued clients and the business you worked so hard to build to chance! Get the best insurance coverage for electrical contractor businesses with a free insurance quote from our team at the Business Insurance Center today!

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How Inflation Affects Business Insurance Costs

March 18, 2022 Blog

The pandemic has had worldwide effects on labor and supply trends which have trickled down on our economy. One of the outcomes we’re currently facing in 2022 is inflation. Inflation touches every aspect of life in the United States and business insurance is no different. Commercial insurance market costs have increased significantly in the past year, causing consequences for insurers and policyholders alike. Business Insurance Center wants to keep you informed on what to expect in business insurance in 2022 so that you can continue to make the best decisions for your cherished company. Let’s explore the effects of inflation on the business insurance market 2022

Business Insurance Trends 2022

The commercial insurance market has been affected by reduced reserve levels, weaker underwriting performance, and unpredictable claims trends. All of this has resulted in losses for insurers and greater costs for businesses seeking or holding insurance policies. Yet the consequences are not equal across the board. Certain lines of coverage for businesses are affected more than others. Business Insurance experts predict there are two insurance lines for businesses that are at higher risk for inflation consequences.

Commercial Property Insurance Costs 2022

Property insurance costs will likely increase due to the fact that the cost to repair or rebuild structures following a loss has risen substantially. Worker shortages in the construction industry have led to increased labor costs and simultaneous supply chain issues (mainly for essential building materials) have resulted in the skyrocketing of the price of building materials. Lumber and steel, floor and window coverings, major appliances, and general construction materials are some of the hardest hit by price hikes. With property loss costs, insurance companies are facing low underwriting results which typically leads them to increase the cost of property insurance for policyholders. Insurers may also add more restrictive coverage limitations as an added protection for losses. All in all: your commercial property insurance prices will likely increase in 2022. 

Current Commercial Auto Insurance Prices 

business insurance costs 2022

If you’re in the market for a personal or commercial vehicle, you’ve likely witnessed the skyrocketing costs for vehicles. This is mainly due to auto industry worker shortages which result in increased labor costs and supply chain disruptions for several critical vehicle parts and thus vehicles overall. Most specifically, auto parts, motor vehicle repairs, and used cars and trucks have become hard to find. Of course, these disruptions flow into the auto insurance market as well, where vehicle repair expenses and related claim costs have jumped. Since people began traveling and working again more post-pandemic, accident frequency and the severity of such accidents have risen, resulting in higher medical and overall claim costs. This has also occurred in the commercial fleet insurance arena. What does that mean for commercial auto insurance? Of course, increased loss for auto insurers leads to increased insurance costs for businesses with fleet vehicles. As a business owner who needs to purchase commercial fleet insurance, you’ll likely pay a higher premium and have more limitations on your insurance coverage. 

Best Business Insurance Company 2022

While commercial property and commercial fleet insurance are poised to be the most affected by the current insurance inflation trends, all lines of coverage for businesses are likely to see an increase. It would be prudent to shop around and compare business insurance quotes so that you can get the best priced business insurance policy for your needs. 

Don’t worry, it’s not too late! Business Insurance Center offers Commercial Fleet Insurance and Commercial Property Insurance at affordable prices with complete coverage! Business Insurance Center serves industries of all kinds with affordable business insurance across the United States. Give us a call today or click for a free business insurance quote and get your company set up for complete coverage in 2022! 

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Tips for Reducing Business Data Exposures 2022

February 11, 2022 Blog

Every day, businesses produce and transmit mountains of data. From customer contact details to financial information to trade secrets, this data is vital to the success of any company. With so much data being created and transmitted, it’s no wonder that data breaches are becoming increasingly common. So what can business owners do to reduce the risk of business data being exposed? Business Insurance Center is here to provide helpful hints for businesses on how to avoid data exposures.

How to Increase Data Protection for Businesses

Cyber security threats and trends are an ever-evolving landscape as technology continues to advance at alarming rates. Thus, it’s critical for companies to assess data protection practices and create cyber security processes to protect your business from data breaches that are costly and damaging. So what can you do to protect your company from data exposures? Check out our tips for increasing data protection!

  • Provide cyber security training: Employees are your first line of defense against cyber threats. It’s often through employees that malicious links are clicked or fraudulent software is downloaded. Train your staff on common cyber threats and how to respond. Go over the dangers of visiting harmful websites, leaving devices unattended, or sharing personal information. Also, provide clear business cyber security policies and how to report suspicious activity.
  • Get cyber vulnerability assessments: This is an effective way of evaluating your company’s data exposures. Vulnerability assessments use simulated cyber-attacks and stress tests to determine potential entry points into your system. Security experts use the results to provide recommendations for improving an organization’s network and data safety.
  • Patch systems regularly: Cybercriminals often gain entry into business systems by exploiting software vulnerabilities. To help prevent this, update applications, security software, operating systems, and firmware on a regular basis.
  • Back up data: Having backup files of all your business, client, and/or proprietary data is a crucial form of protection in the event that your system is compromised.
  • Create an incident response plan: While business cyber security programs help secure digital assets, having a cyber incident response plan provides clear steps for employees to follow if a cyber event occurs. Response plans enable organizations to quickly and efficiently notify impacted customers and/or partners which can limit financial and reputational damages.
  • Install antivirus software and update it consistently: Research to determine which software best suits your business needs.
  • Create strong passwords and use multi-factor authentication: Teach your employees how to create strong passwords using symbols, numbers, and capitals and mandate routine password changes. Further prevent cybercriminals from gaining access to your employee accounts with multi-factor authentication.
  • Provide training on safe web browsing: Employees should be trained on proper web browsing, taught how to identify fraudulent websites, and interact with secured websites only.

Best Business Cyber Insurance Company

reduce data breaches

As a business owner, you know that data security is a top priority. Unfortunately, data breaches are still all too common. While the ways we just explored can reduce your risk of cyber exposure, the last line of defense (and perhaps the most important) is a cyber security insurance plan in the event of a data breach. Having the proper insurance for cybercrime gives your business the ability to bounce back and recover losses that result from the breach. Business Insurance Center provides top rated cyber risk insurance for businesses across the United States. Our policies are customized and tailored to meet the unique needs of your industry and your particular business. Click now for a free cyber insurance quote or call one of our knowledgeable agents. We’re in the business of protection!

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How to Mitigate Business Risks during the Labor Shortage 2022

February 11, 2022 Blog

The United States is currently facing a labor shortage crisis. At the end of 2021, 11 million workplace positions were unfilled in the U.S. alone. You’ve probably faced the consequences of this low workforce whether you’re an employee, customer, or business owner. Lack of production, long waits and delivery times, limited goods, haphazard service, and overworked employees make for a difficult business environment for everyone involved. As a business owner, you face even greater challenges with struggling to stay open, searching desperately for employees, and worrying about risks your business faces during the 2022 labor shortage.

You’re most likely thinking a lot about your bottom line and creatively seeking ways to stay productive as a business with fewer employees. What you may not have considered is that your shortage of employees may also be creating liability risks for your business. Business Insurance Center experts are here to break down the unique liability risks your business faces during this labor shortage crisis. We’ll discuss how employee shortages impact business liability exposures in 2022 and the steps you can take to minimize these workforce concerns.

reduce liability risks due to labor shortage

Labor Shortages Affect Liability Risks

Your shortage of employees may be creating liability risks for your business. What does that mean and what risks do businesses face in 2022 due to the labor shortage?

Your business faces a number of issues due to staff shortages:

  • You are forced to schedule fewer employees for each shift, leaving existing employees spread thin, stressed out, and downright grumpy!
  • Lower production, service delays, or missed deadlines due to fewer workers
  • Overworked staff are less likely to be high producers
  • Employees are more likely to find fault with your leadership practices, opening you up to more costly Employment Liability claims
  • Lesser-skilled or unqualified employees may be hired to fill job openings
  • Increased workplace accidentsunderqualified workers increase the risk of employees skipping safety steps or making careless errors and resulting in liability risks
  • Unhappy customers mean increased liability risks or lawsuits

Minimize Liability Risks Due to Labor Shortages

There are a few steps you can take as a business owner to attract new employees and minimize the business risks associated with staff shortages.

Tips for attracting new employees and keeping your current staff:

  • Offer more pay to potential employees
  • Increase your Employee Benefits package with a customized policy
  • Provide incentives for existing employees
  • Limit business hours so your staff is not overworked
  • Schedule check-ins and reviews with employees to ensure communication and employee satisfaction

How to decrease business liability risks caused by the labor shortage:

  • Ensure effective employee onboarding practices
  • Provide adequate training for new employees
  • Review training and safety procedures consistently
  • Get Employment Practices Liability insurance to protect against employment-related claims
  • Increase your Workers Comp insurance with Business Insurance Center to cover liabilities
  • Add a measure of quality control to ensure your products are satisfactory

Business Insurance Center offers a variety of customized business insurance packages for a wide range of industries. All it takes to protect your business during the labor shortage crisis is a click to get a free business insurance quote! We’re here for you!

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Cyber Risks for Businesses in 2022

January 13, 2022 Blog

Did you know that cybercrime is predicted to cost businesses around the world $6 trillion this year? That’s a lot of money, and it’s no surprise that businesses are starting to take their cyber security more seriously. Why are the experts predicting an increase in cybercrime in 2022? The pandemic changed the world in myriad ways and increased cybercrime is just one of them. Many companies moved and have stayed predominantly online. As a result, our market (and lives in general) have become more digitized which has made us more vulnerable to data breaches and other cyber risks.

The problem is many business owners don’t know where to start when it comes to protecting a company from cyber risks. Don’t worry – we’re here for you! Business Insurance cyber risk experts are here to discuss some of the top cyber threats to businesses in 2022 and how you can protect your company from them.

Top Cyber Security Threats 2022

According to a study by IBM, 61 percent of businesses say they anticipate a cyberattack in the next 12 months. From ransomware to data breaches, businesses need to be aware of the many cyber dangers you’ll face as you continue to operate online. Cyber security is becoming increasingly important, and businesses need to be prepared for anything that could happen. So, what types of cyber threats might your business encounter in 2022 and what steps can you take to protect your company from potential cyber risks? Read on to find out! cyber threats for businesses in 2022

  1. Ransomware is the fastest-growing cybercrime. Victims facing ransomware crimes paid out over $600 million in the first six months of 2021 alone and these numbers are predicted to increase this year.
  2. Remote work or hybrid business approaches also create new and increased cyber risks for businesses. Businesses are now largely at risk for data breaches where company and client information is compromised. Businesses that have weak technologies or a lack of protocols for cyber security are more vulnerable to such risks.
  3. Cybercriminals will always adapt! As cyber security continues to evolve and improve, so will hackers. With ransomware and other attacks becoming more sophisticated, it’s important for businesses to stay current on the most effective cybercrime protections.
  4. Phishing attempts, identity theft, and post-disaster scams are predicted to increase, as cybercriminals take advantage of the fact that times of emotional stress make individuals and businesses more vulnerable to falling for such schemes.
  5. Due to supply chain shortages, high-demand products pave the way for cybercriminals to create ways to impersonate vendors in “selling” these products. People are more likely to fall victim to such crimes in attempting to secure the product they desperately need. Legitimate businesses may be utilized by cybercriminals in such nefarious endeavors if proper cyber security precautions are not in place.

Best Cyber Risk Insurance 2022

Pandemic disruptions and resulting changes in the business world have increased cybercrime around the globe. As a business owner, you have to improve your security protocols and have a data breach response plan in place so that you’re prepared for any scenario. Most importantly, it’s vital to have a cyber risk insurance policy in place to cover your costs should any such crime occur. For the most comprehensive cyber security insurance and for sound advice on what coverage your company needs, contact Business Insurance Center today! With just a click or call, your valued assets can be protected against cybercrime.

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2022 Workers’ Comp Insurance Rates

January 13, 2022 Blog

Do you own a business? If so, then you know that workers’ comp coverage is a must. Workers’ compensation insurance is a vital part of any business. It provides coverage for employees who are injured on the job, as well as protects the company. But what will the landscape look like in 2022? Business Insurance Center is here to take a look at some of the trends that are likely to impact workers comp insurance in the coming year. We’ll also provide tips for business owners who are looking to purchase workers’ comp insurance. So whether you’re thinking about renewing your policy or shopping around for a new one, read on for some insight into what you can expect.

What to Expect in Workers’ Compensation 2022

Workers’ compensation insurance rates tend to stay fairly consistent over the years. Looking ahead, experts predict that workers’ compensation costs in 2022 will continue to remain fairly stable. As past years’ workers’ comp insurance rates indicate, there will be some minimal rate decreases or increases in specific organizations. 2022 will also bring some new and unique trends as a result of the pandemic that are important to watch to keep your business ahead of the curve. 2022 workers comp insurance trends

  1. More Mega Claims: A mega claim is an exceptionally large claim, usually consisting of $3 million or more in incurred losses. In workers’ compensation insurance, these claims are usually regarding employees who experience severe (and potentially permanent) injuries on the job. These mega claims have reached a 12-year high and have increased in both frequency and severity.
  2. Increased Telemedicine: Since the pandemic, telemedicine has increased exponentially in popularity. This has enabled employees to receive medical services virtually after they’ve been injured on the job. The COVID-19 pandemic has made telemedicine commonplace and continues to be an appealing option for employees to receive medical services without physically visiting a doctor’s office or struggling to find clinic availability. A total of 25 states have expanded telemedicine offerings for treating occupational injuries. Of the patients who currently use telemedicine, 83% report they plan to continue doing so even after the pandemic ends.
  3. Wearable Safety Technology: One of the largest pushes in the world of workers’ comp best practices is an increase in wearable safety technology. This technology was implemented in an effort to minimize employee injuries and subsequent workers’ compensation claims. These devices serve several useful purposes, including monitoring employees’ behaviors on the job, alerting employees of hazardous situations, and providing real-time safety instructions. This amazing technology has worked wonders in fostering a safer work environment, mitigating injuries, and lowering workers’ compensation costs. The wearable technology market is projected to reach $60 billion by the end of this year.
  4. Qualified Worker Shortage: There have been major labor shortages since the onset of the Covid pandemic. The U.S. Bureau of Labor Statistics reported more job openings available in 2021 than in the last two decades. The result of a lack of qualified workers has led to employers hiring inexperienced workers and having limited time for proper training. This comes at a high price: increased workers’ compensation risks. Statistics indicate that 43% of workplace injuries involve employees with less than five years of work experience in their field. This is attributed to the fact that such workers often lack years of safety training and may be more likely to take unnecessary risks.

Best Worker’s Compensation Insurance 2022

As a business owner, you’re always keeping an eye on the future. You’re planning for growth, looking for ways to cut costs, and preparing for the unknown. So when it comes to workers’ compensation insurance, it’s important to stay ahead of the trends. The great news is that you’re not doing this on your own. Business Insurance Center is here to help! Contact our experienced agents today and get comprehensive workers’ comp insurance – the type of coverage that protects your business from all the curveballs life may throw!

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Business Interruption Risk – Cyber Attacks

August 11, 2021 Blog

What would happen if your business was interrupted by a natural disaster, an unexpected power outage, a pandemic, or even a technological breakdown? Do you have the financial resources and plans in place to keep it afloat until things get back on track? One of the most rapidly growing ways business operations are being interrupted is by cyber attacks.

Business interruption insurance helps protect against such losses. BI coverage can provide protection for both income lost while operations are halted, as well as employees who may be out of work during that time period – providing some stability when everything else feels (and is) chaotic! This kind of policy aims at helping out with time off and extra payments during times where operations cannot continue. Business Insurance Center provides affordable, comprehensive insurance coverage against cyber attacks and the losses that may result from a business interruption due to a cyber attack.

How Do Cyber Attacks Cause Business Interruption?

As a business owner, does it surprise you to know that cyber attacks can lead to your company’s collapse or bankruptcy? In today’s age, digital data is highly important for many businesses and so are your investments! A recent study found that 80% percent believe they will experience some form of hacking event this year alone. These events could range from accessing personal information such as credit card numbers or social security digits, all the way up to stealing trade secrets like formulas, designs, software codes, etc. When this happens, things can fall apart very quickly.

One of the most effective ways to cripple a company’s operations is by infecting your website. You could have malware that corrupts your site through DDoS attacks (distributed denial of service) that render it inaccessible, or that impedes all inbound and outbound website traffic. Viruses or worms are also able to wreak havoc on networks through the deletion of critical information stored by businesses. Additionally, other businesses whose services you rely on could be the victim of an attack – which affects your business operations.

How Do I Prevent A Cyber Attack?

The dangers of hackers are real and we have to take steps in order to protect our assets. As cyber attacks become more prevalent in the business world, employers and employees will need to be more aware of their company’s digital security. cyber attacks business interruption insurance

Decrease business interruption due to a cyber attack with just a few, simple changes to your business plan. Educate employees about your cyber security policy and prevention strategies, limit employee access to data when possible, and implement strict password policies. Ensure your firewalls, software updates, and routers are current and secure. Formulate a cyber risk management plan and get complete coverage with a cyber liability insurance policy.

How Much Business Interruption Insurance Do I Need for Cyber Attacks?

The best cyber liability coverage picks up where your commercial general liability insurance plan stops. Sure, you can use a cyber business interruption calculator to determine how much cyber business interruption insurance costs or you can just call the experts at Business Insurance Center for assistance!

Regardless of which route you choose, make sure your cyber business interruption policy covers:

  • Ransomware, malicious data activity, and third-party cyber attacks
  • The costs related to data breaches or code loss (and the recovery of data)
  • Income lost during the interruption of operations
  • Loss of profits while inoperational
  • Expenses that continue during the interruption, despite a lack of operation (such as employee wages, property and equipment rentals, etc.)
  • Equipment and software that must be replaced

Best Business Interruption Insurance for Cyber Attacks

Business interruption insurance is the ubiquitous type of coverage for small and large businesses alike. Businesses that are at all susceptible to interruptions in business should strongly consider BI protection, as it can provide invaluable assistance after a disaster, other loss has occurred, or in the aftermath of a cyber attack. Making cyber business interruption claims can be costly and time-consuming, so it’s imperative to have complete coverage with a business interruption insurance company that will work with you to resolve your claim quickly.

At the Business Insurance Center, we aim to keep your financial future secure and your business fully covered for any unexpected events. With cyber attacks on the rise, it’s more important than ever to invest in a cyber business interruption insurance plan. We offer stand alone business interruption insurance and free business interruption insurance calculation with our agents. All it takes is a call or click to get a free cyber business interruption insurance quote. You’ll never regret covering your greatest assets with the Business Insurance Center!

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Best Business Insurance Pricing Tips 2021

August 11, 2021 Blog

When you own a business, property and casualty insurance is your primary safety net! A P & C policy protects your assets and safeguards the financial future of your company. But how do you know that you’re getting the best price on property and casualty insurance? best business insurance providers

Just as with most markets, the insurance industry is cyclical in nature, but it’s important to understand the factors that determine how much you pay for insurance coverage. As an insurer, there are things we can do to ensure you get the best insurance price possible no matter what market conditions prevail. As a policyholder (or potential one), knowing about these options will help you know that you’re always getting excellent value when selecting any product from Business Insurance Center.

What Affects Business Insurance Costs?

As a business owner, it’s important to be aware of what drives the cost of insurance so that you can make the most informed decisions about your property and casualty insurance policies and any other insurance coverage you may require.

The insurance industry cycles in between hard and soft markets. In a hard market, insurance gets harder to find and more expensive. In contrast, in soft markets, the costs are lower or even continue to decrease. This makes it easier for businesses to get coverage during these times.

These cycles depend on a variety of factors, including geography. For example, the market may harden after a natural disaster such as a fire, and the market will harden in that particular geographical location. Insurance prices also depend on the economy in the country and how well it is thriving, versus if it is in a downturn. Other catastrophic events, such as pandemics, natural disasters, and so on also usually cause the market to harden and costs to increase. Insurers claim reserve dollars (money set aside for financially difficult times), as well as supply and demand also affect the cost of business insurance.

How to Reduce Business Insurance Costs 2021

Now that you’re armed with some knowledge about the insurance industry and market trends, you know the importance of being proactive in getting the best value business insurance coverage rather than being at the mercy of the insurance cycle! Let’s explore some business insurance cost reduction strategies to help you get the most affordable property and casualty insurance without sacrificing any coverage. Many of these tips for finding cheap business insurance plans involve risk management and reducing losses.

  • Employ a safety prevention program
  • Build a safe network of support within and surrounding your business
  • Be aware of the management measures and risk financing options you have available
  • Know your business exposures to loss and potential solutions for loss control
  • Develop a claims management plan to quickly respond to loss

If you’re having difficulty with determining how to institute any of the above risk management strategies, contact Business Insurance agents today. Our experienced team would love nothing more than to help develop your business insurance plans, ensuring success for your cherished asset. With a call or click, our expertise is yours!

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If any policy provision is in conflict with the information provide on our website, blog or by any of our agents, kindly note that the policy language is controlling and supersedes all other sources. For more information, please contact your local office of The Nowell Agency.

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