When you’re insuring your business, you want to tailor the protection to the specific risks. It’s important that your property is valued correctly so you get enough coverage. According to industry data, about 75% of commercial properties are underinsured by a significant amount. Click on the image to download or print the information sheet.

As a business owner, you’re constantly working to ensure every part of your business is running smoothly. It’s a good idea to get a business owners policy (BOP) to cover the parts of your business you don’t have control over. Click on the image to download or print the information sheet.

The quality of the indoor air in your business can affect the health and comfort of your employees. The Environmental Protection Agency has discovered that improved air quality in businesses can increase the productivity of their employees. Click on the image to download or print the safety sheet.

Cyber incidents have become increasingly more common, and no business is immune to attacks. With the variety of threats your company can face, you may not know where to start when it comes to cyber protection. Click on the image to download or print the safety sheet for practical measures you can implement to secure your business.

While it may be tempting to leave the complex, mysterious world of cybersecurity to “the experts,” business leaders cannot fall back on that handy escape hatch any longer. They need to be aware and involved, even to the point of elevating cyber reporting to the CEO directly. According to the federal Cybersecurity and Infrastructure Security Agency*, here are some practical steps that leaders would be wise to follow:

CEOs should ask the following questions about potential cybersecurity threats:

• How could cybersecurity threats affect the different functions of my business, including areas such as supply chain, public relations, finance, and human resources?
• What type of critical information could be lost (e.g., trade secrets, customer data, research, personally identifiable information)?
• How can my business create long-term resiliency to minimize our cybersecurity risks?
• What kind of cyber threat information sharing does my business participate in? With whom does my business exchange this information?
• What type of information sharing practices could my business adopt that would help foster community among the different cybersecurity groups where my business is a member?

What can CEOs do to mitigate cybersecurity threats?

• Elevate cybersecurity risk management discussions to the company CEO and the leadership team. Executives should construct policy from the top down to ensure everyone is empowered to perform tasks related to reducing cybersecurity risk.
• Implement industry standards and best practices rather than relying solely on compliance standards or certifications. Compliance standards and regulations (Federal Information Security Modernization Act) provide guidance on minimal requirements. Businesses should strive to go beyond the minimum, however.
• Evaluate and manage organization-specific cybersecurity risks. Ask the questions necessary to understand your security planning, operations, and security-related goals.
• Ensure cybersecurity risk metrics are meaningful and measurable. For example, reducing the days it takes to patch a vulnerability to directly limit risk to the organization.
• Develop and exercise cybersecurity plans and procedures for incident response, business continuity, and disaster recovery. It is critical that organizations test their incident response plans across the whole organization, not just in the IT environment.
• Retain a quality workforce. It is important to have people who can identify the proper tools for your organization, since new cybersecurity threats are constantly appearing.
• Maintain situational awareness of cybersecurity threats. Subscribe to notifications on emerging cybersecurity threats (e.g., National Cyber Awareness System products, MITRE Common Vulnerability Exposures, CERT Coordination Center Vulnerability Notes) and subscribe to the Homeland Information Sharing Network.

Of course, making sure your cybersecurity insurance coverage is sufficient and current remains vitally important, as well. The professionals at Evergreen Insurance can help.

* https://www.cisa.gov/tips/st18-007

Copyright 2023 Evergreen Insurance

Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Automobile insurance is very important when you own a business, so you can protect your company and the employees who use the vehicles. Check to make sure your policy includes personal injury protection coverage. This coverage pays for expenses due to an accident, no matter who is at fault. Click on the image to download or print the sheet for more information.

With the start of 2023, it’s a good time to analyze where your business is and how you can refresh it. What are some changes you can make that will help you and your business start off right this new year? Click on the image to download or print the checklist.

Specific coverage can help protect your business, but it can only cover one type of risk in one location. If you want more comprehensive coverage, a blanket policy may be a good option for your properties, especially if you own an apartment complex or restaurant chain. Click the image to download or print the sheet for more information.

When an employee gets injured on the job, worker’s compensation policies help cover expenses. Sometimes, medical providers abuse this coverage by billing dishonestly or performing unnecessary services. Click on the image to download or print the safety sheet to learn how to identify and prevent medical provider fraud.

While a majority of U.S. business executives rank cyber risk as their top organizational concern, fewer than half have adopted even basic preventive measures, according to results of an industry survey.

Cyber risk has risen to become the top concern in the U.S. and few risk experts believe governments are equipped to handle the threat. Among 1,200 executives who participated in the survey, 59% said they worry some or a great deal about cyber, and 25% said their company has been a cyber victim, up 150% since 2015.

The top three specific concerns cited by survey respondents included security breaches, system glitches, and unauthorized access to bank accounts.

Yet only 61% of these leaders said they felt extremely or very confident in their company’s cyber practices. The survey found that 43% said their company has a written business continuity plan in the event of a cyberattack, and 48% said their company has adopted multifactor authentication to mitigate the risk.

The need for heightened attention and action regarding cyber protection has only increased with the rise of employees working remotely. An easy way to begin would be to require simple preventative measures, such as requiring multifactor authentication – as in using a one-time dedicated passcode as a secondary verification of identity – to gain access to websites or files.

They say the first step in getting yourself out of a hole is to stop digging. The wise business leader acknowledges and addresses issues before they become problems. If the state of your cyber security preparation is troubling you, don’t wait to find out how problematic it can become. Invest the time and resources to fortify your protection now.

Contact the professionals at Evergreen Insurance for guidance on cyber security.
 
Copyright 2022 Evergreen Insurance

Evergreen Insurance provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Source: https://www.businessinsurance.com/article/20210929/NEWS06/912344857?template=printer