What is Data Breach Coverage?

As a business owner in the digital world, your company is always at risk of becoming victim to a data breach. A data breach, by definition, is when confidential information is stolen by an unauthorized individual or entity. This can become a huge problem for business owners and their employees, leading to expensive as well as missing incomes. Luckily, insurance companies offer business insurance policies that will protect you against the threat of a data breach.

 

If you already have a business insurance policy, you might want to think about adding data breach coverage. You simply never know what is going to happen or how secure you and your employee’s information really is. By adding data breach coverage to your business insurance policy, you can continue running your business without worrying about its confidential information getting into the wrong hands. In the event of a data breach, your business insurance policy will help pay for any lost money or legal actions that need to be taken.

The Importance of Data Breach Coverage in Your Business Insurance Policy

As a business owner in the digital world, your company is always at risk of becoming the victim of a data breach. A data breach, by definition, is when confidential information is stolen by an unauthorized individual or entity. This can become a huge problem for business owners and their employees, leading to expensive as well as missing incomes. Luckily, insurance companies offer business insurance policies that will protect you against the threat of a data breach.

 

If you already have a business insurance policy, you might want to think about adding data breach coverage to it. You simply never know what is going to happen or how secure you, your employee’s, and your customer’s information really is. By adding data breach coverage to your business insurance policy, you can continue running your business without worrying about its confidential information getting into the wrong hands. In the event of a data breach, your business insurance policy will help pay for any lost money or legal actions that need to be taken.

 

A data breach can have severe effects on your company’s public image and growth. And the possibility of it happening to your business is now bigger than ever. Losing income is one thing, but losing the trust of your clientele is arguably far worse. In the past, data breaches have caused many big, well-known businesses major financial losses and PR problems.

Target, for example, was the victim of a huge data breach last year. The credit card information of their customers was stolen, resulting in tens of thousands of dollars being lost. Obviously, this resulted in lawsuits, decreased stock value, and a huge negative impact on their public image. Luckily, with data breach coverage, they were able to somewhat weather the storm. This story is a good example of how serious of a threat data breaches are for business owners. Now more than ever, it is critical to take all necessary precautions to make sure you are not in jeopardy of being victimized by entities that want to steal your company’s information.

Does Your Small Business Need a Business Insurance Policy?

If your small business is growing quickly, you are probably considering buying an Illinois business insurance policy. Running a business can be risky, and in order to protect its growth, you need to be covered when the unexpected happens. But, how do you know when your company gets to a point where it needs insurance? The best way to find out is by talking with an insurance broker. But first, here are some factors to consider.

A lot of small businesses are based in the owner’s home. If that is the case, then you probably won’t need a real business insurance policy. Instead, you can buy a Business Property Rider on your homeowner’s insurance policy. Also, if your company’s assets are below $10,000, you can buy a home-business insurance policy.

If your company’s property extends to outside your home, then your homeowner’s insurance will no longer cover it. At that point, you will need a real Business Insurance Policy. If you own the property that your business is occupying, then you will need to make sure the whole building is insured.

At Insurance Navy in Palos Hills, we provide the best and most affordable business insurance. If you have questions about our cheap business insurance policies, the Insurance Navy agents are standing by. If you want to learn more about how to find inexpensive business insurance policies in Chicago, please visit our website at www.insurancenavy.com

Different Types of Liability Insurance for Business Owners

If you are a business owner in Chicago, then you need to make sure you are protected in case the unexpected happens. Running a business is risky. And above all types of coverage, business liability insurance is perhaps the most important. Here are the different types of liability insurance you should have on your Business Insurance policy.

General Liability Insurance will help cover the cost of medical bills for an employee or visitor who is injured on business grounds. It will also protect you when you or an employee causes damage to another’s property.

Professional Liability Insurance helps cover costs associated with claims made against your company for errors and malpractices that occur. This is important because if you or an employee make a mistake in the course of business, you will still be covered.

Product Liability will help you in the event that your company is sued for defective products. Or, if for example, you are a food distributor and your food makes a customer sick, this type of liability insurance will help you pay the legal fees.

At Insurance Navy in Palos Hills, we provide high-quality, low-cost business insurance. If you have questions about finding affordable business insurance in Illinois, the Insurance Navy agents are available to help. You can learn more about our cheap business insurance policies by visiting our website at www.insurancenavy.com

Customizing Insurance Policies to Fit Your Business Plan

If you are a small business owner in Chicago, there are many different coverage options available for business insurance policies. It is important to find out what kind of coverage your company needs, and then have your insurance agent customize the policy accordingly.

Loss of Income Insurance can be added to your business’ policy if you think it might be necessary. This will cover your company’s bills and expenses, as well as your employees’ income, in the event that your business has to shut down temporarily.

 

In order to protect yourself from suspicious or untrustworthy employees, you can purchase Fidelity Insurance. This coverage will help with financial losses that result from illegal activities by your employees. This is useful in the event of an employee being found guilty of embezzlement or theft.

 

If you or your employees require vehicles to do the job, then you will need a Commercial Automobile Insurance Policy. If a car accident occurs during the course of business, your personal auto insurance will not cover it.

 

At Insurance Navy in Palos Hills, we provide the best and most affordable business insurance policies in Illinois. If you have questions about our cheap business insurance, the Insurance Navy agents are happy to help you. To learn more about how to find low-cost business insurance policies, visit our website at www.insurancenavy.com

Business Owners: Here is an Important Tip Regarding your Liability Insurance Policy:

Did you recently receive a new business liability policy from your insurance agent? Most business-owners will only look at the price of the premiums and never look at the fine print. It is a common misconception that the only way to save money on an insurance policy is by getting the lowest premiums possible. But the real savings happen when you understand the policy well enough to point out flaws made by the insurance agent, which can save you thousands of dollars in the long run. By thoroughly reviewing certain areas of your business’ coverage, you will find yourself with the most efficient and most affordable liability insurance policy.
When reviewing your policy, check to see if the Description of Operations is listed correctly. Insurance agents commonly leave aspects of the business out of the contract by mistake. For example, if you own a restaurant with a dance floor, but the list of operations does not include the dance floor, your agent will have to add it to the policy without making your premiums higher since it was their mistake. However, if you don’t point out this flaw and someone injures themselves on the dance floor, you will be stuck paying out of pocket for the medical and legal bills.
Catching errors like this before it is too late will save you time, money, and frustration. So, when your business policy arrives in the mail, don’t simply put it away and never look at it again. By discovering needed changes in the policy, your agent will provide your business with a better, more affordable liability insurance policy.
If you have questions or want to learn more about saving money on your business policies, the Insurance Navy agents in Palos Hills are here to help! You can also find more information on our website at www.insurancenavy.com