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Showing posts from August, 2016

Delaware Business Insurance Update from CNC Insurance Assoc. " #1 Priority to Combat Cyber Risk. 8-28-16

As a small business owner you are constantly battling the cyber criminals who are  trying to bust into your server and steal your data. If you haven't addressed cyber security with a modern risk management approach, you are opening yourself  up for potential problems. So with that in mind, let's briefly discuss the risk management of cyber security.   As a business owner you need to analyze some key risk indicators.  They are: ,   1) What would be the financial impact from a cyber hack? 2) How resilient are we if we did have an attack?  3) How imminent is an attack on our data?  If you can answer these questions honestly about your business then you are on your way for a solid risk management plan. The hard part is finding the answers. There are a lot of cyber risk checklists and analytical tools out there to assist but no matter how difficult you have to get started. Also don't forget to buy Cyber Liability Insurance. These policies are more price competitive then they us…

The Delaware Business Insurance Update From CNC Insurance Associates Inc. "Understanding Uninsured Motorists Coverage" 8-8-16

Many small business owners see the coverage "uninsured and underinsured" motorists coverage on their business auto policy, and do not fully understand what it protects.  I thought I would write a few lines that may help with this understanding. Uninsured and underinsured motorists (UM & UIM) coverage protects you, the business owner , from damage with drivers that meet this definition. Based on recent studies, 25% of all drivers either have no insurance or very little insurance. The minimum coverage in many states to have legal auto insurance can be as low as $15,000 liability limits. If you get hit by a driver in a minimum limits auto policy,  they can only offer the $15,000 to pay for your auto damage and your injuries. This leaves you with a potential big gap. That is where your uninsured and underinsured motorists coverage kicks in. This coverage will pay for your damages and repairs and also help pay injuries and lost wages. It is also very reasonable. Adding higher…