Value of Cyber Insurance, 29% of Small Businesses did Nothing Post-Attack

cyber insurance

While cyber security threats continue to increase in number as well as severity, surveys appear to indicate that small businesses are still falling behind in cyber security readiness.

Writing in IT Business Edge, Sue Poremba notes a few Hiscox survey numbers that appear to be troubling cyber security professionals: 29% of small businesses did nothing after an attack, while 68% are reported at least one cyber attack within the past 12 months. These numbers would be less troubling if it was not for the fact that small businesses appear to be ill prepared to handle such issues before, during and after they occur.

Small Businesses Optimistic as Economic Growth, Insurance Mitigate Concerns

Small Business Insurance

An uptick in economic forecasts has increased attention on America’s small businesses. A growing number of small business owners are expressing optimism, with many expecting to not only increase hiring but a fair number considering expanding and investing in growing the business in general.

In its March 2017 Report: Small Business Optimism Index, the National Federation of Independent Business (NFIB) indicated that small businesses are holding steady to their higher expectations reported in the NFIB’s previous Optimism Index. According to the Index, 47% of small business owners expect the economy to grow, while the Index also shows that capital spending reached its highest point since 2007.

Insurance & Protecting Your Business: Cost of Federal Compliance Nearly $10K

Insurance and Regulation

President Donald Trump’s recent moves to cut back business regulations appears to align directly with the number one regulatory concern for small businesses.

A recent National Federation of Business (NFIB) report indicates that, among the many regulations related concerns small business owners have, the total number of regulations is their chief concern. The report, which reflects poll data taken from small business owners, reveals that 55% believe the volume of regulations is their “greatest problem.”

Managing Risk: Positive Customer Relationships & Insurance

Customer Experience

In CMS Wire, Serafire Marketing Principal Dianne Denton lays out how to handle customer service the right way and highlights several key tips, including building relationships and paying attention to social media.

In all, Denton’s tips may seem rather common sense to small business owners, though they aren’t always heeded. For example, she explains that “[n]eedlessly forcing customers through phone trees in an effort to “look bigger” is generally a bad idea”. This action, which she attributes to far too many businesses modeling their phone policies after large corporations in an attempt to “look big”, can easily backfire. Indeed, she highlights quick phone response as a way small businesses can better connect with customers.  “If customers know they can quickly get through and get what they need, they can act immediately,” she writes.

How to Manage Small Business Social Media & Operations Efficiently

Manage Small Business

With only a few exceptions, most businesses that hope to survive and thrive in a 21st-century marketplace pursue both a website and a social media presence. But as many businesses have learned in recent years, properly managing social media, in particular, can be a hassle. Increasingly, many businesses are turning to hiring social media managers as a full-time position, to some success.

But as USA Today’s Rhonda Abrams notes, there are some ways your small business can maximize your potential on social media, while a number of uses might do far more harm than anything else. As Abrams points out, you do want to “[e]ngage with others who might repost your content,” but you’ll probably want to avoid responding to every comment, and certainly make sure to avoid confrontations.

80% of Small Business Owners Optimistic, Still Face Risks

Small Business Insurance

Survey data published by the National Small Business Association (NSBA) appears to reflect a growing optimism among small business owners, tempered by a few notable concerns.

As reported by AP, “[e]ighty percent said they were very or somewhat confident about the future of their businesses, up from 72 percent.” A further two-third expected to see a revenue increase in the coming year. This growing optimism is tempered by survey data published in a different NSBA survey which indicates many businesses are still concerned over regulatory costs that average around $12,000 annually for small businesses.

ACA Repeal’s Impact on Workers Compensation Costs

Workers Comp ACA

Since its proposal and eventual passage, President Barack Obama’s signature legislation has been a focus point for politicians on both sides of the aisle. Most Republican candidates vowed to repeal the law during the 2016 election cycle. Newly elected President Donald Trump and congressional Republicans are now working toward completing this campaign promise.  While businesses may see some cost benefits associated with a cutback or full repeal, there may be some unintended consequences associated with the move.

As reported by CBS affiliate WFMY News, one of those consequences to business may be felt in Workers Compensation costs. While WFMY simply provides this as a supposition, there is some notable data related to the issue.

2.2M Texas Women Uninsured, Workers Compensation Not Stepping In

Texas Insurance

A recent article published online by the Dallas News highlights an ongoing issue in Texas related to women’s health: 2.2 million women and girls in the state still lack adequate health insurance. However, the problem extends beyond just access to health insurance. Texas is one of only a small number of U.S. states where Workers Compensation is not commonly required. This issue may be compounding issues for many uninsured women in Texas.

According to the National Federation of International Business (NFIB), Texas only makes it mandatory for employers to purchase Workers Compensation coverage under very limited conditions, including “construction contracts for government entities”.  For many women in Texas, this may mean that a workplace injury not only results in a significant loss of income but when such injuries occur while uninsured, many women may face significant financial hardships as a result.

US Castings: Small Business Journey & Insurance

US Castings Insurance

Gathering data and learnings from others in order to improve is of particular importance for us at CoverWallet. The best way to create outstanding experiences for our clients and partners is to gather research and continuously iterate, and CoverWallet takes pride in delivering exceptional insurance for businesses nationwide.

We had the opportunity to speak with Lauren Asher, the operations manager at US Castings. She gave us great insights into how US Castings was started, how the company has evolved, and their experience of finding insurance.

Insurance Company, Lloyd’s of London, Bans Employee Drinking

Lloyd's of London Underwriting

While most employers encourage a bit of social drinking among employees, some workers at UK-based insurance company Lloyd’s of London balked at a new ban the company handed down regarding on-duty drinking. The company’s ban is in response to an internal report which found that alcohol was a common factor in nearly half of disciplinary actions.

According to Insurance Business Magazine, this rule does far more than implement warnings: employees found drinking or under the influence of alcohol during work hours could be fired outright. The new policy, which released to employees through an internal memo and later leaked to the media, was not taken well by Lloyd’s employees.