Is My Small Business Vulnerable to Cyber Attacks?
October is National Cyber Security Awareness Month. With the increasing prevalence of cybercrime in small businesses, it is crucial to be aware of the risks and take the necessary actions. The following statistics were reported by Small Biz Trends:
- Nearly 43% of cyber attacks target small and medium-sized businesses.
- Only 14% of targeted small businesses are prepared to handle cyber attacks.
- Costs of cybercrime are expected to increase by 15% over the next few years, reaching $10.5 trillion by 2025.
The following tips can help small business owners avoid cyber attacks:
Secure Networks and Databases
Set up firewalls and encrypt information to help protect your networks and reduce the risk of hackers gaining access to confidential information. Ensure your Wi-Fi network is password-protected and hidden. Databases provide companies with a central location for data and documents, but they should not be used to store any and all information. Be selective about the data stored in company databases. Set automatic backups to occur once a day or once a week, depending on the level of activity. This can help protect you against losing all your company’s data should a cyber attack occur.
Establish Security Policies and Practices
Set up policies to protect your company from cybercrime, along with guidelines for resolving any issues that may arise. Outline how situations should be handled and the consequences for employees violating these policies.
Control access to company devices. Prevent access by unauthorized users to handheld devices and company computers. Laptops and cell phones can be easily lost or stolen, which makes them targets for cyber theft. Before disposing of devices, reset them to the factory settings.
Educate Your Employees on Cyber Security
Employees are essential in protecting and securing information about the company, its customers, and their co-workers. Talk to them about the role they play. Explain company policies and what practices are acceptable and unacceptable. To minimize the risk of downloading viruses or malware, limit the number of users within the company who have administrative access.
Train employees to distinguish real notifications from fake antivirus warning messages. Alert IT immediately if anything questionable occurs. Have a policy in place for steps to be taken if an employee’s computer becomes infected with a virus. Malware obtains information by getting onto devices via the internet, email, social media, downloads, and attachments. Key-logging malware tracks everything a user types on his or her keyboard. Keep security software updated to help prevent malware from getting onto your company’s system and networks.
Consider Cyber Liability Insurance
Cyber liability insurance is a combination of coverages that protect businesses from data breaches and other cyber security issues. It can cover costs associated with notifying customers of data breaches, recovering compromised data, repairing damaged computer systems, and helping replace lost income due to a cyber incursion. Meet with our experienced agent for help finding cyber liability insurance at the best available rates.
What You Need to Know About Snow Tires
Before the first snow falls and temperatures start to drop, it’s always a good idea to prepare your car for winter. That means freshening up your car emergency kit, checking the antifreeze and throwing in that bag of kitty litter in case you need a little extra traction. And speaking of traction: When was the […]
7 Group Riding Rules to Know Before Your First Fall Joyride
Riding in a group is one of life’s great pleasures, particularly in the autumn when the leaves turn, the air is crisp, and the colors vibrant. Before heading out on your first group ride this fall, take note of some vital riding rules to ensure the experience is successful and safe.
Prepare for the Ride
Before the day of the ride arrives, thoroughly inspect your motorcycle and your riding gear. Make sure you set out with a full tank of gas. Perform an additional pre-ride inspection on the day of the group ride to ensure your motorcycle is in proper working order and you have everything you need for the trip.
Hold a Meeting of the Group in Advance
Meet as a group ahead of time to establish the route and set the rules for the ride. Discuss in-group behavior, rest stops, fuel stops, and what happens if a rider has mechanical problems or gets lost from the group. A participant with group riding experience should run this meeting.
Assign Lead and Tail Riders
A rider with experience in group riding procedures should be assigned as the lead rider, and another should be designated as a sweep rider at the back of the group. Before the ride begins, the lead rider should become familiar with the skill levels of all riders in the group to monitor them throughout the ride. The lead rider should have excellent judgment and superior riding skills.
Maintain Safe Distances Between Riders
Maintaining enough distance for safety from the rider ahead and the rider beside you is important. Follow the two-second rule for the rider ahead to reduce the risk of a collision in case an obstacle makes it necessary to swerve or stop. Do not follow too far behind the rider ahead, as this could create a gap where other vehicle drivers may try to enter.
Know and Use Hand Signals
The group leader and the rest of the team must know the standard hand signals to alert the group of any hazards or decisions to stop, refuel, slow down, or warn of a road hazard.
Use Staggered Formation
With staggered formation, each following rider travels on the opposite side of the lane – right or left of center – from the rider ahead. This formation allows for maximum visibility and enough space for each rider to maneuver left or right within the lane. Cornering is the exception to the rule. Each rider selects a line, and the group may appear to be traveling single file while turning a corner.
Make Sure You Have the Right Motorcycle Insurance
Motorcycle insurance covers you and your motorcycle in case of a crash or theft. Your auto insurance will not cover your motorcycle unless you specifically add it to your policy. Types of motorcycle coverage available include liability, collision, comprehensive, and uninsured/underinsured motorist coverage. You need at least the mandatory minimum liability coverage required by state law and protection in case of bodily injury and damage to your motorcycle in an accident. Our experienced agent can help you find the motorcycle insurance you need at the best available rates.
What’s All the Fuss About Annuities
Commonly used to fund retirement, annuities are especially popular with retirees and those approaching retirement age. Whether you’re already retired or are thinking about retiring, you might consider an annuity to help support the next part of life’s journey. Purchases of the financial contracts between individuals and insurance companies have skyrocketed lately, as buyers have […]
The Ultimate Guide to Company Vehicles: Purchasing, Maintenance and Resale
Business fleets come in many shapes and sizes from two or three sedans to hundreds of commercial delivery trucks. But they all have one thing in common: they meet the essential transportation needs of the companies they serve. When managed correctly, a fleet of vehicles can help you reduce expenses and improve the efficiency of […]
Getting the Best Value for Your Auto Insurance Needs
Your Window to Savings You may be eligible for valuable discounts on your auto policy. We want to make sure you’re getting the best value for your dollar based on the coverage you and your family need, but we need to hear from you to do so. Are you driving less? Or are you adding […]
The Importance of Adapting Your Insurance to Your Business Growth
Watching your business prosper and grow can make all your hard work seem worthwhile. As you enjoy your success, it is important to be aware that as your business grows, risk management considerations increase accordingly. You may need to revise your business insurance because of expansion or any of various other factors.
How Do Most Businesses Get Started With Insurance Coverage?
For most business owners starting out, the cost of business insurance is an important consideration. Busy with operations, they typically allocate little time to risk management and insurance solutions. Many start with a Business Owner’s Policy (BOP), a bundled insurance package providing several essential policies, such as general liability, commercial property, and business interruption insurance. BOP packages are often purchased by owners of small and medium-sized businesses who want to handle all their insurance needs in one place at affordable rates. For businesses with employees, workers’ compensation insurance, which is not included in a BOP, is required by most states.
When Should You Adjust Your Coverage?
When businesses expand, they are likely to outgrow their original BOP packages. After reaching a certain growth threshold, a new insurance strategy may be required. As they begin earning higher profits, it will become more important to prioritize risk management and safeguard assets with the appropriate commercial insurance coverage.
Businesses are only eligible for BOPs when they employ fewer than 100 people and generate less than $5 million in revenues. Even if a business is still eligible after significant growth, it is likely they will need additional customized insurance coverage for protection against new risk exposures. Any of the following situations should prompt a review of coverage needs:
- Hiring employees: Most states require employers to carry workers’ compensation insurance once the first employee is hired. You may also consider employment practices liability insurance (EPLI) for protection against employment-related claims such as discrimination or wrongful termination.
- Changing or adding locations: If you relocate to a larger property after your business grows or add another location, it is essential to update your commercial property insurance to ensure you have the coverage you need.
- Acquiring vehicles: Your business should obtain commercial auto insurance when it purchases its first vehicle for protection in case of accidents on the road.
- Renovating commercial property: When you install new equipment, update structural features, or add additional space to your business property, your commercial property insurance coverage should be adjusted in accordance with the increase in overall value.
- Offering different services or products: If new products or services are introduced to boost your company’s profits, consult with our experienced agent to determine if you need policy adjustments or specialized liability coverage for protection against new risk exposures.
- Digitalizing operations: Using workplace technology to digitize certain operations can increase company efficiency and promote growth and profits. It may also increase the risk of a cyber-attack and your need for cyber liability insurance.
Meet with our knowledgeable agent to review your business insurance. We can help ensure your company has the coverage it needs at the lowest possible cost.
How to Ensure Your Home is Prepared to Weather Any Storm
Although summer means warmer temperatures, it can also bring thunderstorms, with hail, rain, lightning, and strong winds. The following are some tips on preparing your home for harsh weather conditions and summer storms.
Clear Your Gutters and Check Your Roof
The exterior of your home is its first defense against interior damage. Clear and clean your gutters to direct water away from your home and avoid roof, wall, and basement flooding. Get your roof checked for shingles that need replacing or soft spots, and have any necessary repairs done.
Trim Trees and Clear Limbs
Dead tree limbs can come crashing down during a storm, causing considerable damage to your home and adjacent structures. Heavy rains can cause trees with shallow roots to pull from the ground and topple over. Trim tall trees close to your house and have them checked by a specialist to ensure they are stable. Trim weak and overhanging branches to reduce the risk of breakage and damage to your home.
Secure Outdoor Furniture & Structures
Items such as garbage cans, grills, and outdoor furniture can become deadly projectiles in a violent storm. Bring them into your garage or house to reduce the risk. If high winds are expected, have a drill, drill bits, and pre-cut wooden boards ready to secure your windows. Ensure your fences are properly secured to prevent them from being lifted and hurled against the house by heavy winds.
Prepare Your Basement
If your home has a basement as the lowest level, it is the first place likely to be damaged by precipitation. Protect your electronics, furniture, and valuables by moving them upstairs to higher ground. Unplug all electrical cords, as water and electricity can be deadly.
Get Ready for a Power Outage
When a storm is coming, turn your refrigerator to its coldest setting. Move as much food as possible to the freezer. If the power goes out, perishable foods will stay cool and will be safe to eat for longer. Unplug all electrical appliances to avoid overloading circuits and creating a fire hazard when power is restored. If power outages are likely, plan for alternative power sources, such as a portable charger or power bank.
Prepare an Emergency Kit
Keep an emergency kit stocked and ready in case of a storm. The kit should include the following at a minimum:
- Non-perishable foods
- Water (at least a gallon per day for each individual, plus what is needed for pets)
- Flashlights
- Batteries
- Blankets
- Clean clothing
- Hand sanitizer
- First aid kit
- Any necessary medications
- Candles and matches in water-resistant packaging
In addition to the above preparations, meet with our knowledgeable agent to ensure you have sufficient homeowners insurance coverage. With storms becoming more intense, it may be a good idea to consider flood insurance as well, regardless of where you live.
Life Insurance: A Family Conversation on Financial Security
You care enough about your family to protect their financial security with life insurance. But, as crucial as that coverage is, it’s equally important to make sure your loved ones know what your insurance does for your family and how it works — well in advance of the day it matters most. Everyone should grasp […]
Do Graduate Students Need Life Insurance?
Obtaining a graduate degree may be the right choice to increase your earning potential and advance your career. If you have decided to go to graduate school, life insurance may be the last thing on your mind. Nevertheless, it may be a smart move for a full-time or part-time graduate student.
Students in grad school tend to be older with more responsibilities than undergraduates. They may have spouses and children relying on them financially. There are several important reasons to consider purchasing life insurance while earning a graduate degree. Our friendly agent can help you find a policy to suit your needs.
Loss of Work Benefits
You may need to quit your job or reduce your hours to return to school for a graduate degree. It could mean losing access to employee benefits, such as group life insurance. Purchasing an individual term life insurance policy can allow you to lock in a monthly rate and avoid a lapse in coverage due to the change in your employment.
Student Loans
If you are like many people, you may have student loan balances left from obtaining your bachelor’s degree. You may need more student loans when you enter graduate school. Generally, federal student loans are discharged when you die. With private student loans or a co-signer, however, your debt may be passed along to your loved ones. Life insurance could help them manage the costs.
Dependents
After some years in the workforce, you may be married with children or have aging parents depending on you when attending graduate school. Although life insurance can never replace your contributions to your loved ones, it can help secure their future should something unexpected happen to you.
Lower Rates
The younger you are when you purchase life insurance, the lower your rates will be. The two main factors affecting life insurance premiums are age and medical history. The older you become, the greater your chances of developing a health condition. Buying a policy now lets you lock in lower rates while you are younger and in better health.
What Type of Life Insurance Is Best for Graduate Students?
Generally, whole life insurance is not the best choice if you have student loans. On federal repayment programs, you should do all you can to reduce your adjusted gross income to reduce student loan payments. Life insurance premiums are not tax-deductible, and rates are lower for term life insurance.
How Much Life Insurance Do Graduate Students Need?
To determine the amount of life insurance to buy as a graduate student, consider your budget, debt balance, and student loan repayment timeline. Estimate how long you will have the debt and how much it will cost to pay it off. For example, if you expect to finish graduate school with $100,000 in student loan debt, purchase at least $100,000 in life insurance coverage. Shop for a term life insurance policy with a term as long as your student loan repayment period or longer.