Blog Posts For Business Insurance

Cyber Liability

The way we all do business has changed over the years. Many if not most companies are now reliant on computers for their businesses to operate. With this in mind the risks of cyber attacks have significantly increased. It is not just large business and online retailers that are being targeted but any company that stores their customers data is at risk.

According to a recent report published by Small Business Trend, 43% of cyber attacks target small businesses and 60% of small businesses will close within 6 months of an attack. With 48 % of data security breaches being caused by malicious attacks and the rest due to human error or system failures it is a very real possibility that your business could experience a security breach.

If your business were to experience a cyber attack the cost to fix the issue could be overwhelming. From repairing databases, replacing lost or stolen laptops/computers,  notifying customers of the breach and strengthening security systems and procedures are just a few of the costs you could be faced with in the event of a cyber attack.

In the event your business becomes the victim of a cyber attack your traditional business          insurance may not provide the coverage necessary to help you restore your business.

To learn more about cyber liability or to request a quote  please call us at 716-632-6118.


Find the Perfect Insurance for Your Restaurant

As a restaurant owner, you know the importance of choice, customer service and consistency. You want an insurance policy as well managed as your eatery. If your policy hasn’t been updated for years or contains undiscovered gaps in coverage, you could be risking it all.

All restaurants and food service businesses should have certain types of insurance coverage. Your state or municipality most likely requires you to carry specific policies, so be sure to check with your local bar and restaurant authorities on those regulations.

A basic restaurant insurance package should include: general liability coverage; workers compensation insurance; property damage coverage; identify theft or data breach coverage; mechanical breakdown coverage and loss of revenue insurance.

You run a tight ship, but just one accident from an employee or customer can leave you at risk to liability claims and lawsuits. Chefs could cut themselves while chopping vegetables or a customer could slip on a damp bathroom floor. A clever criminal could access credit card information from your nightly tickets. You want a full menu of protections from all of these exposures.

Mechanical breakdown coverage can save you the costs associated with the event a freezer or cooler malfunctions and spoils thousands of dollars worth of food. Loss of revenue coverage can help maintain your restaurant’s income while repairs are being completed due to a damaging storm or severe weather event. You’ll also want to ensure your property insurance coverage is up-to-date to reflect any recent equipment purchases, such as the addition of a new oven, dishwasher or smoker.

You may need to consider additional coverage options if your restaurant sells alcoholic beverages, offers catering or delivery services or grows some of its own produce or proteins. You want your restaurant insurance package to meet all of your unique culinary needs.

Knowledgeable, independent representatives at United Insurance Agency are always available to answer any questions you may have, suggest coverage options best suited for your specific type of restaurant, and even assist you in filing a claim. We are able to locate you a variety of policy quotes from a number of providers, ensuring the package you choose offers the best coverage at the most competitive rates. Contact us to find out how you can obtain the perfect restaurant insurance package.

Don’t Overlook Professional Liability Coverage for Your Business

Certain individuals and companies that provide professional services to their clients need specialty liability coverage called professional liability insurance, or errors and omissions (E&O) insurance. “Professionals” are considered to be those who have special knowledge or skill in a certain area, and who use that skill to provide advice and services to others.

Traditionally, doctors, lawyers, architects, engineers and accountants were considered to be “professionals” for insurance purposes. But now, as lawsuits related to allegedly faulty business services are commonplace, professional liability insurance is becoming equally important for a wide variety of professions. Today, errors and omissions coverage is just as important for advertising and PR firms, Internet service providers, Web hosting companies and many other types of firms. In addition, it is not unusual for actuaries, real estate agents, insurance agents, appraisers, mortgage and securities brokers, business consultants and many other types of professionals to carry errors and omissions insurance.

What Does Professional Liability Insurance Cover?

Professional liability insurance provides coverage for professionals, their partners, their employees and the partnership or corporation for damages caused by providing or failing to provide professional services. Professional services firms can be sued for providing erroneous advice, making errors in the services they provide, or even if a client loses money due to an act of negligence or an omission on the part of the professional. If you are in the position of providing professional advice and services, errors and omissions insurance protects you in cases of actual or alleged errors, loss of client data, negligent oversell, system failure or making misleading statements.

Professional liability policies will cover the costs associated with your legal defense if you are sued, as well as any judgments that are rendered against you or settlements that you must pay. Most errors and omissions policies can be customized for your particular area of expertise and the risks you face.

Remember that your commercial general liability policy will not provide coverage for lawsuits related to professional liability issues. Professional liability policies also have certain coverage exclusions, including:

  • Criminal, fraudulent or malicious acts
  • Bodily injury and property damage (except in the case of medical malpractice insurance and E&O for certain design professionals)
  • Workers’ compensation claims
  • Punitive damages

Professional liability policies and their exclusions will vary depending upon your profession and your insurance carrier. It is important to remember that ultimately, E&O coverage is designed to protect you from liability claims that are directly related to the provision of professional services and any resulting financial loss for a client. Losses that are covered under some other type of insurance policy—e.g., general liability, automobile, property, or workers’ compensation claims–are not covered by professional liability insurance. You need to make sure you have coverage for ALL of these types of concerns, and it may mean having numerous business insurance policies to make sure that all of the bases are covered.

Do you provide any type of professional services to clients that could result in financial loss for them? Do not take your need for professional liability coverage lightly. Contact us today so we can help you assess your risks and your need for coverage.

Workers Compensation is an Essential part of Risk Management

Business ownership is a challenging endeavor – in addition to worrying about your customers, cash flow and overhead, you must also be aware of your liability risks. For many business owners, risk management is a key process that may dramatically impact the future of the company and its success.

There are many strategies for managing the risks associated with operating a business, including insuring the entity, creating a comprehensive employee handbook and conducting thorough background searches on potential employees. Purchasing the appropriate workers compensation coverage is also an important step to reduce your entity’s financial liability.

Workers Compensation and Business Risk Management

New York workers compensation insurance is not only required by law, but is also an invaluable protection for employees and business owners alike. The protection workers compensation offers to your business dramatically decreases the financial risks and expenses you may incur in the event of an employee injury on the job.

Without the proper workers compensation insurance, you may be held liable for the losses and costs resulting from an employee injury, including:

Medical bills: The costs of medical care from even a minor accident can quickly add up; care for more serious accidents can lead to hundreds of thousands of dollars in treatment expenses.

Ongoing care: If your employee requires ongoing physical therapy or routine treatment following their injury, you may be held responsible for paying the costs associated with their treatment. These costs can quickly become unmanageable without the proper workers compensation insurance.

Lost wages: Without workers compensation coverage, you may be ordered to pay a large percentage of your employee’s lost wages.

Legal fees: If an employee suffers an uncovered injury in the workplace, they will likely hire an attorney and file a lawsuit in an effort to recover for their losses. The legal costs, combined with any resulting judgment ordered in the case, can be very costly.

Purchasing the right workers compensation coverage for your business can significantly reduce your risks and your potential liability in the event of an employee injury.

Do you consider workers compensation part of your company’s risk management strategy? Share your opinion with your neighbors in Buffalo, Rochester, West Seneca, Niagara County, Lancaster, Hamburg, Clarence, Kenmore, Tonawanda, North Tonawanda and Cheektowaga by posting in the comments section below.

Directors and Officers Insurance for Shooting and Hunt Clubs

It is common for members of non-profit organizations to assume board or management responsibilities without considering related risks. It is essential directors and officers carry insurance to cover liability for board and individual actions.

Why are Directors and Officers Liable?

Any organization, particularly a sportsmen or hunt club, faces the possibility someone could claim negligence or illegal activity and sue the group or individual board members or managers for damages.

A lawsuit commonly follows a serious injury, death, or incident of abuse. However, injuries aren’t the only causes for claims. Suits claiming mismanagement include those involving employment practices (wrongful termination, harassment, discrimination, etc) and fiduciary irresponsibility (mismanagement of funds and projects). If one of these situations arises, a lawsuit could land right on your organization’s doorstep.

What Does Directors and Officers Insurance Cover?

Director and officers insurance (D&O) will cover the legal costs should someone sue one of your officers. It would help pay for the cost of an attorney and other legal fees. If your board member loses the lawsuit, the insurance would pay for the legal losses up to the policy limit.

D&O insurance covers issues not included in your general liability coverage. Without this protection in place, it will be hard for your group to find qualified officers.

Are There Exclusions?

Director and officers insurance has exclusions, including damages if the lawsuit is a result of an intentional illegal action. This insurance also won’t cover a suit from one director/officer against another. Lastly, some policies exclude work related suits, like wrongful termination.

Your club is there to serve its members, a place to relax, not worry about lawsuits. Do you know the terms of your director and officers insurance? Have any of your directors/officers expressed concern about their liability risk in the past?