Mitigating risk takes planning.
Your business insurance needs to cover all the elements of your business along with the things you didn’t plan on!
21st-century risks are less physical and more digital including cyber-security, 3rd-party platforms, telecommuting, and more! Planning for all the unforeseen risks can help keep all your other business plans on target.
December is a great time of year to identify any new technologies that you implemented this year and identify those you are planning to implement next year. Then review these technologies with your business insurance agent to confirm they have the appropriate coverage.
Here is a short list of things to consider:
- Does the security software on all your computer update automatically?
- Do you have an IT professional? If so, are they maintaining your server and workstations security?
- Do you have remote employees logging into your system from their own computers? If so, do you have a policy regarding the management of their security software?
- Do employees or clients log into your system, either local or cloud-based, from a mobile device?
- Do you store your clients’ confidential information on your local system?
- Do 3rd-party vendors have administrative rights to any parts of your system?
- Do you have any IoT (Internet of Things) devices in your business?
- Do have an automated alert for any suspicious activity on your system?
Industries such as financial management, software development, and e-commerce have additional security issues including fraudulent transactions, data leaks, archive storage, and dependable architecture (to avoid downtime), just to name a few.
Business insurance planning is different for every business
Avoid cookie-cutter business insurance policies as they may have unanticipated gaps. A detailed conversation with your business insurance agent will create the right policy for your business.
BONUS: As a licensed Hanover agency, we were happy to see Michael Keane President, Hanover Core Commercial, The Hanover Insurance Group, quoted in this piece on business planning from USA Today.
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