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Cyber Extortion

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Cyber Extortion Cyber extortion is an internet crime in which someone holds electronic files or your business data hostage until you pay a demanded ransom. Cyber extortion is an online crime in which hackers hold your data, website, computer systems, or other sensitive information hostage until you meet their demands for payment. It often takes the form of ransomware and distributed denial-of-service (DDoS) attacks, both of which could paralyze your business. How does cyber extortion work? Cyber extortionists have several common techniques for breaking into your computer hardware, software, and networks and incapacitating them until you pay a fee. One tactic is ransomware, which involves a hacker tricking one of your employees into clicking on a link or file within an email message. This activates the ransomware, which spreads throughout your network, encrypting your servers and data so you can’t access applications and files. The only way to restore access is to pay the hacker fo...
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Occurrence-Based Insurance Policy

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Occurrence-Based Insurance Policy Occurrence-based insurance is a type of policy that pays for losses that occur during the policy period, even if it’s no longer active when you file a claim. An occurrence-based policy covers losses that happen during the time you have the policy, regardless of when you file a claim. It is designed to protect you against long-tail events incidents that could cause injury or damage years after they occur. For example, a chemical spill is a long-tail event because it often takes decades to produce visible injuries or disease. Occurrence-based policies will protect you against such events even if: -Many years pass before injuries or damages become known. -You have switched to another insurance policy or insurer. -You have canceled your insurance and not replaced it with another one. Common occurrence-based insurance policies; Insurers typically use occurrence-based policy forms for general liability, umbrella liability, and commercial auto insurance...
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Equipment Breakdown Coverage

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Equipment Breakdown Coverage Equipment breakdown coverage is a form of commercial insurance that provides funds to repair or replace damaged machinery or equipment that has suffered a mechanical or electrical failure. Equipment breakdown coverage is insurance that protects your company’s computers, electrical systems, production machinery, and other equipment from sudden and accidental malfunctions. It’s designed to cover losses such as short circuits, loss of air pressure or vacuum, or power surges that commercial property insurance typically excludes. Is equipment breakdown coverage the same as boiler and machinery insurance? Equipment breakdown coverage is a newer form of coverage than boiler and machinery insurance, which was introduced when steam boilers were a major source of industrial power. Today, businesses rely on electricity to run a much broader range of equipment, which equipment breakdown coverage is designed to protect. What Types Of Equipment Does This Coverage ...
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Invasion Of Privacy

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Invasion Of Privacy Invasion of privacy is the violation of a person’s freedom to control their image and be left undisturbed in private spaces and conversations. Invasion of privacy is the intrusion of an unwanted individual or business into the private affairs of a person without consent. It’s one of the insurance risks for small businesses covered under the personal and advertising injury section of a general liability insurance policy or with professional liability insurance for some professions. How Can You Protect Yourself Against Invasion Of Privacy Charges? Several liability insurance policies provide coverage for invasion of privacy, including: -General liability -Directors and officers liability -Professional liability -Employment practices liability Make sure you have coverage for invasion of privacy claims in your liability insurance policies. Having an insurance safety net against privacy-related lawsuits will not only give you peace of mind, but it will also save yo...
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General Liability Class Codes

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General Liability Class Codes General liability class codes are used by insurers to classify small businesses according to the risks they face. They help insurers determine the correct price to charge customers for general liability insurance. General liability class codes are numbers that represent small businesses that do similar work and share common hazards. Using research, insurers can predict the losses companies in each code will experience over time. This helps them set an appropriate general liability insurance premium for those businesses. How are general liability class codes different from workers’ compensation class codes? General liability class codes and workers’ compensation class codes are similar in that they both classify businesses by risk to help insurers charge an accurate premium. However, they can only be used for their specific insurance product. For example, an insurer can’t use the NCCI workers’ compensation codes to generate premiums for general liabil...
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Qualifying Event

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Qualifying Event A qualifying event is any change in your business situation that affects your needs for insurance. A qualifying event is a change in your company’s situation that allows you to request policy modifications ahead of your next policy renewal. However, you must report these changes within two months of the event to be allowed to change your policy before its renewal. Insurance qualifying events are important because they allow you to request coverage changes without waiting for your next policy renewal. If your business changes and you don’t update your insurance coverage, you could be exposed to risk. What Are Some Common Qualifying Events? Your business could experience a qualifying event when it adds products or services, hires new employees, expands, or moves to a new building. Other examples of potential qualifying events include: -Changing ownership structure, such as moving from sole proprietorship to a limited liability corporation -Adding a new partner or...
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Stop Gap Coverage

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Stop Gap Coverage Stop gap coverage provides employer’s liability insurance when it’s not included in a workers’ compensation policy. The term stop gap coverage, or a stop gap endorsement, refers to an employer filling a gap in workers’ compensation insurance by purchasing an additional policy. Stop gap coverage protects business owners from lawsuits filed over workplace injuries. Business owners are protected from such lawsuits by employer’s liability insurance, which is typically included in workers’ compensation coverage. Stop Gap Coverage Details Stop gap coverage provides protection against allegations that an employer has not provided a safe work environment. While workers’ compensation pays for job-related injuries, employer’s liability is a separate clause of the policy. It protects the employer from being held liable for worker injury or illness. A workers’ compensation policy from a monopolistic state fund does not include the part of the policy dealing with employer ...
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