2018 is here, and 2017 is in the rear view mirror. Last year we saw and experienced many hardships and disasters, but also have many successes. Many Texas businesses saw positive growth along with our national economy. 2017 was a year in which many communities were destroyed by floods, storms and wildfires and 20 million or more people experienced an identity theft.
Here is a list of our top risk issues for 2017
- Wildfires in California and Oregon – over $4 billion in damage
- Storms in Texas, Florida, and the Northeast
- Flooding in Washington, Oregon, and most of the Midwest
- Identity theft and cyber breaches
- An increase in sexual harassment claims
- The continued evolution of driverless vehicles
- The regulation of drones
- Advances in home technology
- Retention of key employees
- The ability to attract quality workers
- Random shootings
Over the next few months we will try to help you develop a clear plan on how to manage these risks. Please contact our office and we will be happy to help you identify what is important to you and then put together a plan to help you manage your risks most effectively. Here are two issues your business may face in 2018.
Identity Theft and Cyber Breaches
Identity theft insurance provides reimbursement to victims for the cost of restoring their identity and repairing credit reports. This type of insurance will help you with certain kinds of expenses to aid you in restoring your credit. Cyber insurance policies cover the liability arising from website media content as well as breach related property losses such as: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion. It can also provide notification and other services for a covered loss.
Your business must address this issue head on. First, you need to secure employment practices liability insurance. This insurance will offer defense and indemnification coverage should you be involved in an employment litigation. Second, your business needs to have a clear anti-discrimination policy. The policy should include reporting procedures and anti-whistleblower provisions.
At Heaton Bennett Insurance, we pride ourselves in evaluating your business insurance needs in Austin, Texas. We take the time to find out the different challenges your industry may have for insurance concerns and tailor a package that fits your risks. We also look at other exposures your business may have according to your personnel, location and future plans.
Our top-rated companies work with local businesses as well as global providers to ensure even the worst disaster won't affect your business adversely. Give us a call today and let one of our experienced agents evaluate the liability risks unique to your business or profession at (512) 372-8311. We service liability insurance in Austin, Texas including the Cedar Park, Georgetown, Lakeway, Pflugerville, and Round Rock areas.