With the wide media coverage of the security breaches that have happened at larger corporations over the past few years, including Wal Mart, Target and Sony, small business and not-for-profit organizations still have a tendency to believe they are not a target for cyber criminals. As a result, they are hesitant to spend the necessary time and money to improve the security of their computer systems.   However, cyber attacks against small organizations is significantly on the rise, with small business accounting for over 70% of cyber breaches in Canada!   With easier access to small business, the hacker is aware that their hack into the computer systems of the unprepared small business could easily provide a doorway to not only confidential customer information, but also the back door into larger partner supply chains.

Whether the breach of confidential data is a result of an attack conducted by a sole hacker, an organized cyber-crime group, or by the accidental loss or theft of an employee or volunteer’s laptop or smartphone, the result of the breach will be costly to the organization, unless Cyber insurance has been purchased!

Cyber Insurance

The Canadian insurance market offers many choices for Cyber Insurance.  Often, the coverages may be selected and customized to meet the specific needs of the organization. Most commonly, a Cyber policy will provide two areas of protection:

• First party coverage expenses – to cover the costs incurred by the organization, following a security hack. Costs and expenses typically covered by a Cyber policy include:
  • Crisis Event management: the cost to hire a specialized public relations firm to mitigate negative publicity and restore confidence ins clients/members/public
  • Notification Expense: the cost to notify every client/customer/supplier/business partner regarding the breach and, where applicable, the cost to provide them with credit monitoring services.
  • Investigation and Remediation Expense – the costs to hire a Breach Response firm to assist and restore/replace/reproduce computer programs that were damaged or destroyed by the hack/virus/breach
  • E-commerce extortion – to replace money paid by a business to an extortioner, in response to a threat that confidential information will be disclosed to the public.
  • Loss of Earnings – to replace lost earnings if the business operations are interrupted as a result of the breach.
• Third Party coverage – providing legal defence to the business if a law suit is brought by disgruntled clients, customers, suppliers, business partners etc. that allege they have suffered financially as a result of the breach of their confidential information.

Businesses and non-profits will benefit from a tailored cyber insurance policy, and the customizable nature of this product means organizations of all sizes may find their fit in coverage and pricing.

Consider the following when purchasing Cyber Insurance:

• Data – What is the nature of the data you hold? Is it primarily client/member contact details, or do you have more privileged information, such as medical, payroll, or credit card information. How many records do you retain?
• Protection – What protection measures do you have in place for your data? Is your organization using cloud-based services, like OneDrive or Dropbox, or do you store your information locally on a physical server or computer? Are anti-virus and firewall programs running and actively updated? Do you have password protection measures and limit access to only those who require the use of the data?
• Possible Loss – What is the possible scope of your loss? What is the potential damage to others if your data is breached? Would it be a loss of client email addresses, possibly some proprietary information, customer personal or business financial information, or private medical information, that could have serious ramifications?

Even when a breach involves only personal contact information (email addresses etc.) in which there is no evidence of resulting malicious activity, Canadian courts are awarding a minimum of $500+ per lost record. If you hold hundreds or thousands of records, this will easily result in a financially devastating loss. The addition of a Cyber Insurance policy to your commercial insurance portfolio will not only provide peace of mind, but also grant access to through your Insurance provider to professional resources that will provide invaluable assistance to your organization, not only at the time of loss, but proactively, to prepare and manage cyber risk in advance of any breach.

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Getting a driver’s license is a huge step towards adulthood – and as a parent, you want your child to enjoy this new-found freedom in the safest way possible. Arranging appropriate auto insurance is an important part of this process. Here a few things to keep in mind when your child starts reaching for the keys.

Who Gets A Policy:

In Auto Insurance, the policy follows the ownership of the vehicle. If your child will be driving an existing family car when they get their license, they are to be added as a driver on your policy. Your auto insurer does require that they be aware of every licensed driver in the home, so regardless of how often you plan to let your child drive, you must notify your broker of the new driver.

If your child will be the owner of their own car, then a new insurance policy will need to be created in their name.

There are advantages to both options. Typically, it is less costly to add a new driver to an existing auto policy. That said, if your child has their own policy, then, if they are involved in an accident, their claim will have no impact on your own auto policy and insurance history.

Tips for Young Drivers:

Insurance costs have historically been higher for young drivers. And, while the statistical likelihood of these drivers being involved in a claim is much higher in their early years of driving, there are several ways to help mitigate the premiums for these drivers.

Enrolling your child in an accredited driver education course helps equip them with the skills they need and reinforces safe driving habits. Insurers recognize this by offering a driver’s training discount.

Maintaining a clean driving record is crucial in minimizing premiums related to young drivers. Remind your child to obey the rules of the road and avoid any distractions. Texting and driving, in addition to being extremely dangerous, can result in a ticket just the same as speeding or driving through a stop sign.

Some young drivers have enjoyed the benefits of telematics solutions on their policies. There are several options in the insurance marketplace, offering policies which use apps or devices attached to the car to track certain factors in the operation of the vehicle, such as rapid accelerations or hard braking. These optional programs offer a means of applying additional usage-based discounting that reward safer driving behaviours with reduced premiums. They have the added benefit of providing the driver with active feedback throughout the measurement period, meaning drivers can see how they are driving and adapt accordingly to try to improve their discount!

This is a very exciting time for your child, but can be an overwhelming process for parents. It is most important to remember to instill in your child the best driving practices and safe driving education. More than helping keep insurance costs down, it should (fingers crossed) give you some peace of mind while they are on the road!

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Safety First
The safety of you and your passengers is the top priority after a collision. Turn off your car and check that everyone is safe. If you feel as though anyone’s safety is at risk, or if someone has been seriously injured, call the police and emergency services right away. Then take a moment to consider your vehicle – are you in an unsafe place; is your car drivable; is anything leaking from the vehicle? If your car can be moved, drive to a place of safety out of the way of traffic.

Who to Call
Once you are in a safe place, call us at (416) 234-9980. One of our brokers will help you through the next steps. After-hours, our voicemail or www.cadeinsurance.com/claims will tell you how to get in touch with us, or your Insurer directly, or you can look at your liability cards which will have your Insurer’s 24/7 claims number.

Gathering Information
Be sure to exchange information with other drivers that are involved in the collision. You should collect their contact information, insurance information (policy number, insurer), and type of vehicle. This needs to happen no matter who is ‘at fault’. If possible, take photos of the vehicles from all angles to help with the claim process.

Collision Reporting Centre & Towing
If the police did not attend the scene of the collision, or attended, but did not make a formal report, you will need to visit a Collision Reporting Centre within 24 hours if your vehicle is safe to drive. If a police report was already created at the scene, you can take your car home or directly to a repair shop.

However, in many cases, it is not safe to drive a car that was recently in a collision. If this is the case, you should arrange for your vehicle to be towed to the Collision Reporting Centre closest to your home or to your preferred auto repair shop. We do not recommend allowing the Tow Truck Operator to choose where your vehicle will be taken. Resources such as www.accsupport.com, or www.cadeinsurance.com/claims can help you select which Collision Reporting Centre is best for you. The tow truck driver should wait at the Collision Reporting Centre while you make your report, and then take you and your vehicle to your home or your preferred repair shop. 

Do not accept any supplementary services from the Tow Truck operator, such as a rental vehicle, before speaking to your broker or insurer. If you must take a rental right away, make sure it is from a large, reputable rental company (eg. Hertz, Enterprise, Discount, Budget, etc.)

Repairs
Once the claim has been reported to your Insurer, an adjuster will be assigned to your claim who will reach out to you to explain next steps about repairing your car.

Insurers often have ‘preferred shops’ which they have vetted for quality and service levels, and who are often able to work more quickly with the Insurer’s claims team. The work done by the Insurer’s preferred shops are typically guaranteed by the Insurer. However, you are completely free to choose where to send your vehicle for repairs.

Once you have chosen a repair facility, you may request they prepare an estimate for the work, but do not sign any work orders or authorize work to begin until you’ve discussed the claim with your insurer. If you are not working with a ‘preferred’ shop, your insurer may first need to send an appraiser to examine your vehicle to approve the garage’s estimate.

During the time your car is under repair, your policy may allow for a rental vehicle, which should be discussed with our office or the adjuster.

In some cases, the cost to repair might surpass the value of the vehicle. If this is the case, your insurance adjuster will contact you to discuss the details of the settlement. When considering ‘a total loss’ of a vehicle, the Insurer’s settlement will be calculated using industry standards and will include evaluation factors such as the comparison of vehicles available in the market of similar age, make, model, and use (km), and remaining salvage value.

Although we hope this is never a situation you find yourself in, remembering these key steps
can help simplify the process and avoid undue stress. The Cade Associates team is here to offer the best advice and service for you and your family, especially in tough times like these. To find out more about your coverage or the procedures you should take following a car accident, email us at clientservices@cadeinsurance.com.

The post You’ve Been in an Accident – Now What? appeared first on Cade Associates Insurance Brokers Limited.

Jewellery

Though you might be under the impression that jewellery is automatically protected by your home insurance, most policies have a maximum limit, typically around $6,000, which may not be enough for you.  If you have any particularly valuable pieces, or a notable assortment of jewellery, talk to your insurance Broker to ensure your policy is protecting you appropriately.

Artwork

Whether purchased or inherited, your collection of artwork may be covered by your home insurance, however the coverage is often limited and not sufficient for higher valued items or larger collections. There are excellent insurance products specifically designed for art collections that offer tailor-made coverage, through underwriters who specialize in the art community.  Insuring artwork requires not only a strong understanding of the necessary coverages, but also trained and qualified claims response teams to provide the proper repair/restoration expertise and settlement in a claim.  If you own any artwork, be sure to review this carefully with your Broker.

Wine & Liquor Collections

Home insurance policies may include coverage for a collection of wine and liquors in your home, but there is often a maximum limit that may not be sufficient to replace the value of your personal collection. If you are a collector of wines or liquors you should review this with your broker and don’t forget to mention any climate-controlled storage areas, if you have one or are considering adding one in your home!

Home Based Business

If you run your business from home, it is important to have a conversation with your Broker to be certain you have appropriate insurance. Your home insurance might already be sufficient, or may be updated to include your business insurance requirements.  However, in many cases, a specific business policy may be a better fit. If you have a notable amount of equipment in your home related to your business, if you have clients visit your home office, or if you frequently travel to your clients or suppliers place of business for your work, it is especially critical that you discuss all options available with your insurance Broker.

Loss Prevention Measures

Measures that you have taken in your home to help prevent damage to your property should be discussed with your Broker, since they may allow access to better coverage, higher limits of insurance, or even discounts to your premium. Loss prevention measures to reduce water damage in your home include installing a back-water valve and/or a sump pump with battery backup.  Centrally monitored alarm systems are valuable in reducing the possibility or the intensity of damage. Today’s alarm systems can be configured to provide early detection of fire, alerts of attempted break-in, sensor discovery of a sudden drop in interior temperature that might result in frozen water pipes, and even a change in water pressure which might indicate a leak in your water system – all excellent ways of potentially reducing damage. While there are an increasing number of web-enabled systems using your smartphone to monitor home systems, typically insurance companies acknowledge only alarm systems that are monitored 24/7 by a professional service when considering coverage and pricing.

Maintaining the proper insurance to provide the protection you and your family need to continue to enjoy your place of enjoyment and calm is important to us.  Take a hard look at your home and the things in it – are they all adequately covered?  If there are aspects of your insurance that require review, we want to help.  Visit https://cadeinsurance.com or email us at clientservices@cadeinsurance.com for more information.

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