Archive for October 2014
Protect Your Financial Position from Cybercrimes
Technology today is
essential in running businesses as computers, mobile devices,
servers, and the Internet support company processes like receiving
orders, tracking deliveries, charging customer accounts, and filing
tax returns with the IRS. However, advances in hardware and software
have also equipped unscrupulous individuals with means to commit
fraudulent acts, such as cyber-attacks, which could translate into
irrecoverable losses for many local and growing businesses.
While investing in good
online security programs and apps like firewall and antimalware
reduces vulnerabilities to fraud-motivated cyber-attacks, businesses
can also consider getting an extra layer of protection that offers an
additional financial benefit. Insurance products, such as commercial
general liability, professional liability, and cyber risk and network
security coverage, can give businessmen peace of mind knowing that
they can shift the financial burden that comes with fraud-intended
cyber-attacks directed to them.
Getting a comprehensive set
of business insurance can be the smartest thing companies can do as
the proceeds of insurance policies give enterprises the needed
resources to pay for possible litigation, compensation, and
rehabilitation of affected business installations. Aside from the
actual damages brought by exposure to cybercrimes, businesses also
need to be substantially prepared for potential financial losses due
to damaged reputation.
Thursday, October 30, 2014
Posted by Unknown
Words Can Hurt Your Business
As a tech firm, you expect
your staff to be proficient in coding languages like JavaScript, C++,
and Objective C. Like any business, though, you also deal with a more
universal language: English.
That’s right, regardless
of industry, strong communication skills is a must not just in
keeping your employees informed of project requirements, but also in
getting the word out about your products and services.
Unfortunately, words can
also get you in trouble. For instance, if you say that a competitor’s
software has security vulnerabilities, they may very well sue you for
defamation, especially if they believe your claim to be false.
Basically, defamation is
when someone makes an incorrect statement about another party that
results in their suffering. In the case mentioned above, your
allegation might deter people from buying said software, which may
ultimately cause the competing firm’s stock price to fall.
If your defamatory
statement
is spoken or oral, you will be slapped with a slander case. If it is
written down, like a press release, news item, or even a blog post,
you’ll be facing a libel suit.
Of course, legal proceedings
are very expensive, and if your company happens to be a startup, the
legal costs may cause it to go under. So aside from getting health
insurance for your employees, be sure to get general liability
insurance as well, since it also covers litigation expenses
associated with defamation lawsuits.
Thursday, October 23, 2014
Posted by Unknown
When Good Employees Go Bad
You may not be the biggest
tech firm in your area, but you do have a talented team working for
you. As you might know, people are your biggest asset since it is
from their minds that innovative technologies and solutions spring
forth.
That being said, are you
prepared for a scenario wherein one of your staff goes rogue and
commits actions that may be detrimental to your bottom line? For
instance, he or she may misappropriate company funds or leak
proprietary software to a competitor firm. Or maybe that person
decides to overbill a client to pocket some extra cash? In all these
cases, you will definitely end up with a major headache, as you’re
left reeling in the aftermath of your employee’s dishonest actions.
Fortunately, you can protect
your company through Fidelity Bonds, a type of insurance specifically
designed to protect employers against the problems caused by errant
workers. If you suffer monetary loss, the insurer will pay out a sum
commensurate to your lost revenues. If a disgruntled client is suing
your company because of an employee’s wrongdoing, your insurance
policy will shoulder the litigations fees.
Indeed, brilliant minds are
the bread and butter of technology companies. At the same time,
though, one cannot be complacent about the problems that a few bad
apples can do to your firm. As such, get Fidelity Bonds now to
protect your small business.
Wednesday, October 15, 2014
Posted by Unknown
Business Prosperity 101: Small Business Insurance
Accidents happen and this
can be devastating to any business, especially if it’s a small
company, such as a struggling tech startup. The accident can involve
one of your employees, a customer, or your property. However, the end
result is the same: you end up paying out of your nose because you’re
liable for them. That’s why it’s smart to purchase insurance for
your company. Here are some insurance plans your business would need
to ensure that it’s completely covered:
- General Liability Insurance. When an accident happens and the cause can be traced back to either your employees, your product, or your service, you’ll end up paying a lot during a lawsuit. Additionally, if your business ends up injuring or making your employees sick, you’ll see the same result. Both of them can drain your company’s coffers. Liability insurance can help cover the costs of these expenses and make sure you still have money to operate.
- Property Insurance. Businesses need equipment to operate. This can range from computer workstations for software companies to a delivery service trucks. Moreover, you need to have offices. Having these items protected by insurance is the next logical step, since you don’t want a fire or flooding to completely ruin your business.
- Directors and Officers Insurance. Being the boss doesn’t mean you’re immune to lawsuits. If you or your company officers did something in pursuit of the company’s interests that ended with a lawsuit, this particular type of insurance should cover it.
Wednesday, October 8, 2014
Posted by Unknown
The Lowdown on Errors and Omissions Insurance
If you’re a typical
business owner nowadays, there’s a chance you might have heard
about the E&O
insurance
before. But what is it exactly?
E&O means Errors and
Omission. It’s a specific type of business insurance which covers
either your company as a whole, or yourself as an individual, from
damages that come after a failed product or service, or the latter
not living up to expectations.
In considering the need for
an E&O, you need to ask yourself first: How badly do I need it?
E&O insurance will work like a charm if your business’ line is
something that entails a great potential for liability (aka high-risk
fields). Medical professionals are more often than not protected by
E&O. In their case, however, the insurance is typically termed as
“malpractice insurance.”
The cost of an E&O
insurance heavily depends on a number of factors. These include the
inherent risk of the business’ work, the rating category under
which your business is classified (i.e. high-risk or low-risk
industries), the amount of claims for inadequate service that have
been filed in your industry over the years, and in several cases,
your business’ locale.
Bottom line is, an E&O
insurance is critical for every business regardless of whether it’s
high-risk or not. Any company could make a mistake. It doesn’t
matter if your company has the latest equipment or the most skilled
employees. When things get sour with your customers, it is still best
to be covered.
Wednesday, October 1, 2014
Posted by Unknown
