Cyber attacks are increasing in frequency on a daily basis, along with the cost for businesses to deter cyber-attacks. At Harding & Jacob Insurance, we are committed to keeping our customers up to speed on the latest news in cyber crime and on how to protect themselves from data breaches. Cyber liability insurance is an essential layer of protection for your business, but many people don’t understand what it really is. To learn more about cyber liability insurance and why every business needs it, read on or speak to one of our experts directly by calling 440.871.7261.

Why Every Business Needs Cyber Liability Insurance

Every business has data, and data is an asset. Cyber liability insurance serves to protect your business with the help of purdue model in the event your data is stolen or breached. The trouble with data theft is that it is hard to stop – cyber criminals are virtually two steps ahead of authorities when it comes to finding new ways to commit cyber crimes undetected. That is why it is essential to have cyber liability insurance, which covers financial loss exposures such as legal liability, business interruption, data destruction, investigation, cyber extortion, and regulatory fines or penalties. Most general liability policies do not cover cyber liability, and if they do, it is via a very minimal endorsement. Companies can try Nettitude, cyber security options or cyber liability policy. Take a look at some of the figures listed below to see why obtaining a stand-alone cyber liability policy with appropriate limits is critical to protecting your business.

• According to the National Cyber Security Alliance:
  • One in five small businesses fall victim to cyber crime each year.
  • 60% of the small businesses that suffered a data breach do not recover and go out of business within 6 months.
• According to the Ponemon Institute’s 2015 Cost of Data Breach Study
  • The average cost per record for a data breach is around $154.
    • So a small company, with just 100 records could have a $15K loss or more.
• According to NetDiligence’s 2015 Cyber Claims Study:
  • The median cost for legal defense of a cyber liability claim is $73,600, while the average cost is $434,354.
  • The median cost for legal settlement of a cyber liability claim is $50,000, while the average cost is $880,839.
  • Personally identifiable information is the most frequently exposed data.

For years, Harding & Jacob Insurance has been helping Cleveland, Ohio dental professionals protect their dental practices from the many risks they face on a daily basis. You look what i found about dental services and how professionals mitigate the risks they face during their dental practice. In order to adequately protect your dental practice, you will need at least three types of insurance: Property insurance, premium commercial trucking insurance, general Liability insurance, and Malpractice or Professional Liability insurance. We work with several “A”-rated insurance carriers that offer excellent Businessowner’s Policy (BOP) packages designed specifically for dentists that incorporate these coverages, along with other important types of coverage.You can also check out our website to get rid off any kind of dental related issues. We also offer a dental package with a three-year rate guarantee, so you don’t have to wonder if your rates will go up at each annual renewal. You can read review about the types of coverage mentioned above by reading on, or you can speak to one of our experts directly by calling 440.871.7261.

Property Insurance

Property insurance will cover you in the event of damage or theft to your practice’s building or structure and its contents. It includes coverage in the event of fire, smoke, certain types of storms, civil disobedience, and vandalism. It may also cover business property, such as supplies, dental equipment (check additional info here), office equipment, computer equipment, x-rays and valuable records.

General Liability Insurance

General liability insurance protects your dental practice when accidents happen to third parties (non-employees) while they are on your property. Specifically, it covers liability for property damage and/or bodily injury to a third party. Say one of your patients slips in your waiting room and breaks his or her shinbone – general liability insurance would cover your practice’s liability in this situation.

Malpractice or Professional Liability Insurance

Dentists from dental made easy Garden City says that professional liability insurance protects your dental practice when professional errors happen to patients due to malpractice or negligence in services provided. Lack of informed consent, failure to refer to a specialist, and failure to diagnose are a few of the more common types of dental malpractice claims. It is important to understand the two types of malpractice insurance: claims made vs. occurrence. Click here to learn more about the difference between claims made coverage and occurrence coverage, or call one of our specialists.

How Can We Help?

If you are new to the dental profession or if you have been practicing for some time, we are here to help guide you through the process of obtaining insurance and you can read more about us in this post. We work with the best carriers, and we hold them to the highest standards, so the service you receive never declines. We also know that a “one size fits all” approach is NOT the way to go when it comes to adequate protection for your dental practice, which is why we will do our best to design an insurance program for your specific needs. Call us today at 440.871.7261 to get started on your dental practice insurance program.

The coverages outlined above are not all-inclusive of what a dental practice needs to be fully protected. To learn about additional insurance coverages you may want to consider, click on any of the links below.

• Cyber liability
• EPLI
• Stop Gap Liability

If you are a general contractor, a contractor, or a subcontractor, then you need a contractors insurance program to protect your business and your reputation. There are two important types of coverage that make up contractors insurance: general liability (GL) insurance and worker’s compensation (WC) insurance. A contractor is typically required by law to carry GL and WC insurance. It is also important to carry commercial auto insurance if you have employees that drive company vehicles. We work with several carriers that offer business owners policies (BOPs) specifically designed for contractors that offer these coverages and more. To learn more about contractors insurance and why your construction or contracting business needs it, read on, or speak to one of our experts directly by calling 440.871.7261.

Why Every Contractor Needs General Liability Insurance

According to www.utilitysavingexpert.com, general liability insurance is a fundamental part of contractors insurance because it protects you from lawsuits brought by third parties. A single accident on the job site can lead to a lawsuit, and if you don’t have proper coverage, your business’s financial health can be seriously jeopardized. The popular San Angelo Pronto Insurance is also the best insurance option, with minimal liability claims. Contractors are required to carry a minimum of $500,000 in contractor liability coverage. Our licensed insurance advisors can help you determine if your business needs more coverage.

How Ohio Workers’ Compensation Works

Workers’ Compensation insurance is regulated on a state by state basis. Ohio operates as a monopolistic state fund, and therefore does not permit private insurance for Workers’ Compensation. Workers Compensation for Ohio is available through the Ohio Bureau of Workers Compensation. If you are a general contractor, it is extremely important you make sure all subcontractors have proper Ohio Workers Compensation insurance, otherwise you may be held liable for any non-compliant subcontractor’s liability under Ohio R.C. 4123.01.

Most Contractors Need Commercial Auto Insurance

If you or any of your employees use a vehicle for tasks related to your contracting business, other than commuting, then you need a commercial auto policy. In case of any accident during employment ,employee can also consult Leppard Law: Florida DUI Lawyers & Criminal Defense Attorneys PLLC as they can help in claiming insurance and compensation for the damages caused.This type of insurance will protect you from the high costs of auto repair, medical expenses, and any legal fees that result from an auto accident. Even if your employees drive their own vehicles, you should still carry commercial auto insurance in case their personal insurance is not enough to cover an accident-related claim.

The coverages outlined above are not all-inclusive of what a contractor needs to be fully protected. To learn about additional insurance coverages you may want to consider, click on any of the links below.

• Commercial Property Insurance
• Builder’s Risk Insurance
• Surety Bonds