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Do you have enough cash reserves to make up for the downtime if your system crashes? Are you covered for lost revenue if a technological vendor experiences a similar loss? These are losses that can potentially be covered by cyber insurance.

 

In recent years, as insureds started filing claims for these types of losses, insurers started changing their policies. They excluded data from traditional policies, or they included data with higher premiums, or they wrote policies specifically for data.

 

So what do you need to think about as it concerns cyber insurance?

1. Cyber insurance can cover hacked computers, virus attacks, denial-of-service attacks, copyright infringement, Web content liability and other technology-related areas.

 

2. Coverage may be denied if you have no firewall or antivirus protection.  A larger company will need to consider and submit security configurations, documentation of security plans, password management, backup procedures and more before securing coverage.

 

3. Don’t duplicate. Look at your current coverage and other protections such as whether you already purchased comprehensive warranty through your computer manufacturer. We can help you tailor the policy so that you only purchase the coverage you need.

 

Preventing Employee Fraud

As the economy tightens desperation can increase.  Here are some tips for preventing tempting acts of employee fraud:

 

1. Cameras- if your employees process sales transactions regularly this is probably a no brainer.  Employees benefit as well.  Cameras can easily clarify questionable situation, deter crimes against employees, and deter employees who would otherwise not even consider such an act.

 

2. Stay on top.  Know how cash and inventory flow thru the business.  Conduct unannounced audits occasionally.  Again, the more an employee believes you are being vigilant, the less likely they are to defraud you.

 

3. Maintain a good relationship with employees.  If there is an open line of communication perhaps you can anticipate and offer assistance prior to an employee becoming financially desperate.  Moreover, when an employee values the place that they work the less likely they are to do things which would harm it.

 

4. Hire well.  Do not be lazy or too rushed during the hiring process.  Check references, verify employment, do background checks and drug screening where necessary.

 

Of course, the best laid plans can only do so much.  Make sure that you are covered in the event of loss.

 

Colorado Department of Insurance Launches New Site

Pursuant to a bill passed by the Colorado Legislature in 2008, the Colorado Division of Insurance recently posted to its website an online insurance guide.  The guide was created to increase transparency but is targeted to individuals looking for personal rather than commercial coverage.  There is, however, helpful information regarding the services which are provided by the Division of Insurance including information regarding questionable agents or insurers.  A link to the page is below.

Colorado Guide to Insurance

 
Sales & Executive Staff News

In future publications, this page of the newsletter will feature information and updates from each division of our Agency. 

 

What we would like for you know about us in this issue is… well, us.

 

Melvin Bush has been a licensed insurance producer for 36 years. He feels “blessed to be able to advise and consult with clients in developing the best insurance program." 

Sebrina Bush, although a licensed producer for the last 12 years, has recently become actively involved at IDP.  Both individuals are currently sharing day-to-day administration and business development duties to prepare for a smooth transition when Melvin retires over the next couple of years. 

 

Melvin received both his BA and MBA degrees from St. Louis University.  He has served in leadership on several boards including President of Ronald McDonald House Charities.

 

Sebrina received her JD from American University and practiced employment law for five years. Sebrina is an active volunteer for Big Brother Big Sister and Habitat for Humanity.

 

Underwriting & Customer Service News
 
Whether it is quotes for new business or certificates of insurance these individuals will handle it efficiently and with a smile. Why?

Shereeta Crosby states it is important to “gain trust and build relationships” with the clients she works with.  Chavon Stribling states she works to ensure clients receive “exceptional service and care." 

 

Both mothers, these individuals not only maintain a healthy work life balance but also continue their education.  Shereeta hopes to complete her ongoing studies and receive her CPCU designation.  Chavon is currently enrolled at Metropolitan State University majoring in Sociology. 

 

They can be reached at sharalson@insurancedp.net cstribling@insurancedp.net. 

 

Claims Staff News

 

As insurance professionals we recognize that the time you need us most is in the worst of times.  Our claims department endeavors to make the “best out of your worst” times with “efficient processing of claims and zealous advocacy” on your behalf.

 

Elias Asfaw, a Bronco & Nuggets fan, states he “enjoys providing our clients with comfort in unfamiliar situations” and handling claims with “vigilance”. 

 

Not only did Elias graduate from Colorado State University but he is currently in the process of obtaining his AIC certification.   easfaw@insurancedp.net.