Cyber Liability continues to be a major issue for businesses in 2018. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show 39% of all cyber incidents affect businesses with fewer than 100 employees. With the recent breaches in the financial and hospital industries, many businesses are considering cyber insurance.
Emerging Cyber Trends
Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service. Many businesses today offer college students the opportunity to hold a summer intern position. These can be rewarding for the college student as well as provide some help to the business. Offering paid or non-paid internships can create risk for your business. We wanted to highlight some of the business risks associated with having interns. Before you bring that person on board, make sure your business is well prepared.
We believe in supporting local businesses and being involved in the community. Whether it’s raising money for bikes for special needs children or delivering meals for Meals & Wheels, we understand that helping out within the community is going to make the community a better place for all of us to enjoy. Dallas Area Location 972.238.8174 Austin Area Location 512.582.2424 6/13/2018 Do Your Product Create Liability?A Business Insurance Update
If you are in the business of designing, manufacturing, servicing, selling, and distributing any product there are risks involved. When the product you represent causes injury or damage to a another person or business, you need insurance protection. Depending on the insurance coverage you have, you may not be adequately protected from a product liability claim arising out of your actions. Many “standard” insurance policies have limitations for product liability claims. For example, a contractor installed windows in a custom home, and 9 months later the windows leaked, causing thousands of dollars of damage. The window manufacturer said their windows are fine; it was the installation that was done incorrectly. The contractor may be held responsible for the damage. Product liability insurance would provide protection in this case. Our experienced and licensed staff will work with you to help find the right commercial insurance and solutions for your business. Our team can work with most business; we know and understand your industry. What is product liability insurance? Product liability insurance can provide protection from damages, injury, claims, and other liability arising out of the selling, distributing, manufacturing, servicing and design of products. Damages can include bodily injury, property damage, and even death. An essential feature of product liability insurance is the legal defense coverage. The cost to defend an allegation can create a strain on your firm’s resources. Claims can come from any of the following:
Striving for High Levels of Service: As our name implies, we strive to make your insurance experience positive. We understand you have many options when it comes to getting insurance, so we are going to strive to give you first class customer service you deserve. Directors and Officers (D & O) Liability Update
Every business, no matter what the size, has a D & O exposure. Some people may mistakenly think that D & O risks are just for large firms, but actual court cases tell a different story. D & O claims come about because of decisions made by the firm’s officers and employees. Claims can come from employees, competitors, investors, and the government. Most of these kinds of claims are not covered under a standard commercial insurance policy. Here are some interesting facts brought to you by the Insurance Information Institute:
Misrepresentation If you misrepresent your company’s services, financials or other information, third parties may sue you for your actions. This can include services you say you provide on your webpage or financial information you provide to a lender. Breach of Duty Your firm’s officers and employees are required to carry out their duties with a standard of honesty and professionalism. If these legal duties are breached, you are subject to litigation by the injured party. Employment Issues Your employees can sue the business for a variety of employment issues that can be covered under a D & O or employment practices liability policy. Unbelievably many small businesses do not have the right commercial insurance. Having the right business insurance does not have to cost you any more money. The key is having an agent who understands your risks and is willing to help you design a business insurance plan that meets your needs. Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service. A Texas Business Insurance Update
We live in a society where there are more lawyers than doctors. It seems that the typical response when someone has been damaged is to hire a lawyer and threaten a lawsuit. Most businesses can’t afford to be in court to defend every action. That is why Cyber Liability- Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information. Directors & Officers Liability- Covers costs, damages, and defense protection to directors and officers of a company resulting from lawsuits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith. Employment Liability- Employment Liability provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations. Professional Liability- Insurance that is designed to cover third party claims, damages and claims arising out of providing professional advice. Many firms create legal obligations arising out of a professional's errors, negligent acts, or omissions during the course of providing services to clients. Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service. Common Mistakes Made When Purchasing Business Insurance
Over the years, we have seen well-intentioned insurance and risk products buyers make decisions that, while they may appear to help the organization, actually hurt it in the end. Here is a list of top mistakes that uninformed insurance buyers often make. We provide it to you in the hope that you can learn from the errors of others. Top mistakes made by uninformed insurance buyers: “Bidding-Out My Insurance Is the Best Way to Get the Best Program.” False. Most insurance buyers have the false belief that getting three bids from three different agents is the best way to make sure they are getting the best “deal.” This is like asking a builder to provide a bid without seeing the building plans. When talking to your agent about your insurance issues, give the agent the full set of “plans,” including losses and premiums, financial data, and policies. Utilizing the services of one agent whom you can trust will lead to reducing short term and long-term costs. Comparing multiple factors, including terms, conditions, and premiums is crucial, as even the best-priced policy can fall short in areas. “Two Agents Are Better Than One.” False. Your agent can provide valuable services including educating you about what coverage you need and may not need. Your agent can search the market for the best possible combination of coverage, price, and service. Having two agents can create gaps or coverage issues. It is best to allow one agent to understand your business thoroughly and then design a business insurance program specifically for you. “I Don’t Need to Have a Relationship With My Agent.” False. Many buyers have a false belief that the agent’s only function is to place coverage and administer insurance. Your broker/agent should be offering much more than that. Your broker should be a trusted adviser who helps you identify risk factors, and develops solutions that help you to manage these issues. “My Policy Covers All Losses.” False. Your business insurance policy is intended to cover unexpected losses and accidents subject to the policy terms. There are limitations and exclusions in every policy. “I Don’t Need to Consider Different Kinds of Coverage.” Every business should consider the following kinds of business insurance products.
As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs. Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your insurance broker as well. We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote. A Texas Business Insurance Update
We understand every business is unique. You serve people first and foremost. Just because you are a small business does not mean you are exempt from litigation. Every business large or small need general liability insurance to protect your organization from unforeseen events. General liability insurance should be the foundation of your commercial insurance program. general liability insurance provides the following coverage:
Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service. A Business Insurance Update
Businesses Have many different risks to manage including; cyber risk, employment issues, fire and even insider fraud. Fraud experts have found that the average fraud loss averages $50,000, (The Association of Certified Fraud Examiners). Your commercial insurance program should include employee dishonesty or fidelity, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. Fidelity policies will cover a business for losses caused by an employee’s dishonest or fraudulent acts. These can provide businesses with the best possibility of recovery. There Are Ways To Help Reduce Your Risk In This Area
As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs. Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your insurance broker as well. We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote. A Business Insurance Update
If you think about it, your business faces risks every day. When you open your doors, you have the risk of having sick or injured employees, customer complainants, and vendors who fail to deliver on their promises. The world has changed in the past few years and it is important for business owners to make sure their business insurance keeps up. Recently a large insurer released their annual business risk index. This index identified the top concerns of over 1,000 business owners. Nearly half of survey respondents believe that the business world is growing riskier, yet just 24 percent said that risk management was a strategic priority for them. According to the survey, the top seven worries of today's business owners across all industries are:
Let our agency help you understand how to manage and treat the risks. We offer a wide range of highly rated insurers that can offer the necessary products to help you manage you risks. Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984. In addition to having a presence in the Dallas and North Texas area, we have also 1/18/2018 We Care About Your Business RisksA Commercial Insurance Update
Let us face the truth; most business owners do not have a fondness for insurance— until they need it. Business owners have many priorities, and business insurance sometimes takes a backseat to other concerns. One reason for business owner’s lack of enthusiasm may be how many agents sell insurance. Most people see insurance as a commodity, meaning the lowest price gets the business. Business owners dislike going through a review or bid process, mostly because it can be confusing to try to understand the coverage. We can offer a different approach. Rather than just focusing on coverage and price, we try to focus on understanding what your business needs and risks are. Only after we determine what a client’s needs are, do we talk about what kind of insurance might be best for their individual needs. We also educate our clients about how to lower their insurance costs. These recommendations may include:
Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service. |
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