Insurance Companies

Managing Risk By Maintaining Crime Insurance

There are many areas in a business that create risk and unnecessary exposures to crime, either internally or from outside forces. By managing these problem areas a business owner can help to greatly reduce some costly concerns and therefore save his or her company an exorbitant amount of money. Crime is one of those things that every company must be aware of. Whether employees are stealing from you, or thieves, shoplifters and burglars are the culprits behind these losses, crime insurance is the most valuable solution to stem the tide of losses.

Taking adequate security measures can pay dividends

In order to avoid risk, a company must determine just what those risks are. Here are some ways in which a business can assess their risk and also determine ways to prevent unfortunate losses from occurring:

  • Installing adequate devices to control unauthorized entry onto the premises
  • Have a burglar alarm that reports to a central station or a constantly attended monitoring facility
  • Have adequate fencing and gates around the building and parking areas
  • Provide adequate exterior and interior lighting, and
  • Have adequate door and window locks and control access to premises by physical barriers and/or surveillance

Beyond this, you may also wish to require the use of company ID badges, have appropriate visitor sign-in sheets and escort procedures, have check-in and check-out procedures, and an inventory control system in place.

Your accounting department should also be closely monitored. It might be preferable if a single person oversees cash, bank deposits and inventory. Instruct the person in charge to make cash deposits frequently in order to limit the amount of cash on hand. You might also be better off if billing is independently reconciled to ensure proper charges, credits and refunds are administered.

Protection from Theft

Employees should be properly trained to handle situations involving theft and fraud.

Train staff to recognize shoplifting risks and also on the proper way to respond when a situation unfolds. They should be trained to recognize counterfeit currency, determine credit card validity, and report acts of vandalism or theft committed by employees, visitors, vendors, or contractors.

By better managing the premises through security measures, overseeing accounting practices and ensuring that deposits are regularly scheduled, a company can make great strides in reducing risk and avoiding losses that will increase crime insurance premiums.

Cyber Risk Concerns Adversely Affect Medical Institutions

Despite many recent reports involving cyber breaches to large corporations, the medical industry has its share of exposures and concerns. Cyber risk continues to be a serious issue, and cyber liability is now one of the top threats to the medical industry. Medical records and personal information stored on servers serves as a target to many hackers and thieves who see value in obtaining these files.

While having your clients add to their current IT security is a great way to try to combat this issue, it still isn’t enough to address all of the risks being taken. A comprehensive set of network-security policies and procedures need to be properly implemented and tested, as well as updated on a regular basis, in order to ensure that the proper risk assessment has been made and steps to properly manage the problem are in place.

Reputational damage is another concern

The loss of reputation and brand value to these institutions is another major issue, and the losses suffered due to a breach can be hard to overcome. In many studies this is high among respondents’ concerns. Obviously, if a company experiences a loss of personal data belonging to clients it creates a lack of trust in that company. Having this type of risk is likely to have a cumulative effect with any subsequent attacks occurring.

Hospitals and healthcare professionals have since come to terms with the fact that they now face a serious danger from cyber risk and privacy breaches. Confidential information and personal data is a very valuable company asset, one that these organizations must strive to great lengths to protect. Traditional insurance plans will not cover the costs incurred from misplacing or losing sensitive data.

Lost or stolen data can cost a company millions of dollars if not properly protected. Companies with personally identifiable information and protected health information should purchase standalone products that will help to transfer this risk and protect their balance sheet. Doing business online is a risky proposition, and with individual information becoming more public, along with sensitive business information, this type of exposure can cripple a profitable organization. As a broker you should educate your clients in the best ways to protect their customers and their business through properly insuring against cyber crime.

Insurance Marketing Plan for Social Media

A social media insurance marketing plan is a great way to campaign. Most people involved in social media realize that this is an avenue that provides great opportunities to making their brand highly recognizable in their community. It’s pretty hard not to be effective when you’re constantly posting and staying in the minds of the public. This will often garner the desired results.

A few goals to keep in mind, as part of what makes for a successful community management strategy, are enhancing awareness, improving public perception, enhancing customer service and support, creating advocates, and collecting analysis and feedback. By enhancing awareness, a company is spreading the word to potential customers, while staying fresh in the mind of existing customers along with anything else that might influence existing and potential users.

 

Public perception is key to success

Having strong positive public relations helps build brand loyalty. When customers, and prospects think and feel good about your brand, they’re more likely to notice the positive aspect, which then translates into better word-of-mouth. Customers with problems or questions are engaging in online and social media communities to spread the word and ask for help or seek solutions. A good community presence provides enhanced customer service and support by answering users questions and directing them down avenues to resolve any problems or issues.

Information on how existing or potential customers feel about a product can be extremely important. Having the ability to create and identify opportunities to improve an existing product (or understanding successful enhancements for future products) can generate the desired results. By finding out what a community really wants, and understanding what they dislike, can help extend an existing product’s life, or determine how to refine and design new products more successfully.

When users learn what a product does and how to make the most out of it, they tend to be much more engaged. This requires making sure, through educating existing and potential customers, that they know how to effectively utilize it. Perhaps the biggest goal is to increase acquisition. The goal is obviously to have more people purchase or use the product.

This requires identifying what is important to clients and that knowledge can help you to create a goal-oriented community management strategy that allows you, as a business owner, to measure effectiveness as well as success. Your insurance marketing plan for social media should aim to accomplish these goals.

Misuse of Products and California Product Liability Insurance

As a manufacturer, you need to do everything necessary to protect your company against product liability claims. Ensuring that proper processes are in place and identifying problem areas can go a long way towards providing protection for your company, but it’s certainly not enough. If consumers claim that there is a product liability issue with an item you produce you’re going to need California product liability insurance to fight those claims, or otherwise pay for any damages incurred.

State laws help determine what constitutes product liability

In certain states, the law requires that the product be properly packaged or labeled to give reasonable warnings of dangers about the product and/or to give completed instructions on proper use of said product. A company has the right to defend against this type of claim if, for instance, the injury was caused by misuse by the consumer. This is provided that you manufactured the product according to standards set by state and federal law.

As an example, let’s say your company produces a product that is intended only for a particular use, but a consumer who purchased your product used it in a way in which it was not intend and was injured. How do you now protect your company against this type of claim? Manufacturers can protect themselves against claims of this nature by developing a process to regularly monitor and update product labels and always provide instructions that clearly state the intended use by the consumer. In addition to carrying California product liability insurance you should go to some lengths to determine in what ways you can limit your risk.

Manufacturers can also protect themselves against this type of claim by developing a process to record the specifications of each product before shipping to an OEM. This process allows the manufacturer to easily reference the state of the product when it was delivered to the OEM. Your company can limit or avoid exposure to this claim if the injury was caused by a modification or alteration to the product made after it was delivered to the initial customer.

CT Insurance Companies Provide Great Services

Everyone has asset protection needs, as well as reasons for deciding to purchase life, home, and auto insurance. For one thing, a life policy provides a certain amount of comfort for their spouses, children, and significant others. Parents also want to know that the money will be there for their children in the event that an unfortunate incident occurs and they are no longer around to provide care and assistance.

Auto insurance is required and helps pay medical bills and other expenses too high for the average person to deal with if uninsured. And, of course, a home policy helps with repairs and replacement when a house is damaged or otherwise becomes uninhabitable. Whatever your reason might be, most people realize that insurance helps provide overall peace of mind, and everyone has their own specific reasons why they need to contact ct insurance companies about their products and services.

 

Insurance helps greatly when a loss occurs

Whether you have a car accident, become too ill to work, or have a house that is devastated by a major storm, these three policies will come to your aid when you need it most. Personal insurance policies are a source of great relief when a disaster or accident strikes, and the cost of coverage is nothing compared to the excessive out-of-pocket expenses one might incur.

For example, no one wants his or her family to experience hardship when it is totally unnecessary. An employer-sponsored life insurance policy can be less expensive than purchasing a policy on your own, plus with group insurance from work your risk is spread across a big pool of people, so it’s easier to be granted coverage.

But many workplaces still require you provide “evidence of insurability” once you increase your coverage limit past a certain amount, and with a face value that is not likely to cover as much as you may wish, you can accomplish this by adding a small supplemental life insurance policy in an amount that would cover those final expenses.

CT insurance companies can help make your future more secure. There are agents standing by ready and willing to help. Remember that there’s no time like the present to get the coverage you need. Speak to an agent about ct insurance companies and what they have to offer you!

Full Service Insurance Companies in CT

Full service insurance companies in CT cater to both businesses and individuals in the market for insurance services and products that they require to protect their assets, and provide the necessary coverage for a number of risks and/or exposures related to their homes or companies. There are agencies in this beautiful state that have formed an excellent reputation for conducting business with the highest integrity. They satisfy a wide range of customers by providing a full spectrum of insurance programs and asset protection programs for businesses, individuals and families who have put their trust in them.

 

When choosing the right agency, areas such as their expertise, customer service, and ability to determine the right programs for their clients’ needs should be high on the list of expectations. In addition, one should also consider their ability to provide programs and risk management planning to clients owning companies of any size or structure. Finally, find agents that competitively price the products and benefits they offer and that pretty much sums up what makes a great provider and partner.

 

What values does the agency exhibit?

 

The following are four areas that separate a really great agency from one that still has to work on being the “complete package.”

 

  1. Integrity

 

An insurance relationship, like any other business relationship, is built on trust. Clients and carriers appreciate the insurer that demonstrates this when dealing with claims and other pertinent issues.

 

  1. Accountability

 

This is a rare commodity- providing performance beyond that which is required. Seek someone who is willing to make that commitment to his or her clients, and to follow through to a satisfactory result.

 

  1. Expertise

 

A company who hires competent individuals that demonstrate over time, through experience, that they have become experts that are trained diligently and can demonstrate knowledge that provides security to their clients.

 

  1. Value

 

By providing added value services, the insured will feel secure in knowing that their premium is always being put to good use.

 

 

Whether in the market for home or auto insurance, or policies for Property, workers comp, liability, and business auto, understand that there are full service insurance companies in CT that can provide everything an individual and business owner might need, all under one roof.

photo credit: Wolfgang Lonien cc