Should We Pay The Ransom?

At least one obvious reason not to pay the demanded ransom is there’s no guarantee the hacker will follow through and release the infected computer. These cybercriminals always ask for cryptocurrency as payment, further complicating the issue. Here are some more reasons to never pay a ransomware demand:

• Enforces Recurring Ransoms
• Civil Penalties and Fines
• Recovered Data Could Become Permanently Broken

Be aware that paying off the hackers could land you and your company in some hot water. The U.S. Office of Foreign Assets Control frowns upon paying ransoms so much that they will fine companies in certain situations if they pay ransoms.

Defending Against Ransomware

Having a robust security system for you and your company’s data is crucial. Many companies are relying on the security of clouds set up by big outfits, such as Microsoft, Amazon, and Google because these companies are vigilant about cyber security.

Ransomeware is not something you ever want to deal with on your personal devices or at your business. If you encounter this problem, remember that paying the ransom isn’t the best option.

The post Ransomware Payments Could Hurt Your Company appeared first on Nick's Insurance.

Exploring Professional Liability Insurance

Professional liability insurance can cover claims or lawsuit expenses due to errors, omissions, and other adverse outcomes based on your work product or deliverable. It’s common for architects and engineers that produce design plans to have this coverage. Technical consultants who prepare reports and recommendations also benefit from this insurance, which is also known as errors and omissions or E&O coverage. Some of the advantages of this coverage include the following:

• Policy limits and excess coverage over $1M 
• Coverage of expenses for lawsuit defense
• Tailored coverage for your specific operational needs

Protecting What Matters

The reality is that a client could sue you for an outcome they’re not happy with, despite your best efforts in good faith. You might be that client’s only consultant, but you can’t always manage their expectations. Protect your business’s finances from the threat of litigation and damages with professional liability coverage. 

The post Why Technical Consultants Need Professional Liability Coverage appeared first on Nick's Insurance.

Stay Safe

The first thing you should do is find shelter elsewhere. Homes damaged by snow may present leaks, warped ceilings or cracks that appear and run along interior walls. A home with snow damage is unstable; stay safe by staying elsewhere.

Contact Your Homeowners Insurance Company

Provide detailed notes when calling your homeowners insurance. They will need to know the circumstances, what was damaged, and when. The more information you can give them, the better. 

Your insurance policy likely covers some damage caused by snow, including homes damaged by falling trees and collapsed roofs. However, not all policies cover flood damage from melted snow or ice dams. Your insurance agent can tell you what your particular plan covers.

Clean Up and Record Your Losses

You can begin to carefully clean up your property. Take pictures and document the damages. Remove fallen trees and take care of anything that may cause further damage to your home. An adjuster will look at the property and determine the amount you will receive to make repairs or replace what was lost.

Snow damage can incur significant costs; however, by following these steps, you will be on your way to receiving a fair settlement amount and repairing your home.

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How To Build Your Market

Cultivating a market for niche insurance products requires both effort and strategy. Three important keys can help you accomplish your goals. 

Demonstrate Passion

If you don’t care about your product, how can you expect potential clients to do the same? You must be both emotionally and financially invested in your offerings. Any coverage product you develop should reflect your interests and areas of expertise. 

Stay Informed

Your target audience keeps track of the latest developments impacting them. Why shouldn’t you? After all, you must know what they need from your product. Current events, including new technologies and regulations, can affect and even shift demand. 

Create Products With Real Value

Clients must perceive that they’re receiving significant value for any insurance product. Pair your policy protection with value propositions such as dedicated customer service. 

Developing Your Niche

Niche insurance markets present both challenges and rewards. A well-thought strategy is key to reaching your target audience and achieving buy-in. 

The post Understanding Niche Insurance Markets appeared first on Nick's Insurance.

Type of Employee

Certain types of workers, like freelancers or independent contractors, don’t qualify for workers’ compensation benefits. A staffer or temp employee may not receive benefits from their placement. Instead, they could receive them from their staffing agency. 

Time and Circumstance of Injury

Generally speaking, an employee qualifies for workers’ compensation if they were injured on the job, during working hours. If an employee gets in a car accident commuting to work, they would not qualify for worker’s comp. The commuting took place outside of work hours. 

If the employee is intoxicated, this may disqualify them from receiving worker’s comp. Recreational activities could also disqualify an employee. For example, if an employee tears their ACL at the workplace club soccer game, this wouldn’t count.

While many circumstances require workers’ compensation, there are several that are not covered by workers comp. That is why it is important to have all involved document the scene, and conduct a thorough investigation into what happened. 

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Windows Are Your Enemy

Who doesn’t love windows? They make a home bright and cheerful. Windows are also the weak point in your house’s insulation. They are thin and provide very little protection against outside temperatures. In addition, all that light comes with plenty of heat, straining your air conditioning.

To reduce the heat entering and cool lost through windows, cover them up with shades or curtains. The inside of your house may be darker, but the extra layer of protection will go a long way toward keeping your home cool and a pleasant place to relax.

If curtains aren’t an option, consider putting foliage outside your windows. A well-placed tree or bush can cast the perfect amount of shade, blocking sunshine from entering a window directly.

Summer is a time for fun, not worrying about bills. Control the temperature fluctuation through your windows to maintain comfort without breaking the bank.

The post The Best Way To Stay Cool This Summer appeared first on Nick's Insurance.

1. Write a Business Plan: defining your goals and having a plan to achieve them is always the first step.
2. Register Your Business: each state has its own process for you to follow in order to register your business as a corporation or LLC .
3. Prepare for Taxes: file the paperwork to obtain an Employer Identification Number.
4. Open a Business Bank Account: once your registrations are complete, chose a bank to open commerical accounts for your company.
5. Set up Accounting: many software programs are available to help you keep you own books; alternatively, hire a bookkeeper to help you.
6. Get the Necessary Permits & Licenses: your city or county clerk can help you determine which permits and licenses you need to operate legally.
7. Purchase Insurance: contact your trusted insurance professional andbe sure that you are fully covered in case of accident or injury.

It’s time to find your first client and officially launch your business. By following these seven steps you are prepared for success.

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Consider Natural Disasters

When first looking into your options with insurance, you might find that it is best to begin with a standard plan. While this is fine in many cases, you will often discover that the coverage does not include all of the risks you are likely to face. If you live in an area where earthquakes are a possibility, then you may be surprised to learn that the average homeowners’ policy does not include this natural disaster. Taking out parametric earthquake insurance can make a world of difference when it comes to feeling secure. Other natural disasters to consider include:

• Flooding
• Fire
• Hail

Review Policy Options

The more you understand about your insurance options, the easier it will be for you to feel like you are doing right by your home. Look over the details surrounding earthquake and similar policies to discover the best fit for your needs.

The post Insurance Options All Homeowners Should Consider appeared first on Nick's Insurance.

Examples of D&O Claims

There are many reasons your staff may be sued by a client. Let’s take a look at some of the most common D&O claims.

• Misrepresentation – If a client discovers that one of your executives misrepresented your company’s assets or capabilities, which, in turn, caused the client financial harm, that client may seek legal counsel.
• Breach of Duty – If shoddy work has been performed by a contractor and your company fails to take action to remedy the situation, a client may file a claim.
• Theft of Proprietary Information – If an executive leaves your company on bad terms and wants to retaliate, he or she may steal a client’s proprietary information and give it to a competitor. This could result in serious litigation against your company, even if you have done nothing wrong.

Steps To Reduce Risks

Make sure all your executive team members understand the risks they face through their decisions. You should also speak with your insurance agent about D&O insurance that can protect you from costly litigation.

Stay vigilant to reduce your risk of liability claims.

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The Best Ways To Save

There are many ways to save money when it comes to your coverage. For one, you want to make sure that your policy accurately reflects the risks of your industry. If you are relying on a traditional plan when an alternative would be more cost-effective, this is the best way for you to gain perspective. Additionally, you may find that cutting extraneous expenses from the existing policy, as this can save a nice chunk of change. Looking at buy down/buy back plans is also a suitable solution, as the arrangement could prove more useful. Other tips include:

• Working with your insurance provider on a more appropriate plan
• Learning more about the policy options available
• Reviewing current industry risks

The Perfect Solution

Though insurance might be necessary, it is also expensive. By taking time to review the options available to you, it will be a lot easier for you to find a policy that fully covers the expenses connected to your company.

The post How To Reduce the Costs of Your High-Deductible Policy  appeared first on Nick's Insurance.