Cyber Breaches and Healthcare Professionals

Nursing homes, assisted living facilities, and healthcare operators represent a large percentage of businesses in the healthcare industry facing a number of risks and concerns due to the outbreak of cyber breaches and cyber crimes. Cyber breaches are a huge risk for healthcare organizations due to the fact that they store important and confidential information on patients and employees.

This includes storing medical records, credit card information, social security numbers, and other confidential information on their servers. The liability issues can be severely damaging and data breach insurance coverage tops the list of steps to be taken to deal with these types of exposures.

Perform a regular risk assessment

One of the best ways any organization can try and prevent an attack is by knowing areas where they are most vulnerable. It can be extremely helpful to conduct regular risk assessments designed to expose areas of greatest concern. Doing so will enable your clients to identify those areas with the most potential for exposure and protect themselves by putting together a response plan that can protect against a potential attack.

They should, by now, have created a team designed to take on issues related to protecting confidential records. Hackers have become quite sophisticated, so even newer methods of prevention are required. Assign team members well-defined roles and ask them to put most of their focus toward identifying and preventing cyber attacks from occurring.

Regularly update software and systems

Out-of-date software and business systems represent one of the largest areas of vulnerability, which is why it’s recommended that systems be updated regularly. For example, knowing how often updates are released for certain programs can be vital to your client’s protection, as the longer software remains out-of-date, the greater risk of a cyber​ attack.

Most healthcare facilities work with outside vendors that may or may not have strong security practices that also put their businesses at risk. Cloud storage has become increasingly popular, but before selecting any outside company to work with, these facilities should do extensive research to ensure that security procedures are up to standards.

Perhaps the most important risk management step for all healthcare facilities is to secure data breach insurance coverage. No matter what is being done to prevent attacks, there’s always a chance that a breach will occur.

How Insurance Can Help Protect You from Financial Losses

There are a number of ways financial loss insurance can benefit a contractor or similar businesses. Financial loss can occur in a number of areas from an on-site accident, to equipment malfunction. However, some insurance programs can help. Here are a few ways how.

Theft

In addition to your policy coverage, your insurance agent may also be able to recommend strategies for reducing the risk of theft. These may include recommendations for choosing a security system, securing equipment and placing guards. Many property insurance policies include theft in their coverage.

Fires

Fire is another risk that can lead to financial loss. In addition to helping you find a policy that includes fire coverage, your agent can help remind you to take proper precautions with flammable materials, and to have appropriate evacuation plans and safety equipment on hand.

Accidents

In many cases an agent may be able to help formulate strategies to help reduce workplace accidents. These may include walkthroughs, safety meetings, equipment training, and inspections.

Choosing to invest in financial loss insurance can help your company in the event something does occur. But more than that your agent can make recommendations for strategies to help prevent accidents and issues before they occur. Insuring your company can help protect both your staff and your property.

Finding a Great Insurance Agent in Orlando

Choosing an Orlando insurance agency is not difficult if you know what to look for. First, seek out a company that’s been around for a while, and that has a solid reputation. They should offer a wide variety of commercial and individual plans, with the ability to customize their services based on your needs.

If you’re looking for commercial coverage, they should be able to examine your company’s asset base and determine your liability exposure, then look at what the potential is for financial loss and your current measures for loss prevention. Based on this, the agency should be able to make sound recommendations. They should offer a range of commercial solutions, including workers’ compensation insurance, insurance for surety bonds, liability insurance and commercial property insurance.

If you’re looking for insurance for personal needs, make sure the agency is a local company that knows the Orlando area and the kind of challenges people there face. A wide selection of coverage choices should be available, from renter and home owner insurance to flood insurance, car insurance and life insurance.

No matter what kind of coverage you need, whether for yourself or your business, the Orlando insurance agency you choose should be one that can provide you with a solid solution at a reasonable price, customized to your needs.

Taking Charge of Your Health

Finding the right coverage for you and your family is more challenging than ever before. With so many private plans to choose from, as well as different employer-sponsored options, having a guide on the journey can save you a lot of time and money. So, before taking on the task yourself, learn about the benefits of ISU health insurance agencies and what they can do for you.

When you sit down with an ISU agent, you have a chance to share all your specific needs and concerns with one person dedicated to finding the best policy for you. Through their direct access to a comprehensive database of resources and experts, you will no longer need to search from plan to plan. Instead, your agent will know exactly where to look to find the answers you need to confidently make a final decision.

No one has the same requirements for their healthcare, even members of the same family. Do not let the confusion of insurance plans leave you feeling frustrated, powerless and under-covered. Whether it is coverage for vision, dental, medical, or a combination of all the above, enjoy a one-stop shopping experience. Take control of your well-being and look to ISU health insurance agencies for the assistance and personal attention you deserve.

Factors that Can Affect Insurance Premiums for Assisted Living Facilities

Running any kind of business comes with certain necessities that you must factor into your budget. It’s hard to do so, however, when you don’t have any idea what to expect. In general, insuring an assisted living facility is going to cost a minimum of $15,000 in premiums. There are several factors that affect exactly how much you can expect your assisted living insurance cost to be.

A large factor is the type and state of the property. If you run your facility out of a home, brokers may be less inclined to underwrite your policy as it is more difficult to regulate and probably will require many upgrades. The security measures you have in place, such as pull alarms in the bathrooms just in case residents slip or monitored doors, can also affect your premium. Even something as simple as the grade of your lawn, as steeper lawns tend to lead to more falls, can be taken into account.

The services you offer and the qualifications of the staff providing those services also affect your assisted living insurance cost, as is the general health of your residents. Are there routine checks in place to assess the progress or decline of your residents, and do you keep good records of those checks? Depending on the number of years you have been in operation, you should be able to show patterns of behavior that warrant consideration for good premiums.

Why You Need Cyber Insurance

No matter what kind of business you run, you probably spend some time in cyberspace, even if it’s just to update the website or send emails. The risk services package of every business should include comprehensive cyber insurance. A good insurance solution covers your business from various types of cyber attacks and the fallout from those breaches.

When many people think of cyber risk, they often only think of security breaches that result from hacking. While such instances certainly occur, cyber issues can also include things like social engineering, such as extortion or phishing attempts, or other acts of internet fraud. A comprehensive policy protects your company and your clients no matter what kind of problem you face.

Risk services should include the ability to report claims 24 hours a day. You will need both cyber and privacy liability and may even be interested in a media liability policy, all of which cover the cost of legal fees and settlements if needed. Because cyber attacks can shut down at least part of your business while the problem is being fixed, it is a good idea to include business interruption coverage as well.

Every business has cyber risks. You can curtail the cost with effective risk management that includes solid insurance coverage.

Essential Factors in Selecting A Workers Comp MGA

Choosing the best Workers Comp MGA (Managing General Agency) can be a daunting task. Time should be spent evaluating options and coming to a solid conclusion as to which agency will provide the best services. Some essential features to look for when determining which MGA to work with are underwriting authority, fast and reliable services, and some flexibility in the way they operate.

For most employers, workers’ compensation insurance is a must have. Not only in a legal sense, but also in order for a business to be effective, while also protected against various liabilities they may face. At most facilities, a worker is likely to experience a job-related injury at one time or another.

Solid underwriting authority

It’s important that any insurer approves an agent with underwriting authority with a belief that the agent is fully qualified. Given this authority, an MGA will be able to assist clients by evaluating their risks and determining a coverage option that takes any risks faced into account. Clients will benefit from that expertise due to the MGA having a greater knowledge of a specific trade or industry and their ability to provide enhanced policy benefits.

Brokers rely on an MGA for their ability to provide faster quotes. Time is a valued commodity, and many businesses simply cannot afford to waste time waiting for an agent to prepare a quote. This explains the reliance on brokers who can expedite the underwriting process efficiently. Many agencies offer quick turn-around on quotes, thus making them highly desirable.

Flexibility is another key component

An MGA will be the person to determine a client’s premium, but the terms of payment may often allow a marginal amount of freedom for clients. Agents that display more flexibility in this regard by demonstrating a desire to work with clients, especially those having special circumstances, are more desirable to companies in need of this service.

The Workers Comp MGA is an actual operative body of the insurance carrier charter that acts as the carrier in all carrier operative activities, decisions and business development, such as executing the authority of the carrier charter pen as appointed and contracted by the authorized owners of that carrier charter/pen of authority.

Coverage Required for Insurance Agents

Sadly, insurance agents and brokers are under constant scrutiny any time they make an error or omission in providing their services. The issue becomes magnified when a huge disaster hits, like last years hurricanes, affecting a large community with the need for filing multiple claims almost simultaneously. While a certain standard of care should be expected from their agents or brokers, circumstances being what they were, things probably didn’t move quickly enough for the multitudes suffering through these events.

With so many people displaced from the damage and flooding that occurred, agents were in a bit of a quandary, with response time slowed as they worked through claim after claim. Tempers were short as customers became frustrated with what they believed was an inefficiency in response time.

Many clients likely found themselves under-insured at the time of the crisis and believe that their agent did not make them fully aware of the risks and exposures they faced. This is a prime example of the need for insurance agency e&o.

Why have Insurance Agents E&O?

Listen, it doesn’t take a major disaster to express the need for errors and omissions insurance. Professional liability coverage is an important component for many businesses, and perhaps especially for an insurance agency. Mistakes can be made simply while helping others to find coverage.

If you were to wind up being sued, and didn’t have the right type of protection in place, your agency would have to retain any suit or other claim occurring, which could mean having individual agents lose money on their commissions. This wouldn’t happen with an E&O policy in place. Most negligent acts would be covered while helping to keep the business operating continuously.

Agents shouldn’t be at risk

Insurance agents and brokers are held to high standards due to the services they provide. They may, at one time or another, be uniquely exposed to claims frequency and claims severity. Many carriers offer E&O coverage, but not all E&O policies provide the same level of protection, especially in what they’ll actually cover if a claim winds up in litigation.

Some policies may pay for the settlement amount, but not your defense expenses, such as attorney’s fees. Others pay defense expenses but not for the actual losses incurred. Comprehensive insurance agency e&o coverage will pay for all of it. Talk to a specialist about any questions or concerns you may have.

 

Assisted Living Facilities and How Insurance Plays A Role

Does insurance cover assisted living facilities? You might think it doesn’t. You might think that there’s no one comprehensive plan to protect all aspects of the operation. However, as the demand for facilities like these has increased, insurance companies have adapted to ensure they have offerings that meet their clients’ unique demands Comprehensive plans can cover everything from general liability to the Jacuzzi, meaning there’s no reason for a facility not to be covered.

Independent care facilities have a complex risk profile, with potential issues arising anywhere from a bus shuttle getting into an accident on the way to the movies to an employee falling underneath heavy medical equipment. Because of that, it is necessary that coverage extends across the entire facility and shields everyone working or living there. No matter what boutique services are offered, they should be protected.

Further, insurance companies can do a lot more for assisted living facilities than react to potential issues. Many companies are not offering risk management services and engaging in proactive actions to help limit potential claims and set everyone up for success. Management usually includes observing the facilities and providing training to any medical and non-medical staff. Typically, the company then creates a risk profile and share it with the client.

So, does insurance cover assisted living facilities? Not only is the answer in the affirmative, but insurance companies can also work with you to prevent issues, as well.

Importance of Professional Liability Insurance for Financial Institutions

Each industry faces its own unique risks. The financial industry is no exception. For instance, your company or bank could find itself in the midst of a shareholder dispute. If you don’t have insurance and you’re found liable, then you could end up paying a lot of money to resolve the dispute. Here is why insurance for financial institutions is important.

Offers Legal Protection

One key reason for having professional liability insurance is that it can offer legal protection should your company be entangled in some kind of dispute or allegation. Regardless of whether the claim is true or not, the legal fees can quickly add up.

Provides Financial Protection

All it takes is one claim to damage your bank or financial institution financially. This can in turn hurt your customers who rely on your company for their financial needs.

Customized Coverage

Some financial institutions are unaware that they can work with an insurance agency to develop a customized plan that meets their professional liability insurance needs.

These are just a few reasons why professional liability insurance for financial institutions is important. A good insurance policy can help protect your company both legally and financially from potentially damaging claims. In the end, you should determine what is best for your customers and your business.