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    NEED COVERAGE, LIKE YESTERDAY?

    Whether you just closed a huge new account or if you are moving into that sweet new office; chances are you need proof of insurance - and you need it fast!

    Here @ Insurance4Technology, we utilize the best insurance tech available to turn around customized quotes catered to your exact needs in hours, not days.

     
    Wednesday
    Aug142013

    A Shared Office Doesn't Mean Shared Insurance: Why Small Business Owners Need Their Own Coverage

    If you are like thousands of small business owners across the country, you may have a shared or communal office that you work from full time or part time. The high cost of real estate in most major cities is making shared offices a great avenue for many small businesses and one person operations. 

    There are huge benefits to sharing an office like:

    • Lower rent costs
    • Lower general overhead
    • More impressive street address than a home office
    • Ability to use the shared office as your Hub between client visits
    • Faster wifi than Starbucks (hopefully)
    • FREE coffee (with paid membership)

    Just because you pay monthly fees to belong to the shared office does not mean you are automatically granted insurance coverage. Sure, if you have a customer over to your space, the facility probably carries insurance that would respond if the customer is injured due to their negligence. However, you likely do not have coverage when you go to see your customers and for your business operations. If you are a consultant your advice and personal and advertising are definitely not covered. 

    You are also likely not covered for your business property. Say you leave your seat for a cup of that free coffee and come back to discover your brand new laptop and bag are gone! Good luck getting the property owner to cover you. They probably have it spelled out in there agreement that they are not responsible for lost of stolen property. And how much is the data on that laptop worth to you or someone else (see previous post).

    The reality is that most small businesses can get basic General Liability and property coverage for about $40 per month. Think beyond losing a laptop for a minute. Think about losing everything if you are sued in the course of business. If you participate in a shared office community, that is great! We think these are perfect incubators for destined to be amazing businesses. However, on your way to greatness, you really should protect yourselves and be insured. If you have any questions about small business insurance or otherwise, please contact us for a consultation. We love helping small businesses stay protected to be able to grow!

    Tuesday
    Aug132013

    The Million Dollar Laptop

    There are likely laptops out there that are physically worth a million dollars or more. However, I am referring to the laptop with valuable data on it that can be worth millions to a thief. Do you take a laptop with you regularly on business and travel? If you are a business owner, what's your policy on securing sensitive company and client data on your and staff's equipment? The information on your employee's laptop could be very valuable to identity thieves or someone willing to sell the information to say a competitor.

    We are in the middle of the information era. Businesses are relying on computer systems to store, share and process almost every transaction imaginable. Even if you are not in the financial sector and think you are not at risk for data theft or network security, here are some questions to ask:

    • Do we collect client social security addresses, dates of birth, driver's license numbers, home addresses, email addresses, or any other information that could be deemed sensitive?
    • Do our employees have access to sensitive information remotely?
    • Do employees use their smart phones for business? Are we able to do a remote wipe of information should their devices be stolen or disappear?
    • Do we have adequate company policies and procedures in place relating to accessing information?
    • Do we physically or digitally shred documents that possess this sensitive information when we are done with them? 

    We are seeing more and more companies requiring our clients to have Network Security and Privacy Insurance. This coverage is designed to cover a data breach after the loss of information and can protect an insured from the loss of information and the clean up involved even if no breach occurs. Did you know it can cost thousands of dollars to notify individuals of a data breach where they could be at risk? In most states you are required to physically mail notification of the data breach to those affected. Some businesses go further and offer credit score reporting to affected parties so they can be sure their credit and or identity were not compromised. Let's say your employee lost a laptop with 5,000 client names and social security numbers (or some other private information). The cost to mail would be in the $3,000 range alone not considering the time involved. If credit reporting was mandatory of offered it could be an additional $125,000! 

    Whether you are required to carry Network Security and Privacy Insurance or not, it may be time to consider adding it to your coverage portfolio. Every business seems to have some exposure to data compromise. Your laptop may not look like a million dollars, but you would be surprised of it's true value... Please consult with us if you have any questions on this or other risk that your business faces.  

    Monday
    Aug122013

    Let's Demystify "Hired and Non-owned Auto Liability"

    Hired Auto and Non-Owned Automobile Coverage

    Hired Auto and Non-Owned Auto coverages are usually added as endorsements on a General Liability policy. These types of coverage meet contract requirements for Commercial Auto coverage when the company has no vehicles titled in its name.

    What is Hired Automobile Coverage?

    Hired Auto coverage can either supplement or replace a car rental agency's liability coverage. We are often asked by clients if the physical damage coverage from the rental agency should be purchased... Because Hired Auto insurance doesn't cover physical damage to a rented vehicle, it still makes sense to purchase the rental agency's physical damage coverage. The Hired Auto policy's liability coverage protects only your company, not the employee driving the rented vehicle. As such, it supplements the driver's own auto liability coverage. Just as if he or she were driving a personal vehicle, in the event of an accident, the employee would still be personally liable for injuries or property damage to third parties. Hired Auto physical damage can sometimes be endorsed on a Business Owner Policy as well depending on the carrier. 

    What is Non-Owned Automobile Coverage

    Non-Owned Auto coverage protects your company should it be sued due to an auto accident while one of your employees is on company business in a personal vehicle. Unlike a personal auto policy, this coverage will not protect you or your employee. As with Hired Auto coverage, this coverage protects the company only and supplements the driver'spersonal auto liability coverage.

    Auto liability coverage may be described in your contract in this way: "Contractor shall carry bodily injury, property damage, and automobile contractual liability coverage for owned, hired and non-owned autos with a combined single limit of liability for each accident of not less than $1,000,000."

    Why You Need Hired and Non-Owned Automobile Coverage

    If an employee of your company has even a minor to serious auto accident in their own vehicle or in a rented vehicle while on company business and their personal insurance is not enough to cover the claim, your company can be held responsible. These claims can be catastrophic and the cost of this insurance is typically less than $150 per year. Every business owner likely has some exposure and should seriously consider this coverage. 

    Saturday
    Aug102013

    NEED A CERTIFICATE OF INSURANCE ASAP?

    When you get a request for a certificate of liability insurance, don't wait on an agent. With Insurance 4 Technology, you can typically obtain a certificate of liability insurance the same day. Technology based business moves fast and so should your insurance agent/broker. 

    The Certificate of Liability Insurance (COI) is a document that indicates your coverage amounts, carriers and policy effective dates. A Certificate Holder is typically a client who wants to be named on the insurance certificate to assure that they will be contacted if your policy cancels prior to the renewal date.

    Typical Contract Language. "Certificates of Insurance. Certificates of Liability Insurance evidencing the required coverage and limits shall be furnished to Client prior to the commencement of any work hereunder and shall provide that there will be no cancellation or reduction of coverage without thirty (30) days’ prior written notice to Client."

    Additional Insured status extends coverage to your client under your General Liability policy in the event that they are sued as a result of a bodily injury or property damage claim you cause while doing work on their behalf. If, for instance, your client is sued as a result of an injury you cause while you are at their client’s site your client will be defended under your policy just as you are.

    Typical Contract Language. "Insurance required will name Client as an additional insured with respect to Client's insurable interest, will be primary or non-contributory regarding insured damages or expenses, and will be purchased from insurers of sound internationally recognized financial standing."

    Some insurance requirements can be difficult to understand. We help our clients understand what is being asked of them and if they meet the requirements.

    Need proof of insurance coverage? Request your certificate of liability insurance today. If you need to keep up with your client demands, you need an insurance broker that can keep up as well. 

    Want to see an example of a certificate of liability insurance?

    Friday
    Aug092013

    What is D&O Insurance, and Why Do We Need it?

    What is D&O Insurance?

    Directors and Officers Insurance, also known as D&O liability insurance can protect technology companies from damages resulting from their wrongful acts or alleged acts they may have committed in their positions. The policy primarily provides protection in the event of any actual or alleged error, misstatement, omission, or breach of duty.

    We are a small company, do we really need D&O insurance?

    Directors and officers liability insurance is needed when a board of directors is assembled. Investors usually require that you have directors and officers liability insurance as part of the conditions for funding your company. Even if there are not private or public investors, D&O insurance could be added protection for the owners of the business against potentially damaging decisions made by the board. During the R&D or infancy stages of business you may not feel you are exposed, but premiums are typically lower the smaller you are. This is the time when major business decisions are made so it is wise to at least consider picking up this valuable protection. 

    Claims from clients, employees or stockholders may be made against any company and against the directors and officers of a company. Most directors and officers will want to be covered rather than risk their personal assets since a director or officer can sometimes be held responsible for acts of the company.

    What does directors and officers liability insurance cover?

    Criminal, administrative, civil, and regulatory proceedings based on actual or alleged acts, errors, omissions, misstatements, neglect, or breach of duty committed or allegedly committed by a director or officer are covered with directors and officers liability insurance.

    How much coverage do we need?

    Most D&O policies are for coverage of $1,000,000 and carry a deductible of either $5,000 or $10,000 per claim. Depending on your business size and need coverage and deductibles can be placed accordingly.

    We already have E&O Insurance, isn't it the same thing?

    Directors and officers liability insurance is often confused with professional liability insurance or errors and omissions (E&O) coverage. The two are not the same; professional liability/errors and omissions coverage applies to performance failures and negligence with respect to products and services, not the performance and duties of the executive team (as with directors and officers liability insurance).

    Insurance 4 Technology can help...

    We insure hundreds of businesses big and small. We have helped secure Directors & Officers liability insurance on various types of businesses and have access to the top carriers offering this important coverage. If you have questions about D&O Insurance or would like a quote for your business, please contact us here


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