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Best In-Class Business Insurance for Technology Firms & IT Consultants
Zoom Video Communication Inc. was sued by one of its shareholders for overstating its privacy standards and not disclosing that its service was not entirely secure.
The shareholder claimed that media reports highlighting the privacy and security flaws in the video application resulted in the plummeting of the company’s stock. Zoom lost nearly a third of its market value by end of March. And that’s not all.
Although Zoom CEO apologized and promised to take the necessary steps to fix the issues, businesses have a reason to worry now than ever. Why?
Most employees and their bosses have to work from home. And we’re starting to notice several cybersecurity concerns. But it’s not just affecting employees and employers.
Customers are also embracing technology to get products and services. So if your business uses unsecured digital solutions, you might lose thousands of dollars and even push your customers to your competition. We don’t want that to happen to you.
In this blog post, we explain four things businesses should learn from Zoom’s privacy and security flaws to ensure you’re using video communication safely and securely.
When you install a new set of applications to your network, it can be easy to assume they will be automatically secured by existing firewalls. But this is not the case.
Most video communication platforms and endpoints will often depend on their own Session Border Controller (SBC) to control traffic, such as blocking suspicious connections. This is because these technologies use different protocols.
For instance, some video conferencing solutions use ordinary data connections while others use voice over internet protocol (VoIP).
Therefore, it is wise to make sure your firewalls are configured accordingly before and after installing new applications. Also, be sure to review your network settings regularly to ensure they’re up to date.
Apart from network security, encryption is another must-have for video communication to be secure. It stops snoopers from getting into your system and secures the content of your communications.
Zoom, for instance, was accused of failing to meet this security measure. And the CEO said the company is working to add end-to-end encryption to protect the privacy of its users.
Unlike what most people believe, not all security breaches are caused by hackers who intentionally break into systems. If wrong people are inadvertently granted access to sensitive communications like video conferencing, it can quickly result in security issues.
For example, businesses using open virtual meeting spaces or not following the right settings when inviting participants can easily find themselves losing sensitive information.
One of the surest ways to avoid this mistake is to use permissions. By developing different access levels for different video conferences, you control who can access your communications. Fortunately, most video conferencing platforms today support the creation of dedicated groups. Use them to your advantage right now.
Using state-of-the-art network security measures and end-to-end encryption can only do so much if people in your company don’t know how to use video conferencing securely. Human error still accounts for most cybersecurity issues.
People tend to make the following mistakes when using video or teleconferencing:
Businesses that have successfully embraced video conferencing know that training employees on safe use policy are extremely important. As such, create a clear set of policies on how to use the system, secure connection, and best practices to keep data safe.
As more people work from home, video conferencing is gaining popularity. Without the right measures, this solution can put your business at a greater risk. At Insure Your Company, we care about your business. If you suspect you’re at risk or want to learn more, don’t hesitate to call us on 888-242-4675.
What are the most efficient ways to better understand customers, to gain detailed facts about their preferences? The methods chosen to garner this information may vary from business to business, but communication and data analysis, in one form or another, are the tools that build sound insight.
From old school personal contact with customers to sophisticated data management systems, the importance of understanding what customers want and the channels through with they wish to receive them is imperative for every business.
First, take a look at your business from an objective viewpoint. We’ve all heard the adage about walking a mile in the shoes of others before offering judgment. That concept applies when it comes to evaluating a business from the standpoint of the customers.
Often, we become too focused upon our own perspective. Try entering your place of business pretending you are a first time customer. Browse around the waiting or sales area. Are the surroundings attractive? If it’s a retail business, are items displayed in an organized manner with ease of selection in mind? Are the items of sufficient quality to be worth the price?
View your website in similar manner. Is the design simple, yet unique and attractive? Does it hold your attention? Is it easy to navigate?
Honestly asking yourself what you would expect from your business, if you were a customer can be very revealing experience.
Engagement is a valuable concept which encourages customer loyalty to a brand or a business. In these days dominated by social media, in person conversations with customers have become a rare occurrence for many business owners. But one on one communication can be one of the best actions to help a business owner truly understand customers.
Don’t be afraid to mingle. Customers will appreciate the opportunity to express opinions and tell their friends about your caring attitude toward your customers.
When speaking with customers allow them to freely express themselves, but remember to ask for opinions regarding plans you are thinking of implementing.
Inquire about the customer’s favorite and least favorite aspects of the business. Be specific, whether you are conversing in person, putting together a questionnaire, or online survey site.
A printed list of questions can be sent home with each customer, if a business offers in person services.
Putting a link on your website or Facebook page is a great way to get information. Or, mass e-mailings can be sent requesting responses to a survey. Specialized services are available to assist with these options if your business doesn’t have an employee with the time and expertise to set up online programs.
CRM, “customer relationship management systems” are an invaluable way to collect and process information. This type of technology allows owners and managers to record, store, analyze data regarding every person who touches their business.
A CRM tool stores customer and prospect contact information, reveals customer buying trends, identifies sales opportunities and manages marketing plans, all in one central location. Information about any customer interaction becomes easily accessible by anyone in the company.
Various types of data from different aspects of the company can be analyzed simultaneously to produce data useful in making wise, informed, business decisions for the future. CRM technology is becoming increasingly important as business climates become more complex and competitive.
Trends regarding customer preferences and behavior stand out with this kind of comprehensive analysis.
Any techniques implemented to assist in gaining a better understanding of customers will serve as an investment in the future of a business.
Located in New Jersey, InsureYourCompany.com works with a wide variety of businesses, but specializes in single person Llcs and tech companies. Need help with data analysis in order to gain a greater understanding of your customer base? Contact us. We can help you grow your business.
The coronavirus outbreak is spreading throughout the world and its economic symptoms continue to emerge. A growing number of small and established companies, like Apple and Walmart have announced they will not hit their financial goals for the next quarter due to major disruptions in the supply chain and reduced customer demand.
To mitigate the impact, most businesses are turning to digital channels, operations, and products. CIOs are finding ways to maximize digital workplace resources and technologies to meet changing customer demands. But that’s not all.
Natural disasters, cybersecurity, and new threats are also on the rise. Businesses with well-documented continuity strategies and recovery plans are more likely to succeed. Experts say these companies will make lemonades from the crisis and come out stronger than before. That could be you.
In this blog post, we look at how CIOs can expand digital workplace resources and leverage technology to address these emerging concerns and realize business continuity.
To stop the virus from spreading and keep everyone safe, companies are encouraging employees to work from home. For CIOs, it’s the time to make sure all your team members have systems in place to remain productive. And here are a few steps to take:
Study workflow of employees in your company and identify jobs that can be done remotely. Afterward, identify the systems these employees might need. For instance, they may need in-house communication solutions such as messaging, email, ERP, and CRM systems. Also, don’t forget to include communications with business partners and your customers.
As mentioned earlier, cybersecurity threats are on the rise. So, review your existing security infrastructure and determine what your employees will need to work safely.
Look at the hardware and the networks they will use while working remotely. Are their devices personal or company-issued? Are the networks public or private? How will you ensure all employees sign-in to company systems securely?
When the number of employees working remotely increases, it’s critical to update your policies. Make sure everyone knows their roles. This will help IT specialists update system access. They may need to either expand or limit access. And finally, make sure all your workers undergo training on data protection, and how to securely share documents electronically.
You may need to quickly acquire new technological solutions to facilitate remote work. For example, you may have to secure video-conferencing and other collaboration tools.
If you have an existing vendor, consider renegotiating the number of users to accommodate the sudden surge. It may be wise to opt for flexible and short term contracts.
Now that you know what to do to improve business operations, let’s look at customer demands.
During difficult times, customer tolerance tends to reduce. Customers expect businesses to rise to the occasion and reward them for loyalty. If you don’t, you risk losing them forever. Solution?
As more people stay at home, businesses will experience an increase in customer questions, online orders, and cancellations. Rather than waiting until it overwhelms your customer care representatives, act now.
Increase your self-service capability online by investing in chatbots, email, and mobile apps to manage common questions. Let your customer care reps to deal with more complex problems.
Not all products are suited to self-service delivery. For example, if your business relies on face to face communication with potential customers, then you may need to be creative. You could turn to telemedicine or teleconferencing to hold remote events. The human touch can be the difference between signing in new clients or falling behind during these challenging times.
During this crisis, it is upon CIOs to rise to the occasion and keep their companies afloat. So take a good look at your company. Identify what matters the most and what areas need improvement. Most importantly, be resilient. To learn more, please reach out to Insure Your Company to speak with one of our experts.
Like most businesses in the U.S., we are working from home. Since it has been a few weeks, we’ve been asking our team: what’s it like for us to work from home? Is it better or worse? Here is what our amazing team at InsureYourCompany.com and InsureYourHome.com had to say about the work from home experience.
The first thing that we generally agreed upon was the commute. Since no one had to get in the car and drive anywhere, there was no more worrying about getting the pets taken care of and the family ready before we run out the door, no more commuter traffic, and of course no more spending money on filling up the gas tank. The most positive thing about having no commute is the ownership we can take with our work. If something isn’t finished by the end of the day, we can come back to it once we have recharged instead of grinding at our desks and then having to deal with a drive home.
The second thing we have found is that most of us enjoy the comfort of a home workspace. Finding the peace and quiet we can’t find in a busy office is just the thing some of us need to laser focus our minds and become super productive. With less interruption, we can hone our workflows and make better time management decisions. The pure comfort of our home workspace is what we found comforting and left us with a better mindset about the workday.
Along with the comfort of a home workspace comes the people and animals that live there. It is here that we have differing opinions. The IYC/IYH team ranges in age from their 20’s to 60’s. So, each person’s living situation is very different. We are either motivated or completely distracted by our pets and loved ones. For some, the peacefulness of the birds chirping can be equaled by the annoyance of the neighbor’s kid riding his dirt bike continually up and down the street for an hour.
Equipment and technology are the next biggest issues that can make or break the work from home situation. Not having the same equipment as the office or having a problem with one of the systems is much harder to fix when we’re working remotely. Though it has not affected the quality of service we are able to provide, it does eat up time when there are connection and communication issues or when something just won’t work. Others find that there is no difference in the way they work and some find improvement working from their home space. It is here that our business and yours can better prepare for the future. With training and systems upgrades you can ensure your business does not stop when unforeseen events occur.
You can not replace the energy and cohesiveness that a team has when they are all together under one roof. We agree that not having that face to face interaction which we were all so accustomed to has had the biggest impact on us and our jobs. Not having the instant problem-solving conversation or the chats that give our minds the much-needed break from the work day has affected morale and the pace at which projects are completed.
The most fascinating part of this new way we work is how resilient we have been. Everyone is giving their all because we are all in this together. Our agents, clients, their employees and all businesses must stay strong and rely on one another. This pandemic is affecting all of us and it brings us all on the same basic level: human beings doing our best and taking it one day at a time. Let’s continue to be strong for each other by modifying our daily activities according to social distancing rules. Let’s flatten the curve and get through these uncertain times.
Some bonus comments about working from home:
There is no dress code!
Some of us feel safer not leaving our homes during this scary time.
The coffee is better at home.
Technology in 2020 makes staying connected to your coworkers easy.
It can be harder to reach clients by phone.
Many businesses have slowed their own operations due to fear surrounding COVID-19 and financial stability.
Some of us have no motivation to get ready (hair/makeup/etc.)
It’s easy to snack too much.
NO FRED & MURRAY’S TURKEY SANDWICHES FOR LUNCH!
As the self-quarantine from the COVID-19 pandemic continues, non-essential workers are on their 3rd or 4th week working from home while essential workers bravely and selflessly trek into hospitals, grocery stores, fire stations and various other places. During this time, you may have seen an abundance of articles about getting through the workday and staying productive. But we’ve found that the time you spend not working is equally as important in keeping you motivated and happy when you do sit down to work again. What this article is focusing on is keeping your employees (whether they are essential workers or not) happy during non-working hours.
The Stay at Home order requires that people should venture out only for groceries, medicine and other essentials. People are required to stay indoors and, depending on your state, there are limits on socialization.
So, with all of this time spent at home, what should we be doing? One thing that is recommended is keeping a normal schedule. While this can be hard, or at certain times nearly impossible, encourage your employees to work from home during their usual work hours and take frequent small breaks. Getting their work done during their usual “workday” will help them fully disconnect later and be able to effectively relax. No one wants to work an 18 hour day because they can’t separate their work and home time anymore.
Aside from keeping a normal schedule, employees now have a lack of activities outside of work. How often can we clean our houses and walk our dogs? With restaurants, bars, movie theaters, parks, bookstores, and other entertainment destinations closed, we have to get creative with how we spend our time. Here are a few resources for you to provide that can help your employees with morale and can even translate into greater productivity during the working hours.
Everyone’s situation is different. Some employees are home with kids, some with just our significant others, some with parents, siblings, and other relatives. No matter who you’re home with, remember this won’t last forever. Whether you’re managing essential personnel, or your team is working from home, what your employees do with their time matters. If they can disconnect once the work day is over so that they are better rested, energized, and motivated, it will help you and your company survive this difficult time with more ease and positivity.
COVID-19 Update:
Business Interruption Insurance: What does it cover?
Business interruption insurance (otherwise known as business income coverage) is typically part of your business-owners insurance policy. It compensates your business for lost revenue and other expenses when you can’t operate due to a covered loss – often things like damage to business property, fire, wind, falling object, or lightning. Usually, coverage is tied to physical property damage.
What expenses can business interruption insurance cover?
– Lost Revenue
– Commercial rent
– Relocation costs
– Salaries/wages
– Taxes
– Loan payments
How much business interruption coverage do I need?
It can be difficult to determine how much business interruption insurance you need. It’s a good idea to think about how long your reserves will last in the event you are forced to suspend operations. Remember, every insurance policy has limits and there are often separate limits for business interruption coverage. If your expenses exceed those limits, you’ll have to pay out of pocket.
This coverage can help keep your business going while you make necessary repairs, relocate your operations, and get your operations back on track after a covered loss.
What does Business Interruption Insurance Not Cover?
– Short closures
o Most policies have a “waiting period” of 3 days before coverage kicks in. If your operations cease for 3 days or less, coverage usually does not apply
– When you can still earn income
o If your business can still operate in some capacity, business interruption insurance often will not apply. For example, if the backroom of your shop is damaged by fire but you can still operate while making repairs, the insurance may not compensate you for lost income.
– Excluded losses
o All insurance policies have exclusions. Often, these include:
Business Interruption Insurance and the Corona Virus
In many cases, losses due to the novel corona virus (Covid-19) are not covered. Business income coverage usually kicks in when business property is damaged by a covered loss. Most insurance policies have language that requires “direct physical loss or damage to property.” Losses due to a virus are often excluded, as are losses that do not involve physical damage to property.
When business slows because of illness, shortage or workers, or a pandemic, the coverage usually does not apply.
However, each loss is evaluated individually and the insurance industry’s response to COVID-19 is constantly developing. If you have a loss you are encouraged to report it as soon as possible and contact your agent with any questions.
The coronavirus outbreak has had a huge impact on workplaces. Many companies are encouraging their employees to work from home. But this move creates a major risk- cybersecurity.
According to the FBI’s Internet Crime Report, cyber-attacks cost the U.S economy and small businesses about $2.7 billion in 2018 alone. Cybercriminals tend to target small businesses because they don’t have cutting-edge security infrastructures like big companies.
Experts warn that these attacks could get worse now that most employees are working from home. And even giant companies and big organizations are not spared. Earlier this month, the World Health Organization (WHO) reported a two-fold increase in cyber-attacks amid the spread of the coronavirus.
Unfortunately, most companies are not giving cybersecurity the attention it deserves right now. Everyone is prioritizing continued operations and safety. And elite cybercriminals know it’s the perfect time to launch attacks. If you’re wondering why, read on.
When one employee connects to their company network from home, they create potential access points for cybercriminals to exploit. So if you have many employees who do this many times a day, it can be an uphill task to ensure every connection is secure.
The attack surface is widened even more if employees use their own devices for work. Each device introduced new operating systems and platforms that need their dedicated support. And when numerous devices are used, the chances of hackers breaking into some of them increase significantly.
Multi-factor authentication (MFA) is one of the most effective defenses against cyber-attacks. And now that employees are not seeing each other, businesses that don’t have monitoring access points and two-factor authentication are more exposed to cyber-attacks than companies that use them.
Employees expect a lot of emails and online requests while working from home. And hackers are more likely to also take advantage of the fact that most people want new information about coronavirus. They might send your employees offers related to the virus or urgent instructions to get them to download malware and access company systems.
Now that you know how cyber-attacks might be unleashed, let’s look at what you and your employees can do to stay safe.
As government agencies, organizations and businesses encourage their employees to work from home to prevent coronavirus from spreading, cyber-security teams are more likely to face security challenges. The best way to combat this challenge is to prepare your employees and your infrastructure. For more information, please contact Insure Your Company.
As of March 10, 2020, the CDC says Coronavirus risk is still considered low in the United States, but a significant spread of the disease is likely, even expected. Savvy business owners are concerned about their business and profit over the next few weeks, and questions arise about their insurance coverage for these unusual types of losses.
Insureyourcompany.com is here to help. We’ve put together a blog explaining the CDC’s current expectations as they relate to businesses and special events. Then we’ll talk about the coverages you might have in place to safeguard your earnings. As always, you’re welcome to reach out to us at 888-242-4675 if you have questions beyond the scope of this article and need to speak with a licensed insurance agent.
Per the CDC, the widespread transmission of Coronavirus will probably lead to large numbers of people needing medical care all at once. Whether voluntary or government-regulated, quarantines will almost certainly reduce consumer activity.
The CDC notes that other critical infrastructure, like law enforcement, emergency medical services, and the transportation industry may also be significantly affected.
This leads us to the ultimate question of the day: Does Your Commercial Insurance Policy Cover Losses From Coronavirus and Quarantines?
Some commercial policies (not all) provide loss of use coverage, but it may be on a named peril basis. In other words, if your business was to burn down, and it takes a year to rebuild after the fire, you’d likely be covered for loss of use. In that case, your insurance company would pay you for the income you’re losing that year and in many cases it would pay your employees usual wages too.
But is an epidemic or pandemic covered?
According to this Insurance Journal article “Standard property insurance policies usually include two types of valuable coverage for disruptions like the Coronavirus. Business interruption coverage insures against losses resulting when… operations are directly affected; and contingent business interruption coverage insures against the risk of indirect losses, [like when] suppliers or customers are affected.”
Some BOPs provide civil authority coverage. It covers losses that occur if authorities restrict access to the area where a business is located, or that the business depends on for its operations. In other words, if your business suffers due to a quarantine, you may be eligible for reimbursement of some or all of your losses.
Most commercial insurance policies include malicious mischief coverage. This coverage is meant to cover situations of civil unrest, like rioting, arson and vandalism. Looting is probably covered (though political terrorism or nuclear war are not).
If you have other questions about your business owners policy and your coverages as they relate to Coronavirus, contact us today!
We’d love to help you understand your commercial insurance policy, or provide you with a free quote.
Many aspiring entrepreneurs often talk about how they want to start businesses to employ themselves, take long vacations, and spend more time with family and friends.
But all these rewards come at the very end- after hard work, sacrifices, dedication and thousands of hours.
The reality is that building a successful business today is no easy feat. According to the Small Business Administration (SBA), although about 80% of SMEs live to celebrate their first anniversary:
Sobering, right?
But it doesn’t have to be you. There are several ways to start and grow a business, and here are seven proven tips to help you succeed.
Planning is crucial for the success of any business. When a business has a clear plan, managers and employees are well equipped to face the future.
A solid business plan creates the focus for your business and unites all stakeholders toward common goals. And when that happens, you can easily manage the time and resources needed to grow your company.
Even if you have a well-drafted business plan, you will not get far if you’re not organized. Entrepreneurs who are organized tend to complete tasks and stay on top of things.
A great way to make sure you remain organized is to set a to-do list every day. As you accomplish every task, check it off. This ensures you don’t leave anything that is essential to the success of your business.
Seasoned entrepreneurs know the value of keeping detailed records. By doing so, you will always know the position of your business and the challenges you’re likely to face.
Knowing this crucial information in advance gives you enough time to develop solid strategies to overcome those hurdles.
Business today is highly competitive. The secret to becoming a leader in your space is to innovate faster than anyone else. And the best way to do that is by studying your competition and innovative winners in other industries.
Knowing your competition also helps you:
Starting a business takes courage and hard work, but once you open doors, real work begins. As the owner, you have to up in more time than anyone else, which means spending less time with your family and friends. But that’s not all.
As an entrepreneur, you may also find yourself sacrificing:
Running a business comes with risks. Some risks can destroy your business entirely while others can result in costly and time-consuming repairs.
The ability to identify risks is an important component of strategic planning. Businesses that are well-prepared tend to minimize impacts on revenue, lost time and productivity through insurance.
So if you want to focus on building your business without worrying about certain risks, borrow a leaf from successful companies by also insuring your business.
Consistency is the secret to keeping your customers happy and making money in any business venture. So keep doing what you must do to grow your business every day. This will create a great relationship with customers and long term habits that will help you build your business and your brand in the long run.
Whatever type of venture you’ve invested in or you want to start, using these seven strategies can help you succeed. At Insure Your Company, we’re happy to see you grow. We help businesses secure the right coverage and documentation. Contact us on 888-242-4675 to speak with one of our industry experts.
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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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