03/30/10

Is your business safe against a cyber attack?

Insurance for Businesses

Consider how your business would be impacted by the following:

A shut down of your computer system due to an outside hacker, introduction of malicious code, a virus, or a threat to shut down your system?
The cost of a breach of your customer’s personal information – notification costs, credit monitoring, consumer redress funding, not to mention the costs to rebuild your reputation and restore customer confidence following a breach?
Financial and legal costs arising from an alleged misuse of copyrighted material or publishing liability on your website?

These are the risks nearly all businesses face today and are realities of the digital economy. In fact, in the past five years, 345,008,397 records containing “sensitive personal information” have been breached. Personal information can be easily sold through chat rooms on the Internet.

Continue reading “Is your business safe against a cyber attack?”

03/16/10

Don’t Get Scammed When You Move

Insurance for Individuals

Movers who promise the moon but fail to deliver have recently been in the news. Rogue movers typically work like this: Without ever visiting your home or seeing the goods you want moved, they give a low-ball estimate over the phone or Internet. Once your goods are on their truck, they demand more money before they’ll deliver or unload them. They hold your goods hostage and force you to pay more—sometimes much more than you thought you had agreed to—if you want your possessions back.

Your best defense is to recognize a rogue mover before they have your goods. Here are the “red flags” to look out for. Also, make sure your prized possessions are adequately insured before the big move. Call EPB&B today (503) 227-1771.

03/16/10

Earthquake Insurance = Smart Investment

Homeowners Insurance

Oregon is among the states at highest risk for a major earthquake yet only about 20% of Oregonians have earthquake insurance.

Your standard homeowners policy will not cover you against earthquake but earthquake coverage is readily available and relatively inexpensive – often less than $300 a year for a $300,000 wood-frame home.

January 26^th marks the 310th anniversary of the last great earthquake to strike this area. The 9.0 magnitude Cascadia Subduction Zone earthquake was centered 75 miles offshore and damaged coastline from Northern California to British Columbia. A 10,000-year geologic record shows that mega-quakes occur every 300 – 600 years, putting Oregon within the window of a major earthquake.

Consumers who wait to buy insurance until after a tremor will be too late: Insurance companies typically suspend sales of earthquake insurance for a period of time after a local seismic event. If you are interested in getting a quote for earthquake insurance on your home or business, call our office (503) 227-1771.

03/11/10

SAIF Declares Dividend for Policyholders

General Interest

If you are insured for workers compensation through SAIF you may be getting a dividend very soon. SAIF Corporation’s board of directors declared a $100 million dividend for more than 44,000 current and former policyholders. Checks will be mailed to eligible SAIF policyholders during April. Dividends will range from 20.79 to 24.61 percent of premium.

If you would like us to quote your workers compensation with SAIF, please give us a call today.

03/08/10

The Underinsured Motorist

Auto Insurance

The insured was driving to work when he was hit head-on by another driver who wasn’t paying attention and accidentally crossed the center line on German Town Road. The insured had to be pulled from his vehicle by the “jaws of life” and was life-flighted to Emanuel Trauma Unit. He sustained a “pilon” fracture of his ankle, tibia and fibula. This means his ankle was hit hard and piled up into the rest of his leg, resulting in numerous breaks in the left leg. It also fractured his left femur which required open reduction and internal fixation surgery. He spent nearly a month in the hospital and underwent 4 surgeries. The insured had medical bills of approx $250,000 before he left the hospital.

The driver of the at-fault vehicle had only minimum limits of $25,000 which were immediately tendered. The value of this claim is likely in excess of $1 Million.

03/02/10

Hired & Non-Owned Autos

Insurance for Businesses

ACTUAL CLAIMS SCENARIO: An employee was operating his personal vehicle on an errand for his boss when he struck a middle-aged pedestrian moving in a crosswalk. This loss exposed the company to a lawsuit and damages in excess of $1 Million.

Do you have coverage for hired and non-owned automobiles?

Many companies misunderstand the risks related to the use of personal or “non-owned” vehicles for organization or company business.

Whether you have an employee “running an errand” to pick up office supplies or routinely using their personal car for sales and service calls, the company is ultimately responsible for the consequences of their driving. In my experience, some of the largest and most expensive claims are related to hired and non-owned auto exposures.

Managers and owners need to be certain that individuals who drive their personal cars for company business are screened, trained and have adequate insurance coverage. Make sure you are covered. For more information about the hired and non-owned autos used in your business, call Elliott, Powell, Baden & Baker today.