In the modern world, cyber liability insurance has become prevalent within almost every profession, including law. Since most law practitioners rely on digital transmissions for confidential information and data, attorney cyber liability insurance has become popular among practicing lawyers.
Understanding Cyber Liability Insurance
Cyber liability insurance protects businesses, organizations, and individuals from cyber-based crimes. Generally, cyber liability insurance offers coverage for data breaches involving sensitive information. In addition, cyber liability insurance protects organizations against:
- Network security failure liabilities
- Privacy liabilities
Most cyber liability insurance plans also provide cyber security training and network assistance so consumers can better prepare for an unexpected cyber attack.
Why Attorney Cyber Liability Insurance is Necessary
Lawyers have an obligation to protect their clients’ information. Most attorneys utilize wireless networks, the Internet, and computers to do their work. In the event of cybercrime involving a lawyer’s network or device, liability costs can reach tens of thousands of dollars. General liability insurance is not enough to cover the costs of a data breach or cyber attack.
Since lawyers rely on digital technology to handle information, they must also consider protecting their computers and network systems. Cyber liability insurance for lawyers may be a viable way for you to protect yourself and your clients.
Tax prep professionals face risks and liability just like other business owners. Their insurance coverage must account for these unique risks and protection from serious financial losses. Keep reading to learn how tax preparation business insurance can provide this protection.
What Is Tax Prep Insurance?
Tax preparers handle sensitive financial data. They must also ensure that they provide the best possible advice and outcomes for their clients, plus keep them compliant with state, federal and local tax codes. Mistakes can cost clients money and time. Data security breaches are another concern: Cyber thieves can use that data to rip off clients or sell it on the black market.
While you can do your best to minimize risks, you cannot prevent every single mistake or breach. Tax prep business insurance can safeguard you against losses. These policies typically include several types of coverage:
- Liability: pays claims against you for bodily injury and property damage
- Commercial property: covers damage to equipment, supplies, inventory and owned commercial space
- Errors and omissions: handles claims from missed deadlines, tax form errors and accusations of negligence
- Cyber liability: reimburses for expenses from data breaches, viruses and other cyber attacks
Protecting Your Interests
Every tax preparers need a solid risk management plan. A tax preparation business insurance policy should be part of that plan.
Transparency, employer control of benefit programs and eliminating carrier profit margins often top the list of why a business moves to self insuring workers comp. While these, along with limiting taxes, seem beneficial, a business needs to complete careful calculations before making the move.
How Self Insuring Works
Moving away from a fully insured carrier plan means the business funds the provided benefits and assumes any financial risks. Unlike a traditional plan that costs the same every month, a self-funded plan has fixed costs and fluctuating costs depending on usage. A third-party administrator is needed to ensure the success of the program. This administrator has the expertise to handle claims and review medical bills and utilization, helping the business continue to focus on the work it does.
Consider the Pros and Cons of Self Insuring
When considering self insuring workers comp, there are positives and negatives. A key benefit is helping employees receive care faster while still controlling costs. Since claims are paid as they happen, it eradicates upfront costs. On the flip side, employers pay for those claims. Since cash flow isn’t always fluid, a company needs to do its due diligence to ensure it is financially sound before self insuring any benefits.
Self insuring workers comp offers many benefits to businesses, but it also requires carefully weighing potential risks.
There is no denying that the rise of school shootings in U.S. classrooms is alarming. These events do damage that extends far beyond the schools and communities where they happen. While the task may seem impossible in the current climate, preventing school shootings is a goal that must be worked on. The following tips can help generate plans that move your district closer to that goal.
Address Community Needs
School violence perpetrated by community members can be the result of unmet needs within that community. For example, inadequate access to mental health services or persistent bullying can both contribute to violent behavior. Addressing those needs through district services can help reduce the community burden and help promote a healthier atmosphere.
Identify Problems Early
School staff should be trained to spot and address problems early on. This is especially true when offenders are current or recent students. Teachers have repeated and consistent access to students, and they play a critical role in spotting warning signs or concerning behavior. As such, they should be equipped with the proper training and resources to meet those needs.
School shootings may be more common than ever before, but that does not mean they are something that society should accept as normal. Instead, schools must take steps to prevent future violent acts.
With drones becoming more popular in use in real estate marketing, it’s important to take a look at whether your general liability insurance covers incidents involving drones. It’s not only accidents while using the drone and potentially damaging property or people. The use of drones has led to privacy claims, which often must be adjudicated in the courts. Drones themselves can be damaged, which can be expensive to replace. Drone marketing insurance is a special insurance policy to cover usage.
Are You Using a Drone For Business?
There are a lot of advantages in using drones for marketing in real estate. Even though the restrictions for drones are lighter than they were a few years ago, it’s important to make sure your business is handling the use of drones correctly. Generally, when using a drone for commercial purposes, you need a licensed operator. Even with a well-trained drone operator, accidents can happen. A drone insurance policy can cover damage to the drone or third party damages, whether property or bodily injury.
Ask your agent about your drone policy and whether it protects you against claims of invasion of property. A drone has many liabilities. Ask about drone marketing insurance to protect your business.
Although every business has its challenges, a few are unique to wholesalers. To have a successful wholesale business, you have to overcome these issues. Here are some wholesaler challenges and how to overcome them.
Problem: Knowing Exact Profit Margins per Product
Although the cost of goods sold will tell you your profits, you do not know your actual profits per product until after a year-end review. This may be too late for a wholesaler.
Solution: Real-Time Inventory Tracking
By tracking your inventory in real-time, you can measure exactly how much you make on each product and brand. By improving your inventory tracking software, you can view profit per product.
Problem: Uneven Supply and Demand
An uneven supply and demand chain can lead to overstock or shortages of your goods. If a customer needs something immediately and you don’t have it, you will have to order it from the supplier who may have to manufacture it.
Solution: Inventory Control and Lead Time Tracking
There are two solutions to this problem that can work together. With inventory tracking, you can see when you are low on a product and order more ahead of demand. Having an accurate idea of how much lead time each supplier needs makes the process of staying ahead of demand easier.
You can overcome many wholesaler challenges with proper record-keeping and product tracking. It just takes some planning.
When preparing for the worst, many companies automatically think about damaged and lost property. In the aftermath of a fire or other natural disaster, it’s important to consider what’s been lost and how that affects your ongoing work and future obligations. You’ll need to notify employees, clients, and other business partners that might be impacted by these losses. While property insurance can cover damages to your building and equipment, what will you do about lost income and other costs associated with the interruption to your work?
Understanding Business Interruption Insurance
The time between a covered event and recovery can be significant. Between cleanup, repair and replacement of lost items, and reconstruction, your ability to make an income may be limited. Business interruption insurance can cover the following:
- Expenses for temporary relocation
- Renting temporary equipment
- Providing income while rebuilding
A business interruption policy can help you meet financial obligations for a set period of time as you go through the recovery process.
Taking a Complete Approach
As a responsible business owner, you should have a disaster recovery plan in place ahead of time. Being prepared with a plan and the right insurance coverage is good for you, your company, and everyone you do business with.
You may rent out your dwelling as a part of your career or as a way to make some money on the side. Regardless of why you rent, you should understand some risks. Tenants can be unpredictable, so you should be prepared for their actions.
Understanding these common risks helps show why rental dwelling insurance can be so beneficial.
Understanding the Liabilities
Again, tenants can be unpredictable. What if one of them throws a party, which results in the vandalism of your property? On the other hand, a well-meaning tenant could break an appliance.
This is all on top of normal liabilities you could face. An appliance could malfunction, causing injury to your tenant. Flooding, fire, earthquakes or other natural disasters could destroy your property.
How Insurance Can Help
All of these expenses add up. Next thing you know, you could find yourself sinking into the financial drain of these claims. This is why insurance is important.
Landlord insurance can provide financial assistance for a variety of different claims. If a claim goes to court, having adequate coverage can help out with legal fees.
Having adequate coverage can give you peace of mind. You can focus on benefitting from your rentals, not worrying about what could go wrong.
There are many working components involved in a single insurance policy. While you may have a general understanding of the basics, such as the risks of your industry and which coverage options aim to reduce your exposures, you may also not know about some of the other factors that can influence your policy. For example, experience modification rates can often play a big part in how protected you feel. Take a look at these points to gain insight into your options and understand this factor better.
What Is an Ex Modification Factor?
Essentially, an ex mod factor is related to your workers’ compensation policy. The mod is meant to compare your history of claims with similar companies across your industry. This is done in order to provide unique coverage and rates that accurately reflect your needs. The mod also tends to provide more control to the insured, which means that you will be able to manage your costs in a way that feels accurate. Points that can influence your ex modification rate can include:
- The size of your business
- How many workers you employ
- Your history of compensation claims
How Your Mod Impacts Your Insurance
While there are many straightforward aspects of insuring a business, there are also plenty of points you may not fully understand. Take time to learn about your ex modification rate and see what it can do for your future.
Finding the best insurance for your business can often prove a bit more challenging than many realize. Though it might seem like a traditional arrangement is the best way to go about things, you may be surprised to discover that this is not always the case. In fact, there are countless companies that will benefit more from pursuing alternatives to such traditional options. A great example of this can be found in the option of retaining risks. Review these points to learn more.
Loss Retention Options
The concept of loss retention can often be a bit difficult to understand. After all, most people take out insurance so that they don’t have to deal with the risks associated with their industries. Naturally, there are some situations where this setup will be the best for your needs. If you’re looking to cover risks that are not typically handled by traditional plans, then a plan for retaining risks can give you a lot more control. Other options that can be useful to consider when taking out your coverage can include:
- Workers’ compensation alternatives
- Commercial auto options
- Cybercrime liability
There are plenty of points to keep in mind when it comes to taking out insurance for your business. As long as you give yourself the opportunity to review all choices available, you should have no trouble finding the ideal fit.