What is Cyber Insurance and Why Do You Need It?

Cybersecurity insurance is a new and emerging industry. It has its origins in errors and omissions (E&O) insurance, a separate form of insurance that protects against faults and defects in the services a company provides. E&O insurance is analogous to product liability policies for companies that sell physical or digital products. At (Agency Name), it’s important to us that you and your business stay safe during these emerging times. Read on to learn more about what is Cyber Insurance, how it works, and why you need it. 

What is Cyber Insurance?

Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is a contract that an entity can purchase to help reduce the financial risks associated with doing business online.

  

While some cyber insurance policies contain specific provisions for E&O, most providers sell these as separate and distinct policies. E&O insurance does not cover the loss of third-party data, such as customer credit card numbers; customers needing such protection can purchase a cyber insurance policy that covers it.

How Does Cyber Insurance Work?

Cyber insurance policies help cover the financial losses that result from cyber events and incidents. In addition, cyber-risk coverage helps with the costs associated with remediation, including payment for legal assistance, investigators, crisis communicators, and customer credits or refunds. Vinson & Elkins discusses Cyber Insurance 101 in this short video: https://www.youtube.com/watch?v=P76PhQdDje0

Why is Cyber Insurance Important?

The loss, compromise, or theft of electronic data can have a negative impact on a business, including the loss of customers and revenue. Businesses may be liable for damages stemming from the theft of third-party data. Cyber liability coverage is important to protect businesses against the risk of cyber events, including those associated with terrorism. Cyber-risk coverage can assist in the timely remediation of cyberattacks and incidents.

According to Thirdway.org, “There are approximately 300,000 reported malicious cyber incidents per year. Attacks cost the U.S. economy anywhere from $57 billion to $109 billion annually and these costs are increasing.” Cyber risk is real and let’s face it: almost everyone uses some kind of cyber technology every day. In an era when email is used for everything, and transactions often occur online, the world of cyber presents a great opportunity for criminals.

According to the Insurance Information Institute, “Insurance experts now consider the risk of cyber liability losses to exceed the risk of fraud or theft. In this tumultuous environment, your business can take several steps to limit risks, including purchasing cyber liability insurance.”

Source: https://searchsecurity.techtarget.com/definition/cybersecurity-insurance-cybersecurity-liability-insurance and https://prowritersins.com/cyber-insurance-blog/how-does-cyber-security-insurance-work/

Why is flood insurance important?

You don’t have to live in a flood-prone area to encounter flooding in your home. This can happen at any time to anyone! Flooding can be caused by more than just natural disasters. If you own a home, you need flood insurance. There are two different types of flood insurance: the National Flood Insurance Program and private flood insurance. The area you live in will determine which type of flood insurance is best for you.

The National Flood Insurance Program is a flood insurance that is offered through FEMA. If you are located in one of the 21,000 communities that participate in this program, you should be eligible for both types of coverage offered by the National Flood Insurance Program. The two types are building property coverage and personal property coverage. Building property coverage is “replacement cost value” coverage. This means that building property coverage covers the cost to repair or replace your home up to $250,000. Personal property coverage replaces up to $100,000 of items in your home.

The other type of flood insurance is private flood insurance. Private flood insurance premiums vary based on the insurance companies that offer it. Speak with your insurance agent regarding cost and coverage plans.

You may qualify for both the National Flood Insurance Program and private flood insurance. Depending on the value of your home and contents in it, you might be better off getting both to protect yourself in the event of a flood.

Flood Facts:

  • Just one inch of water can cause more than $20,000 in damage.
  • It takes just six inches of fast-moving water to sweep an adult off their feet and 12 inches of water to sweep a car away.
  • Flash floods typically carry water between 10 and 20 feet high.
  • If you live in a 100-year flood plain, your home has a 1% chance of flooding each year.
  • Moving water at 10 mph carries the same pressure as wind blowing at 270 mph.
  • If your home is in a flood plain and you have a federally backed mortgage, you are required by law to carry flood insurance.

Give our office a call to discuss all your flood insurance options! (781) 762-4280   https://www.lydonmurphyinsurance.com/

Source: https://www.daveramsey.com/blog/need-flood-insurance

Tips for Sub-Zero Temperature Car Care

When the temperatures drop into the single digits, you most likely want to curl up with a good book or binge-watch the latest show – whatever you can to just stay indoors. Chances are, at some point you’ll still need to go out. When you do, you’re going to want to make sure that car starts and keeps running.

Here are 7 tips to make sure your car starts right up no matter how cold it gets:

Battery: The most common car problem when the temperatures drop is the battery not starting. Perform a volt test on your battery to get a new one if it’s needed prior to the bad weather hitting. If the car doesn’t start on the first try, let the car sit for a couple of minutes before trying again. If it still doesn’t start, you’ll likely need to get the jumper cables out to get it going.

Wipers: Even though you may be bundled so only your eyeballs are showing, you still need to make sure you can see clearly. If you are noticing that your wiper blades just aren’t cleaning the way they used to, they’re not going to do any better in the snow. You may want to consider picking up a pair of winter wipers which aren’t very expensive and will give you much better visibility when you’re on the road.

Idling: We all like to have the car toasty when we get in, but is idling the engine a good idea? In general, no. It can cause damage to your engine over time and it’s bad for the environment. When it’s below zero though, many professionals recommend idling for a minute or two just to get the fluids moving. Not for 10 minutes or more though as we mentioned before, idling is bad for your engine and it wastes gas!

Tires: Did you know a temperature change of just 10 degrees can cause a 10 percent reduction of air in your tires? So, bundle up and regularly check your tire pressure during severely cold weather. If you don’t know, you should double-check your car’s optimal tire pressure in your owner’s manual or on the sticker inside the driver’s side door.

Gas: We’ve all heard it – “It’s going to be cold out, did you put gas in the car?” You should make sure that your gas tank is at least half-filled because it will help prevent the car’s fuel line from freezing.

Frozen locks and doors: Ever get out to the car and your door won’t unlock because it’s frozen? For frozen locks, you may want to have a de-icer ready. Don’t have any? In a pinch you could try a squirt of hand sanitizer on the key. The alcohol in it can help dissolve the ice. A way to prevent your entire door from getting frozen shut to the frame is to lubricate the door’s rubber gasket with silicone. Door already frozen shut? You could try pouring lukewarm water around the seal of the door to thaw the ice. Once the door is open, make sure to dry off the inside of the seal with a towel so it doesn’t refreeze. Never ever use hot water…the temperature difference could shatter your window glass!

At Lydon & Murphy Insurance Agency, your road safety is very important to us. Call us at 781.762.4280 or visit our website at https://www.lydonmurphyinsurance.com/ to discuss your auto insurance needs.

Source: https://www.mapfreinsurance.com/blog/sub-zero-temperature-car-care/

Fall Home Maintenance Checklist

 

Fall is a beautiful time of year. The air is cool and crisp, and the leaves are changing colors. As homeowners, it can also be a very busy time of year! Take advantage of the moderate weather to repair any damages to your home before the first frost sets in.

Taking the time to care for the exterior of your home in the fall will help your home last through the winter. Check the foundation for cracks. If you have cracks in your foundation repair them before it’s too late. Caulking around windows, door frames, and where pipes and wires enter, your home can help prevent heat escaping in the colder months. Install storm windows and doors and remove screens. Check exterior walls for peeling or blistering paint. If left untreated, the siding itself will deteriorate. Ensure your roof is in good shape. If there are some missing or loose shingles, get them repaired or replaced!

Interior maintenance is just as important. Properly sealing and insulating your home can save you up to 10% on your annual energy bill. Applying weather stripping and caulk to windows and doors is a simple and easy way to help keep the heat in and the cold out – don’t forget about the basement windows! Have your heating system checked by a licensed heating contractor. Properly working heating systems will use fuel more efficiently, last longer, and have fewer problems. Change the direction of your ceiling fans to redistribute warm air from the ceiling. Test and change the batteries in your smoke and carbon monoxide detectors and keep extra batteries on hand.

Now that the house is taken care of, it’s time to move back out into the yard. Prepare your yard equipment for storage by draining the fuel from all gas-operated equipment. Check to see if all your snow equipment is in proper working order and ready for the first snowfall. Drain garden hoses and store them inside. Also shut off outdoor water valves to keep them from freezing. Take some time to organize your garage. Clean and store your summer garden tools, and move your rakes, gloves, and winter equipment within easy reach.

If you are a homeowner, keeping up with home maintenance is important! This is just a short list of maintenance items that should be completed during the fall. Take the time to call Lydon & Murphy Insurance at 781-762-4280 or visit us online at https://www.lydonmurphyinsurance.com/ to review your homeowners insurance policy so you know your home is fully protected for the next season! 

Source: https://www.bobvila.com/articles/1499-fall-home-maintenance-checklist/