Let’s assume that one of the new employees in the office makes up a great impact on management. She’s completing her tasks on time and meeting the sales figure better than others. The company awards her with incentives for her good work. But, other employees are far longer than her in the office and assume her as a threat. One day, this new employee gives an intense presence in the company and everyone’s impressed with her. She uses her laptop to present and has all her important files and documentation stored in it. After the presentation, she leaves her laptop on her desk and takes a quick snack break. She comes back and see’s that her laptops are missing. Imagine what goes on in her mind at that moment, the shock and the anger pumping through her veins. Surely, it would be one of her colleagues who did this to her. She would not be able to trust anyone again.
In the life of every laptop, it has a 1 in 10 chance of being stolen. Counted to 53, and someone stole it. If you own a business, a working laptop should be high on the list of assets you should consider when considering business insurance. Even though it seems like a bit extra when considering it, having known you’ve got insurance can greatly bring peace to the mind and lower the stress levels. We’ll be discussing various types of insurance below that can severely have an impact on your business and help minimize risk:
Property Insurance and its benefits:
This type of insurance is intended for the things your business owns. In case of any unforeseen events this insurance can help cover up the losses, or this insurance will contribute towards paying or repairing the items that were affected due to these events.
Let’s talk about how this coverage helps:
Hardware: This consists of tangible products that can be stolen or either damaged. You can get your work computer insured which may consist of laptops, iPad, or other important gadgets. So the insurance helps that in any case your laptop was stolen, it will pay off to get a new one with some terms and conditions. Before you go for it, thoroughly understand how it works with the help of an agent.
Software: Nowadays insurance companies are offering insurance coverage for everything. You can even get the software your company uses insured. As we all know, in this technologically advanced era software is the heart of every electronic device. Therefore, you need to ensure that you have got adequate coverage for premium industry or specialty software. But remind you again, this may be subject to a few limitations which you may need to go through once.
Time: If we look at the example earlier, the new employee lost her laptop which had important documents on it. All this would delay the company process and will harm the financial statements. So, you can get coverage for your business earnings that would be lost in this period which would have taken the employee to develop those important documents again.
Cyber Insurance and its benefits:
The new employee that lost her laptop had important documents in it. What if these documents were important contract information between clients and their personal information? Losing confidential information and it becoming public can become a serious threat to the business and can face legal actions as well. The role of cyber insurance comes in all this is that it helps you handle the costs of satisfying state privacy laws, contract requirements, and other regulations. But, you need to understand something here is that it can become very costly when it’s to cyber insurance, and have to go through a lot of processes. Firstly, you may have to disclose all the information that was leaked and inform everyone about the breach, investigate what went wrong, and/or pay various fines and costs.
Personal Health Information: Assuming the new employee worked in a medical institution. If she had medical records of patients on her work computer and lost them, then this can be viewed as Protected Health Information (PHI) and can trigger a HIPAA (Health Insurance Portability and Accountability Act) violation. Cyber coverage can help businesses manage the legal actions they face and penalties/fines that can sometimes reach even in the five-figure range.
Company Reputation: Your company is involved in a data breach that can be very bad for business. Furthermore, many states have made it obligatory to report and notify everyone who is involved with the information that has been leaked. Data breaches in companies are made headlines by media and HIPAA shares the details of these breaches online. Cyber insurance can play a very significant role in all this for your company as it can help you regain the lost trust and damaged reputation by helping you out through public relations and crisis management.
In addition to this, your company and its employees can reduce the risks faced in situations with losing your work computer. Here are the following tips that we have outlined for you:
Licensed insurance advisors are pros at knowing your business and all of its coverage needs, laptops, and beyond. Call your custom consultation on the right coverage for you.