Company Banner
Business to Business Newsletter
September - 2010
In This Issue
Business Coverages
Social Media
Data Breaches
MINIMIZE RISK AT YOUR SMALL BUSINESS BY GETTING INSURED
 
 Banana Peel
 
Owning a business can be a very exciting and rewarding experience, but it is crucial that you do not overlook the risks that come along with it. Having proper financial protection gives family-owned businesses peace of mind and allows them to focus on what is important -- moving the business forward.

Although the government requires most businesses to provide Workers Compensation insurance to cover employees in the event of an accident or injury, there are other forms of insurance that business owners should carry to protect their investments. Property and Liability insurance should also be included in any business plan, providing complete coverage of the business' physical assets, such as inventory and equipment, as well as Liability coverage in the event of a lawsuit.

Property Insurance. There are different ways property insurance policies are...

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Follow-up Links
 
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As the weather turns cooler and the leaves turn color, I turn to my grill, realizing that the barbeque season is slowly winding down.

 

One night last week we were having burgers for dinner. Reaching into the utensil drawer to grab a spatula, I was faced with two choices. There was a normal, regular old run-of-the-mill spatula, and beside it (cue dramatic music) was... "the MAN spatula."

 

Let me tell you, this is no ordinary spatula. It's big. It's mean. It has TEETH. They tell me it's extra wide so you can use it for turning fish on the grill, but I'm pretty sure they made it that way because they knew that we men would find it difficult to resist the feel of this hunk of metal in our hands. Whimpy utensils need not apply... make way for the BEAST!

 

Sorry... got distracted there for a minute. As much as I love the MAN spatula, I left it in the drawer that night. Remember the menu? The special spatula is saved for special occasions. A beautiful Chateaubriand. A juicy Porterhouse. Ok, and the occasional glazed salmon filet. But burgers? They do not require the MAN spatula.

 

Spatulas

 

What's my point? In life, as in barbequing, we must choose the right tools for the job. To some folks, insurance is insurance. They don't get the subtle differences in coverage, the nuances that are unique to each industry. Here at M&M you'll find experts specifically trained in designing and servicing insurance programs that are tailored to your line of business. We know that a "one size fits all" mentality doesn't work when it comes to protecting what's important to you. That's why we ask so many questions - of you and of the insurance companies we work with. That's why we go over every form in your policy, to make sure it needs to be there (or to see that it's removed if it shouldn't be). That's why we seek to really get to know you, not as a number, but as a business owner... as a person. Because that's how we can get you the coverage that you need.  

 

Whether your business requires a smaller, gentler spatula, or a MAN-sized utensil... you can trust the folks at M&M to know what's best when it comes to placing coverage for your company. Together, we can cook up some beautiful stuff!

 
Jeanne & Dave

 

David Mason, President
Mason & Mason Insurance Agency
M&M Assurance Group
 
 
P.S. Become a fan on FACEBOOK! And don't forget to check out our website! We're at www.mmins.com. Just click the "Clients" tab at the top of the page and enter the site with username: "Client" and password: "INFO4U". Happy browsing! If you have any questions, give us a call at (800) 298-0802. We'd love to hear from you!


SOCIAL MEDIA PRESENTS SPECIAL RISKS TO BUSINESSES 
 
 
Social MediaWhen just about any business these days is deeply involved with social media, it is apparent that these sites and tools have become mainstream. Indeed, it is hard to imagine that their use will not grow in coming years. They bring businesses to the places where their customers are and enable conversations. However, as with anything, the use of social media comes with risks of which every business should be aware.

The great thing about social media is that a business' customers can talk about it. The bad thing about social media is that a business' customers can talk about it. When they're happy, social media is a boon, but when they're not, it can be a public relations nightmare. A disgruntled customer can post a negative comment on Twitter or Facebook at 3:30 p.m. on a Sunday, and by 4:00 p.m. a few million people might have seen it or passed it on. There is little a company can do to control the spread of this kind of message.

A major concern with social media is that a business might unintentionally violate local laws and regulations, since messages on Facebook and similar sites spread all over the world. Among the areas of concern are...
 
 




IF YOUR BUSINESS FACES A DATA BREACH, HOW WILL YOU FARE IN COURT?

Digital Lock

There were 325 data breach incidents and 8,320,325 people exposed to data theft from the beginning of 2010 through late June, according to the Identity Theft Resource Center. This amounts to almost two breaches every day involving two of every 100 Americans. When thieves steal personal information, the victims look for someone to blame; the target is usually the person or company who had their data to start with. Businesses that suffer data breaches involving the possible theft of others' information can expect to receive lawsuits. Legal actions taken so far have not produced sizable awards, but they have produced some guidance from the courts.

Some plaintiffs' actions have failed because they could not prove that a data breach actually harmed them. A federal appellate court ruled that only one of three plaintiffs in a particular case had a cause of action against a company whose computer servers were stolen. That plaintiff had suffered an identity theft; the court ruled that it was possible that the server theft caused the identity theft. Because the other two plaintiffs could not show that the server theft harmed them, the court said that they had no cause of action. Likewise, a federal court ruling on an Indiana case said that a data breach alone was not what state law defines as a "compensable injury." In both of these cases, plaintiffs sought recovery for the cost of credit monitoring services, but the courts ruled that these costs were not compensable damages.

Plaintiffs had no more success in a class action suit against supermarket chain Hannaford following a three-month data breach that...

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Thank you for taking the time to read this month's newsletter! Remember, your feedback helps shape future issues. We value your input, so please...let us know what you think! Have a great month!
 
Sincerely,
 

David Mason
President
Mason and Mason Insurance
M&M Assurance Group 
Mason & Mason Insurance                   M&M Assurance Group
458 South Avenue                                      3304 White Mountain Hwy
Whitman, MA 02382                                    North Conway, NH 03860
T (800) 759-1452                                        T (800) 298-0802
F (781) 447-2832                                        F (603) 356-9290