Risk & Business

As a small business owner today, cyber marketing is a must. Ninety percent of all consumers use search engines to buy products or verify businesses which they want to buy products or services. Small business owners now must use cyber marketing to compete. What is cyber marketing?  It is the use of social media, websites, SEO, and email marketing techniques, all linked together, that promote your business in a coordinated marketing strategy. Along with this new strategy comes new liabilities. Small business owners are now facing claims for various occurrences. Privacy breaches, email libel and slander, social media copyright infringements, etc..... are just some of the new liability claims brought against small bsuiness. Now the question becomes , "does our insurance policy cover this" ?   This is a question for every business owner's insurance professional. Many current policies do respond to cyber marketing claims but many still do not. The best risk management response ...

The "sharing economy" is on the rise.  Young consumers are looking to save costs by sharing everything. Housing, rides, personal property, technology, are just some of the areas where people are sharing expenses. So how will the insurance industry react?  The industry is not built on sharing insurance policies.  An insurance policy is a contract between the insurance company and the named insured. The industry closely reviews the named insured before writing an insurance policy. Even times where there are multiple named insureds, the companies underwrite to make sure they know who they are and the relationship to one another. The new "sharing economy" presents some unique challenges.  Future consumers will want the flexibility to share risks with multiple people. This flies completely in the face of insurance company underwriting standards. The future consumer will want to share risks in a moments notice. This also p...