Clarke & Sampson Blog

Data Breaches - A Growing D&O Concern

Posted by Scott Jefferson

Aug 22, 2014 11:18:00 AM

A data breach can be a devastating event, affecting a company financially and damaging its reputation with customers, but the risk doesn't end there. As a director or officer at your company, you face litigation risks based on cyber security policies and management decision made after a data breach, as these are often considered board-level issues.    
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Topics: Data Breach, Directors and Officers

Cyber Liability: Four Components of Cyber Risk Management

Posted by Scott Jefferson

Aug 12, 2014 11:07:41 AM

If your company stores data and information digitally, you should have a cyber risk management program that addresses prevention, disclosure, crisis management and insurance coverage in the event of a data breach. Good cyber risk management requires the planning and execution of all four of these components.

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Topics: Data Breach

Starting a Business: An Insurance Perspective

Posted by Scott Jefferson

Nov 19, 2013 9:35:00 AM

Starting a business can require a significant investment of time and money, but, in select cases, that is a risk we are willing to take. After all, we start businesses to take risks. No risk, no reward, right? There are some risks associated with running a business, however, that we would prefer not to take. That’s were business insurance comes into play. Business insurance protects your organization from unexpected events such as a lawsuit, an injured employee, death of a partner, theft, natural disasters, and more. 

Be sure to have the coverages required by law

Workers compensation is a legal requirement in most states if you have employees. This coverage pays for medical, pharmaceutical, and other health care costs of employees’ work related injuries. It also covers a portion of lost wages while the employee is unable to work. Failure to carry this coverage could result in steep penalties, such as fines, stop work orders, and prison terms.

Auto insurance is required by law at the state level. If you intend on having a commercial auto as part of your operations, you’ll need to make sure you are carrying the proper coverage. Each state has specific minimum requirements for bodily injury and property damage liability. Please note, however, that the minimum limits are rarely sufficient to protect the business from an auto related loss. Consult an agent to assess your exposure and determine the proper auto coverage options and limits.   

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Topics: Business Insurance, Workers Compensation, Data Breach, Professional Liability