Commercial Insurance: Why Choose a More Comprehensive Policy?

When you have a business, you know you need to protect it and your investment in it. But what is the best way to do that? One of the ways is to choose a commercial insurance policy because these policies reduce financial risk and liability if there is a claim made against the business you own. That claim could come from you, employees, customers, vendors, or someone else, but protection against claims matters. Fortunately, Centennial State Insurance Agency can help protect your Bailey, CO area business with the right commercial insurance policy, including one that is more comprehensive than you have now.

If you do not have a commercial policy, it may be time to get one. If you already have one, you may need to upgrade it to something that is more comprehensive in order to ensure that your business has the level of protection it really needs. There are several reasons you would want to have a more comprehensive policy, and these can include an expansion of your business, a high-risk type of business, and other factors that would make it more likely that a claim would be filed in, by, or against your company. By getting a more comprehensive policy, you will be covered more directly and have a higher level of peace of mind, as well.

Reach out to us at Centennial State Insurance Agency today, and get your Bailey, CO area business protected with the right level of commercial insurance. You might want to upgrade the policy you currently have, or you may want a new policy for a new business you are starting up. No matter where you are in the lifecycle of your company, having a more comprehensive policy can help protect you and your interests.

Cyber Insurance is a must have for any small business

Cyber Insurance is a must have for any small business
Cyber crime is the fastest growing crime in the United States and 60% are perpetrated against small businesses. Small businesses who have been hit often do not have the proper insurance coverage and a high percentage end up closing their doors after an attack. Many owners don’t fully understand what these attacks are, or the costs associated with them. Any small business needs to have cyber insurance coverage.
Malware or Ransomware attacks are the most common. Malware destroys information or makes it impossible to access. This kind of attack suspends your ability to do business. You can lose clients from the inability to access accounts and spend thousands of dollars to get your system back up and running. Ransomware attacks occur when a hacker encrypts or steals the personal information you have on file. This could include the client’s social security number, credit card or banking information, etc. The hackers demand payment in order to “unlock” your system and may threaten to publicly release the client’s information. When these attacks happen, you’re obligated to notify all clients that were affected, hire an IT investigator to find where the leak came from and how to secure your information in the future, and pay local, state and federal fines. Many states, including Colorado, have enacted strict laws on how your business is required to protect others information.
Hackers are not the only way a cyber crime can happen. Ex-employees can steal and distribute company data. Current employees can be tricked into breaking procedure or doing non-work-related tasks at the office. It can also be as simple as misplacing a flash drive or leaving your laptop in the booth at a restaurant.
A Cyber Insurance policy is two-fold in coverage. The 1st party liability coverage includes notification to those clients affected, the cost of a computer forensic expert, man hours involved in contacting the clients by phone or mail. Extortion costs, media liability and public relation costs can be included. Business interruption coverage is available to keep your business afloat while your doors are closed. The 3rd liability coverage helps with the cost of litigation if you find yourself in a lawsuit.
Cyber insurance is available with most carriers, and coverage limits can vary to your specific needs. Call us today to discuss your cyber exposure and insurance needs.