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Best In-Class Business Insurance for Technology Firms & IT Consultants
In general, most management advice tends to focus on things like hiring, managing, and motivating employees. There’s good reason for that—after all, the point of management is to move your business forward, and the way to do that is with a motivated, professional workforce.
But sometimes, for different reasons, it just doesn’t work out with an employee, and the time comes where it’s best to part ways. It’s typically not a fun experience, but it’s something that is occasionally necessary. And, as an employer, it’s critical that you not only know when to let someone go, but what your business owner responsibilities are before, during, and after the termination.
The first thing to understand, before terminating any employee, is that employee’s status in regards to any Employment At Will policy or statutes in your state. “Employment At Will” is a term that means that an employer or employee may terminate their employment at any time, for any reason.
However, while almost every state allows at-will employment policies, there are differences between states in terms of the specific conditions (and exceptions) of their at will statutes. Many states and the Federal Government have likewise taken steps to curb the breadth of the at will concept, so it’s critical to understand exactly where your state stands in the regard before moving forward.
Further, employment contracts may be in place, which supersede any at-will employment guidelines. These contracts may also spell out additional business owner responsibilities, so make sure you fully understand the terms of any such agreement before commencing with the termination.
Let’s assume that no employment contract is in place, and your state has an at-will employment policy in place, which (for the vast majority of scenarios) is likely to be the case. During the termination, you as the business owner still have certain responsibilities in protecting your company.
Even though your state likely allows Employment At Will, that doesn’t mean that you’re automatically without any liability whatsoever when terminating an employee. For instance, you’re not permitted to terminate employees for any discriminatory reasons, such as race, religion, sex or age, among others. Also, some states have modified their at-will employment statutes to include concepts like good faith employment, which provides additional protection for employees from wrongful termination.
Assuming you’ve completed the employee termination successfully, the law still mandates ongoing business owner responsibilities after the termination. Some of these responsibilities include:
Even though most states don’t require that severance payments be made to terminated employees, they are often paid in order to reduce wrongful termination lawsuits and other related actions. However, you should consult an attorney before agreeing to make any kind of severance package.
Under federal law, business owner responsibilities for companies with 20 or more employees include providing COBRA healthcare benefits to employees that have been terminated. And even in companies with fewer than 20 employees, individual states may mandate coverage be provided anyway.
If you have a group health plan for your employees, and you terminate an employee, you’re required under HIPAA to provide a Certificate of Creditable Coverage for the period in which the employee was covered under your plan. This certificate will aid the employee in obtaining future healthcare coverage.
Many companies utilize independent contractors and consultants at various times, and there are a lot of benefits to utilizing them. In most cases, contractors are not subject to the same healthcare coverage and termination protections of regular employees. However, there are considerations to take into account when terminating contractors.
Remember, as indicated by the name, contractors work under a contract. And, as we mentioned above, an employment contract typically supersedes Employment At Will statutes. As a result, it’s very important to review the contractor’s agreement prior to termination. Hopefully, there’s a provision in the contract stating the agreement is subject to Employment At Will, but if there is anything different in the agreement, that language will likely take precedence.
The key takeaway from all of this is to remember that there are business owner responsibilities prior to, during, and after terminating employees. And what’s more, failure to meet some of these responsibilities can expose your company to significant liability and legal costs. Look into your insurance policy to see if your business owner policy covers employment practices liability insurance.
That’s why it’s critical to meet with an attorney who specializes in employment law well in advance to understand your rights and obligations under state and federal law, so that you can take steps to protect your company and assets. Remember, terminating employees can be hard, but it’s made much harder if you don’t take steps to protect your business first.
Working as an independent contractor comes with great benefits: flexible schedules, choosing your own work, and occasional work sessions in pajamas are favorite perks among freelancers. At tax time, however, independent contractors often get the short end of the stick, partly because they don’t always know how to take advantage of 1099 deductions.
The payments made to independent contractors by businesses are usually reported to the IRS on a 1099 form. If you, as an independent contractor, completed a W9 form when you began working for a client or company, then any income related to that organization is likely to be reported on a 1099 and you will have to claim it when you file taxes.
Because taxes are not withdrawn from payments made to an independent contractor, the contractor must file and pay all his own taxes. On an annual tax return, 1099 tax deductions can help contractors reduce what can otherwise be a heavy tax burden. Here are some of the most popular types of deductions for independent contractors:
One of the easiest—and most dangerous—deductions to claim, the home office deduction gets a bad rep for causing audits. Claiming a home office deduction doesn’t automatically put you in red-flag territory with the IRS, but you do have to ensure that you use the space you claim solely for running your business. If you work at your dining room table during the day, but you use it for the kids’ homework and dinner in the evening, that space isn’t eligible for the deduction.
Home office deductions are entered as a percentage of your entire square footage, so you’ll need measurements for your office space, your entire home, and the value of your home or mortgage payment to claim this deduction. The IRS doesn’t typically require additional documentation for most home office deduction claims.
Self-employed individuals can contribute a certain portion of income each year as a 401k deferral. In 2015, the total contribution amount allowed by the IRS is $18,000 per person. While these salary deferrals may be tax-free, early disbursements from the retirement plan will be taxed and may come with a penalty, making it important for independent contractors to understand both current and future financial needs before committing to a salary deferral.
Contractors that use their vehicles for business purposes can either deduct a standard mileage rate or actual vehicle expenses on tax returns. For 2015, the standard mileage rate for business travel is $0.57 per mile. To deduct mileage, you simply claim the total amount of miles driven for business purposes in a year on your return.
You’ll also need to report the starting and ending mileage for the vehicle for the year, which may show more mileage than you drove for business purposes if you use a vehicle for personal driving too. You don’t have to provide the IRS with a mileage log, but you do need to keep a log of all trips and mileage for audit purposes.
Sometimes, claiming vehicle expenses instead of mileage nets you a larger deduction. Most people don’t go this route, though, because you have to keep copies of all insurance, registration, depreciation, loan payments, licensure, maintenance, parking, and toll receipts.
Independent contractors that purchase and use equipment for their business may be able to take a depreciation deduction each year. Equipment might include vehicles, special tools, and machinery. A seamstress might take deductions on a sewing machine; a painter might take deductions on a pressure washer used to prepare the exterior of homes for painting.
The IRS requires that property meet some conditions to be eligible for depreciation:
Self-employed individuals may be able to deduct the amount paid in health insurance premiums each year. If your health plan is eligible for the deduction, you simply claim the total paid on your return each year. Keep receipts or check stubs proving you made the payments to back up your claims.
Hundreds of 1099 tax deductions exist for small businesses and independent contractors, so it’s often best to consult a professional when handling tax returns each year. Remember: To claim 1099 tax deductions each year, you’ll need to complete a Schedule C and file the long 1040 form rather than the 1040EZ form. Some deductions may require completion of an additional form or calculation worksheet, but it’s well worth the extra effort to make sure you don’t run into any problems down the line!
On June 25, 2015, The Supreme Court of the United States ruled that the Affordable Care Act is constitutional, and that it will continue until further notice. There are many effects on small business that come both from this ruling and from the Affordable Care Act itself.
Earlier in its existence, the Affordable Care Act faced stiff contention from many politicians and was under threat. Many businesses have considered it to be challenging, if not downright problematic. Despite it all, the Affordable Care Act is here to stay.
Fortunately, as a small business owner, you can adapt to this with relative ease. The Affordable Care Act is reasonably simple to understand if you pay attention to the most salient parts of it for your situation as a small business owner.
Here are a few important facts about the Affordable Care Act to keep in mind:
For the most part, the Affordable Care Act is not concerned with business. The effects on small business are thus fairly minor, which can be a relief if you have been fretting over potential consequences.
The most relevant aspects of the Affordable Care Act involve when you must purchase health insurance for your employees and when you have the option to do so. Since there may be tax credits involved in making this purchase—and it is most likely tax-deductible as a business expense—it is in your best interests to offer health insurance to your employees if you can. The Affordable Care Act merely makes this a more accessible benefit you can provide.
Larger businesses (which are defined within the Affordable Care Act as having more than 50 employees) must provide health insurance coverage for each full-time employee. Even if you have part-time employees but still fit the criteria of having 50 employees or more, you still have to provide every full-time employee with health insurance.
While you may not think having 50 or so employees makes you a “large business,” the Supreme Court’s support of the Affordable Care Act requires you to operate within its bounds.
If you choose not to provide health insurance to your employees who work full-time, you will be expected to pay an additional fee with your taxes per employee. This started in 2015, so your 2016 taxes will be affected if you choose to ignore this regulation.
Fortunately, the marketplace for insurance coverage has also been rendered more affordable on the whole, which may actually make your costs more reasonable for group health insurance.
No matter how small your company is, you can still offer insurance benefits to your employees thanks to the Affordable Care Act. If you have less than 25 full-time employees, you can use the marketplace in the same way as larger businesses can to buy insurance coverage with subsidies.
This is both an advantage to your bottom line and a substantial perk to your employees by providing care to their families and reducing their tax burden.
The Affordable Care Act has changed the landscape of health insurance in the United States, especially with the Supreme Court now affirming its continuation. As a small business owner, you can take advantage of these opportunities to provide healthcare coverage for your employees without breaking the bank.
As a business owner, there are a number of things that could occur to hurt the productivity of your business. Natural disasters can leave your company at risk in various ways, including loss of power, loss of equipment, or even loss of facility
Consider the following scenario: You have to vacate the area due to an oncoming hurricane or tornado. You return to the scene to find your equipment damaged by wind and water, or it was hurled away. Not only will you be displaced because of the damage, you don’t have the inventory you need to keep your operations going. How will you relocate to another facility, replace all your products and replace the funds needed to make this happen?
One prolonged power failure that directly affects your sales can cost you hundreds of thousands of dollars that you can’t replace. If this happened to you, how would your business survive? Having business interruption insurance in place can assist to alleviate some of those costs.
Business interruption insurance was designed to assist a property insurance policy or a package. This type of insurance has a number of advantages. You will be compensated for any income you lose if you have to abandon or vacate your building due to any damage caused by the disaster. The amount you are reimbursed based on the revenue you would have lost according to your financial statement
Without business interruption insurance, you won’t have any fail safes in place. Most standards policies for business only cover loss or damages for equipment, inventory and your structure. It does not usually cover loss of wages.
Even if there is a significant amount of money in a savings account, using all your savings to recoup your losses does not make good business sense. If you have to use all your savings to keep the business open, if another disaster occurs, you won’t have any resources to fall back on.
The amount of coverage you need will depend on your activities and the area in which your business resides. If you live in an area where natural disasters are high, you may need a larger policy to cover your business expenses after a disaster occurs. There are other factors to consider when making this decision, including:
Because this is a policy that works in conjunction with your other business policy, knowing the answers to these questions is key in obtaining a policy that would work well for you. No one likes to think about their business being in jeopardy due to an unforeseen circumstance, but being prepared whether you use the insurance or not should give you some relief in knowing your business will be covered.
You can never estimate the time it will take to recover your operations once a natural disaster has taken place. Your policy limits should cover a certain period of time to ensure you stay open.
Business interruption insurance policies are as comprehensive as you need them to be. Most policies will cover your utility bills and can even cover your payroll expenses while you are getting things in order. When determining your needs, it is best to work with a qualified insurance professional to find out additional options that may fit your needs.
Remember: It’s always better to overprotect your investment than not protecting it at all!
If you have either worked as an independent contractor or have subcontracted work out, it’s best to get a solid understanding about the contract requirements. For the most part, these are all self-explanatory and make sense, however, the insurance aspects of an independent contractor agreement can still be challenging. The terminology and ultimate reasons behind these requirements can be a mystery to you if your training is in another industry that isn’t insurance or law, but ultimately this part of your contract is as vital as any other.
Whether someone is an employee or a subcontracted hire, their presence creates a liability situation. While workman’s compensation insurance may not strictly be required of the company for an independent contractor, they may still lawfully sue the company if they are injured. As well, if they make a mistake or omit something that results in data loss, physical damage to the property, or injury to someone hired by the company, the company has the right to take action against them.
When you are working for a company, you are known as the vendor. Vendors must maintain a level of liability coverage that is either set forth in the independent contractor agreement, or what makes sense. You need to use insurance from a company that has an excellent level of financial strength as measured by the A.M. Best Company. This way, if underwriting requirements under the law change or the economy undergoes a substantial issue such as a deep recession, the insurance company will still have a high likelihood of meeting its policy requirements. After all, if the insurance company goes broke, your policy stops being useful.
Contracted employees waive what’s called the right of subrogation, meaning they cannot make up for losses due to their own errors or mistakes from the company they are working with. Their insurance policy does not provide them with protection from their own errors and mistakes, which is much of the reason why the independent contractor agreement stipulates having insurance in the first place. Your contract should also say that the vendor is prohibited from attempting to file an insurance claim against the company for any issues that they (the vendor) caused.
One important aspect of any effective insurance policy is that it needs to have at least a 30-day notice if the policy needs to be cancelled or renewed. If a contractor attempts to obtain a policy to start work and allow the policy to lapse, the insurance company is required to issue notice to the company they are working with so the company will know to warn them of the consequences of not having a policy in effect. If the policy lapses, the company will have carte blanche to terminate the agreement, and may even have the right to stop the vendor from entering the premises. Naturally, this part of the independent contractor agreement could stop them from performing your duties and be a quick de facto termination of your agreement.
On some occasions, the independent contractor may require assistance in their operations. This is naturally up to the business and may involve other parts of your contract. However, one constant you need to be aware of is that subcontractors, employees, and anyone else a company brings in to work must also have insurance equal to what the vendor has. If they do not, this can result in stopping work because everyone brought in can create equal liability.
There are numerous ways independent contractors can cause civil liability when they work with a company. That’s why it’s beneficial to have worker’s compensation, general liability coverage, automobile liability coverage, and errors and omissions coverage all ironed out.
Particularly in the IT industry, an independent contractor may be in charge of handling billions of dollars worth of information, so the business should invest in cyber liability coverage. Additionally, an umbrella or excess liability policy is useful for occasions when your standard policies do not cover the full amount of damages wrought. A catastrophic situation can literally make or break a mid-size business, and you could be responsible for such an occurrence.
Insurance is vital to working as, as well as hiring, an independent contractor. You present serious potential risks to a company that can be properly mitigated this way.
Taking a business trip? Going on-site with a client? Sending an employee to pick up office supplies? If your business ever requires you or your employees to travel in a vehicle that is not owned by your company, it’s imperative that you learn about hired and non-owned auto liability.
In a nutshell, hired and non-owned auto liability is a type of insurance that covers accidents involving a vehicle that—as the name suggests—is either rented or not owned by your company. Depending on the nature of your business, this can range from a trip to go pick up lunch to frequent, long-distance trips to a client’s office.
Many of our clients have contracts that require hired and non-owned auto coverage. Yet despite how common this coverage is, there is much confusion about what it actually insures.
Let’s first break down the difference between hired and non-owned vehicles, as there are a number of situations that make require you or your employees to travel using one or both.
Vehicles owned by your company are a different story, but many businesses either cannot afford or have no regular need to purchase company-owned vehicles (and the insurance that goes with it). In that case, you may find yourself needing to rent a vehicle, hire a taxi or limo, or ask one of your employees to use their own vehicle.
Perhaps the most important thing to know is what hired and non-owned auto liability does and does not cover.
If an employee of your company is driving to a work-related event in their personal vehicle or a rented car and has an accident, their insurance may not be enough to cover the claim. In this case, your company can be held responsible for damages. As mentioned above, this only covers liability claims against the business itself. It does not cover physical damage to the vehicle or any property that may have been transported therein.
If an employee gets into an accident and they are deemed at-fault, they can be sued as an individual and your business can be sued separately. That’s where hired and non-owned auto liability kicks in to protect your company. The employee should still have their own insurance policy that covers them for liability and physical damage. If the vehicle is rented, we strongly advise purchasing optional liability and collision insurance from the rental company.
Hired and non-owned auto coverage can be added to most general liability policies for a small increase in premium. When compared to the potentially catastrophic financial effect a lawsuit could have on your business, it’s absolutely worth it. And for small companies, sometimes there is no additional cost at all!
The bottom line is this: If you have employees using their personal vehicles for work-related purposes you should absolutely have this coverage in place. It will keep you at ease and prevent legal headaches down the road—no pun intended!
Errors and omissions insurance. Doesn’t sound very exciting, does it? Not exciting, that is, until you need it. Or, worse, until you need it only to find you don’t have it.
If that happens to you or your company, you’ll probably experience more excitement than you can stand. Although this type of insurance has been around for several decades, many risk managers and independent contractors alike are still unsure of what errors and omissions insurance does (and does not) cover, or if it’s something their business needs.
Much of the focus on errors and omissions (commonly referred to as “E&O”) insurance has centered on the tech industry, and for good reason. Our world doesn’t so much revolve around technology as it revolves because of it. If you’re in the tech industry, you already know how true this is. Even if you’re not, however, you probably don’t need to think too hard to come up with examples of how important technology (IT, social media marketing, your manufacturing machinery, data storage, etc.) is to your enterprise.
With luck, you’ll never discover how costly a tech failure can be and how it can threaten the very survival of your business and if you have errors and omissions insurance coverage, you may never have to.
Here are some of the important things you need to know about errors and omissions insurance coverage:
If you’re an independent software developer or programmer, you would be foolish not to obtain errors and omissions coverage. Not to be dramatic, but one claim could wipe you out.
Even if your work is performed entirely as an independent contractor under another entity, a plaintiff will probably sue everyone involved and let the court sort out the party ultimately responsible.
Errors and omissions coverage applies to the performance of your employees and independent contractors, your software and your hardware (for example, if you provide off-site storage on your servers).
It is applied to loss caused by a wide variety of factors, the most common of which are:
If one of your products is defective to the extent that it requires a market-wide recall, you’ll be glad that you have a product recall endorsement or separate policy.
If a company product fails to perform as designed/promised resulting in loss to your customer, you can be fairly certain that the customer will be coming after you for recovery.
Perhaps the harm to your client was the result of a simple programming or data entry error by one of your employees. Or, maybe a member of your staff incorrectly trained your customer/client on how to implement or use your latest software update. The loss might be caused because a contractor you hired cut corners when installing a new program. Regardless of the reason, errors and omission insurance coverage can protect you from what could be catastrophic financial loss.
In an effort to succeed, we all aim to please. Unfortunately, in doing so, many of us will offer what we think the client wants to hear, regardless of whether or not we can deliver the product, service or level of performance promised. If what the client receives isn’t what they expected, you can be pretty well assured that they will sue you.
NOTE: You can usually avoid this outcome if your business takes the time to train personnel on how to manage your customers’ expectations. Managing expectations reduces the risk of disappointment.
Errors and omissions insurance does not cover:
When shopping for errors and omissions insurance coverage, consider the following before deciding on a provider:
There are other need-to-know details about errors and omissions insurance coverage and why you need it. You may be tempted, in the interests of reducing costs, to operate your business without it. We highly recommend you don’t. A comprehensive errors and omissions policy can provide protection against potential catastrophic loss even a single incident can cause. Is short-term cost savings worth the risk of significant long-term damage to your enterprise? If you’re involved with the risk management of your company, you know the answer to that question. You owe it to your business (not to mention your own peace of mind) to speak to a qualified insurance professional about what errors and omissions insurance coverage is right for you.
Owning a business is an exciting and rewarding achievement. However, it also comes with its share of liabilities. While being sued as a business owner is relatively rare, every business is at risk. Not having adequate coverage for your business can leave you susceptible to a wide range of legal and financial issues, up to and including bankruptcy and the loss of your business.
Here are five reasons you need business insurance:
The only thing that stands between your business running smoothly for years and it coming under fire of a lawsuit is one unfortunate event. Whether it’s an employee who gets angry because you had to let them go, a customer who slips and falls on your floor resulting in costly medical expenses, or a single omission in a business contract, it only takes a single event to cause serious damage to your legal and financial wellbeing. Various forms of business liability insurance can help you protect your business.
Even though you take every measure possible to protect your business, your employees, and your customers, life is unpredictable, and things happen that you’d never expect. Being prepared for the unexpected with business liability insurance can help you operate your business with peace of mind instead of walking on eggshells hoping nothing happens.
Many business owners fall into the trap of believing that their personal and business assets are safe and covered because they’re using a “corporate shield” type of policy. Unfortunately, the protection of a corporate shield only goes so far, and it doesn’t protect your business against every type of judgment a court could issue against you. Not only could you lose your business, but you could lose your personal assets as well. Losing everything you own is not a risk you need to take; business liability insurance can help you stay protected.
You might think that because you have general liability insurance, you’re covered for any issue that might arise. However, that coverage doesn’t help you if your employees are injured at work. Home-based business owners often believe that their homeowners insurance covers their business affairs, too, but it doesn’t. Likewise, property damage costs aren’t always included in policies like commercial liability. No matter what policy you have, it’s unlikely that a single business policy will cover everything you need to protect. Multi-policy business insurance coverage can help you protect your business, employees, and customers at every level.
If you’re looking into business insurance, you might be wondering where to start. There are many types of business insurance available, and each of them serves a purpose. However, the basic types of insurance every business owner should usually have include a business owner’s policy (general liability), workers compensation, errors and omissions (E&O), and something to cover your personal assets in the case of a lawsuit. While you’ll only be able to determine the best combination of policies by soliciting advice from an insurance professional who can look at your unique circumstances, these are the standard policies that most businesses need.
Regardless of the combination of policies you choose, you want to make sure that your business assets, your employees, your customers, and your personal assets are covered. You also want protection from mistakes made on paper so that you won’t lose money or assets over a small mistake on a contract. A small investment in business coverage today can mean avoiding costly lawsuits later.
If you’re looking for something that costs less, and makes life easier, look no further: Group health insurance plans are a great option for employee coverage!
Group health insurance is a type of insurance that offers healthcare provisions to a select group of people. This type of coverage is beneficial for businesses that wish to cover employees, and the best thing about it is that, it’s uniform so all members receive equal benefits.
Many benefits come along with group health insurance plans. To start, the costs involved are usually minimal for participants of the group, other than costs of individual plans offering similar benefits. This makes it flexible because risks can be varied and widespread through the entire group of employees, as opposed to a single individual. Any premium costs that are supported by the insurer are fully deductible, and other benefits received by a select group are issued tax-free.
To help you understand why group health insurance is so beneficial for businesses of any size, we’ll highlight the main advantages for you as a business owner, your employees, and the business as a whole:
This seems like an obvious one but, as business owner, you benefit from the well being of your employees. Anyone with a health coverage plan is better placed to obtain affordable medical care, including preventive care, which helps prevent further medical complications. While employers may offer group health insurance plans to employees for reasons of making it affordable and accessible, employees on the other hand are likely to get encouraged to maintain healthy lifestyles that could have been far from reach.
Businesses that offer the provision for group health insurance plans experience several advantages.
Apart from improved accessibility to health care, health coverage ensures costs for other services are manageable. People in group health insurance plans are protected from the financial burdens such as unexpected illnesses that may arise, thus lead to debt accrual. With such unpreparedness, health care costs may exceed the amount an individual with a coverage plan is able to afford. So the group health insurance plans is made available to prevent such occurrences.
Any health insurance-related expenses incurred by an employer are 100% tax deductible! This is realizable if employees can be requested to make contributions for group health insurance plans on a pre-tax basis, which means deductions are made directly from paychecks before calculations for state and federal taxes are carried out. In-turn this lowers employees taxable income.
So, are you currently offering your employees with a group coverage plan? If you want to experience tremendous growth with your business, it’s time to motivate your employees by offering them a collective health insurance plan.
One of the best ways to limit your cyber liability is to protect your data from cyber breaches. Doing this requires a set of internal controls that are not unlike those you would use when receiving payments from customers in a retail format or shipments from a supplier of goods. These controls can be instituted without necessarily involving a large amount of additional software, as many of these cyber liability additions involve employee practices and insurance.
Receiving passwords needs to be handled correctly at the server level, or you will essentially be handing this precious customer data to hackers. For this reason, limiting your cyber liability starts with making the reception and handling of password data more complicated than the standard “https” encryption that many website owners consider the gold standard. Using more enhanced encryption methods will ensure that your password receipt is a process that customers can be confident in.
One way you can enable more secure password receipt is via an on-screen keyboard, which essentially allows your customers to type using their mouse. This is a very good way to circumvent keystroke loggers, which are a primary way that hackers access passwords. This is particularly potent on public wireless networks and public computers, where even a customer’s most sophisticated software is not usable. Making entering passwords a more secure process changes your entire cyber liability profile.
You need to keep passwords on a frequently changing basis, or sooner or later they will be hacked and become useless. Every employee and every customer needs to change their passwords no less than monthly under any circumstances. Otherwise your liability to cyber attack can grow dramatically.
So many problems occur when employees keep private information, such as social security or credit card numbers, on their laptops. This essentially means that all a thief needs to do is wait until the employee goes to purchase a cup of coffee and clandestinely walk off with the device in question. Obviously, this does not bode well for your company if you handle anything sensitive. As a general rule, there is no reason to keep this data on any kind of private device. This can be accessed through a secure server connection that does not utilize the hard drive, and which uses the frequently changed password the employee should be keeping secret.
Backing up your data on-site has certain advantages, such as cost savings. Unfortunately, the down sides to this practice are that the data can easily be disrupted locally. Worse still, it can be stolen with relative ease simply by breaking in. While keeping a local backup is fine, keeping an off-site backup can be an excellent way to maintain continuity if there are local problems such as natural disasters or civil unrest. When your customers need their data, any attempts on your part to explain why they cannot access this data will fall on deaf and frustrated ears.
Properly insuring your technology is a vital component of doing business in the modern world. While general liability insurance can sometimes act like an umbrella in instances where your technology fails or is compromised, technology insurance is more targeted to specific instances where technological failure happens. In the same way you would not want to use your home owners insurance to protect you from liability if you are in an auto accident, using general business insurance for technology-related problems is simply not appropriate.
Being careful goes a long way to maintaining cyber integrity. Being properly insured covers the rest.
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If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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