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Foundation Insurance Group 803 West Broad Street Suite 500 Falls Church, VA 22046 703-988-3750 (phone) 800-203-2811 (toll free) www.foundationinsurancegroup.com info@figva.com
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No Business is Too Small for Hackers - or Cyber Liability Insurance
Forbes dubbed 2014 "Year of the Mega Data Breach,"
but they should have called it "The Year of Many, Many Low-Profile Breaches." Over 60 percent of hacks hit small-to-midsize businesses with fewer than 2,500 employees, according to a 2014 report by Symantec. Unfortunately, those smaller businesses don't just offer less resistance to being hacked - most also don't have the cyber liability insurance to cover the damage, or the funds to stay afloat without it.
$20,752, added up, is now the average cost of a cyberattack, according to the National Small Business Association (NSBA). It's no surprise that many small-to-midsize businesses never recover. According to the same NSBA survey, that average cost has also more than doubled in the last two years. Meanwhile, fully half of all small businesses had experienced a cyberattack by the end of 2014 - and half of those attacks were within that year.
Whether hackers steal money directly, leak your customers' personal information, or make off with credit card accounts to pick clean later, the costs of a cyberattack can be devastating. The biggest blow is often notifying the individuals and related businesses whose information has been hacked - a move required by law in almost every state. According to Ponemon Institute, notification can cost $145 per compromised record - a cost that quickly adds up. Tack on the losses of any shutdown or interruption caused by a hack, the cost of investigating how the hack happened, and customers whose trust and business are gone forever...
Luckily, the state of cybersecurity for small-to-midsize businesses isn't all doom and gloom. While the costs associated with being hacked continue to rise, cyber liability insurance is now more affordable than ever, making it a no-brainer investment.
These days, data breach threats are so common that many business policies even including coverage for stolen credit card data along with fire, theft and general liability. Every situation is different, of course, and it's important that your coverage is up to date and offers the right cyber liability protection for your specific operation. If you have any doubts, give us a call. We're happy to explore the options with you and make sure you're adequately protected. Businesses of all sizes are becoming more and more vulnerable to attack, and small-to-midsize businesses like yours are the most at risk - but you don't have to face that risk alone.
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Lessons from the Boston Snowpocalypse
Summer is upon us, but the long brutal winter is still fresh in our minds - especially in Boston. Bean Town got hammered with nine blizzards from the beginning of January to the middle of March, for a record total snowfall of nine feet. To everyone who didn't own a ski resort or shoveling service, those flakes meant money lost - a total of at least $10 million per day for the Massachusetts retailers that had to repeatedly shut their doors, according to Time.
In an age when weather is only getting more extreme, there will definitely be a next time - and not just in Boston. Here's what businesses learned during the Snowpocalypse of 2015:
Shake-Ups Reveal Weaknesses:
The biggest victims of that record snowfall were the Massachusetts Bay Transportation Authority, and the thousands of passengers who were delayed and stranded as trains broke down and lines were truncated. There was plenty of frustration, but, importantly, the disaster revealed just how ancient and rickety those trains and rails were.
Long-standing issues can come to light when your normal business routine is disrupted. Imagine: your employees are all working from home today, in their jammies, with big mugs of hot cocoa - and then realize they don't know what they're supposed to be doing. If lines of action, production, or communication are weak, you'll see it in situations like this. With everyone working separately, you might also have an easier time seeing who the weak links are.
Pace it Out (Another Storm is on the Way):
Snowstorm after snowstorm, Boston EMS kept a cool head. They knew fewer emergencies would happen during a snowstorm itself (most people are just sitting tight), and didn't call for double shifts or an increased number of ambulance drivers and EMTs. They didn't burn themselves out, knowing they would be working much harder post-storm (think ill-advised street sledding).
The same goes for most companies. Things will slow down during a storm and its aftermath, and it's best not to ride your employees too hard. When the weather improves, business will pick up as customers make up for lost time. A snow day isn't the right time to exhaust your workers, or demand too much when they're not at their most productive (see jammies, cocoa). Just keep everything running and as on-schedule as possible.
Prepare:
To keep your company functioning dependably, you'll need to take some steps ahead of time - think of it as the business equivalent of stocking up on road salt and canned goods. Back up vital information offsite and online, and have a snow day plan in place (who answers to whom, etc.), so that your workers can keep plugging away from home or the nearest open cafe.
Still, preparations can only go so far, and after half a dozen blizzards business will almost certainly face some interruption. Talk to us about business interruption insurance to cover lost income during shutdowns, repairs, and even rebuilding your customer base. We can also help you find the natural disaster policy that's right for you, as well as other related coverage (like flooding when all of that snow melts). We can't come shovel you out, but we can make sure your business doesn't lose money as the snow piles up.
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5 Ways to Keep on Trucking (Safely)
Trucking can be a dangerous business. The country's two million truckers get into 300 thousand accidents a year, resulting in more than 100 thousand injuries, nearly four thousand fatalities, and untold financial losses. Now, the National Transportation Safety Board (NTSB) has called for regulators, lawmakers, and businesses to come together to make commercial trucking safer.
No laws or regulations have changed yet, but there's plenty you can do to improve the safety of your own business now. Whether you have a fleet of two trucks or hundreds, these five tips can save money, equipment, and lives.
1. Healthy drivers: The most important part of any trucking fleet is the truckers. Screening for obstructive sleep apnea and other potentially impairing medical conditions, and for impairing drug use, is a vital first step to make sure your drivers will be able to stay alert.
After that, keeping up morale, energy, and focus becomes key. Encourage healthy habits in your drivers, like getting plenty of sleep, quitting smoking, exercising before driving, and eating well. For long-term health, truckers should stick to loose-fitting clothing that won't cut off circulation. Exposure to fumes has been linked to lung cancer in drivers, so they also shouldn't idle their trucks while they sleep, or during loading and unloading.
2. Training: A healthy driver isn't much good without the proper training. Make sure all of your drivers fully understand their blind spots, and know to reduce speeds in work zones, on curves, and in bad weather. Drivers should also do a full check of their vehicle at least once a day, and drivers and loaders alike should make sure cargo is as low and spread out as possible, so the truck is stable and easier to maneuver.
3. Take Care of Your Rigs: Drivers should check their fluid levels, horn, and mirrors before getting on the road - but upkeep isn't just up to them. Inspect your vehicles regularly, even more regularly than is currently required: the NTSB is quick to point out that the current rules are only the bare minimum for taking care of trucks.
Brakes are especially important to safety - and often dangerously overlooked. When the Commercial Vehicle Safety Alliance (CVSA) conducted their Brake Safety Week inspections last fall, more than 16 percent of the total commercial vehicles operating in the U.S. had to be taken out of service. Many of those trucks had damaged or missing parts, but many simply had brakes out of adjustment.
Again, training becomes vital: drivers and technicians alike need to know how to check and correct brake adjustment. Dealers usually have more extensive knowledge of brake upkeep than either drivers or technicians, and are often happy to provide training for both.
4. Get Ahead of the Technology Curve: The NTSB is also pushing for laws and mandates when it comes to safety technology. Electronic logging devices can ensure that your drivers are getting enough sleep, and a whole range of other safety systems - collision warning, tire pressure monitoring, rollover stability control, lane departure warning systems - are becoming more widely used, more available, and may one day soon become industry-wide requirements. That's because they give truckers, and their trucks, an edge when it comes to staying safe, an edge that's worth the initial investment.
5. Make Sure You're Covered: Even with the best training, technology, and other precautions, the NTSB notes accidents can still happen. That's why commercial auto insurance is vital. We can help you make sure your business has the right policies - and is on the right side of any new laws that might come up - so you can keep your eyes on the road.
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All content © 2015 Professional Marketing Associates, Inc. This newsletter is not intended to provide specific legal or insurance advice. Please consult your individual agent for further information on the topics covered.
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