Launching a tech startup is exhilarating. You’ve got a game-changing idea, a passionate team, and the drive to disrupt the industry. But amidst the excitement, there’s a crucial step many founders overlook: . . .
In the face of economic downturns, the prospect of expanding a company may seem counterintuitive. However, history reveals that successful enterprises often emerge during challenging times. Disney, Hewlett-Packard, Netflix, Citigroup, Groupon, and Lego all thrived during economic recessions, underscoring the potential for growth amid adversity. In this blog post, we’ll explore the key considerations when expanding to a new location during an economic downturn and how to effectively mitigate associated liabilities.
Every expansion comes with its own risks, including property damage, liability claims, and business interruption. Consider working closely with your insurance provider to identify any liabilities related with the relocation site. A customized insurance policy can give financial protection against unforeseen obstacles, allowing your company to navigate uncertainty with greater confidence.
Before expanding, thoroughly examine your contracts for the new location. Ensure that your agreements align with the local regulations and economic conditions. Early contract adjustments can prevent legal complications and financial penalties, providing a solid foundation for your operations.
The talent and well-being of your team are critical to the success of any expansion. Consider offering comprehensive employee benefits and risk management programs to safeguard your team’s health and safety. This not only fosters a positive workplace culture, but it also protects your company from potential liability originating from workplace incidents or employee conflicts.
In the age of digital transformation, companies must emphasize cybersecurity and data protection. With the rising risk of cyber threats, make sure your company invests in strong cybersecurity procedures to protect sensitive data. Also, establish a robust IT infrastructure by assembling a dedicated IT team and conducting comprehensive training programs to ensure seamless technological integration and data security. To reduce potential financial losses, look into insurance solutions that cover cyber liabilities like as data breaches and cyber attacks.
Proactive adjustments are key to successful expansion. Waiting until the last minute can lead to complications and hinder the relocation process. Implement changes early to streamline operations, mitigate risks, and ensure a seamless transition.
The talent and well-being of your team are critical to the success of any expansion. Consider offering comprehensive employee benefits and risk management programs to safeguard your team’s health and safety. This not only fosters a positive workplace culture but also protects your company from potential liability originating from workplace incidents or employee conflicts. Expanding to a new location during a contracting economy requires careful planning, risk assessment, and strategic decision-making. By working with a reliable insurance company and implementing a comprehensive risk-management strategy, your business can not only survive but also thrive during difficult economic times. Don’t forget that proactive actions and a carefully considered insurance plan can be your company’s shield against liabilities, enabling you to expand with peace of mind and resilience.
We can help you find the best policy to provide the coverage you’ll need to bounce back if attacked.
Featured image credit: Envato Elements by Rawpixel | Licensed | All Rights Reserved
As companies adopt digital solutions, they are exposing themselves to risks that can compromise their operations and sensitive data. Preventing these threats is essential and understanding them is the first step to keeping your company safe. In this article, we’ll discuss 6 of the most common cyber threats that companies face today and provide simple and effective strategies to keep them secure.
Employees and stakeholders may not recognize potential threats, making them susceptible to phishing attacks or inadvertently sharing sensitive information.
It is essential to establish and communicate clear security policies, ensuring that employees are well-informed through regular training sessions. Simulating phishing attacks helps test and improve employee vigilance, while encouraging a culture of reporting ensures timely responses to potential threats. Staying informed about the evolving threat landscape and adapting training materials accordingly ensures that the office remains proactive in addressing emerging risks. Through these measures, a comprehensive security culture can be cultivated, providing a collective defense against cyber threats.
Running outdated software exposes the company to vulnerabilities that could be exploited by cybercriminals, leading to data breaches or system compromises.
Keeping your computer’s software up to date is essential for staying safe in the digital world. Cyber-attacks and ransomware have become more sophisticated in recent years, meaning that outdated software is much more vulnerable to malicious threats. Updating your software regularly provides your device with the best defenses against hackers and other online criminals. Not only will you stay protected against attack, but new updates often include improvements to processing speed, additional functions or bug fixes, allowing you to enjoy a faster, smoother experience on all of your favorite program.
Without a tailored security system, companies may lack the necessary safeguards to detect, prevent, and respond to cyber threats effectively.
If you use your computer for any purpose, it’s important to have a good security program installed. Criminals are more and more technologically advanced, so you need a reliable program that can protect against the latest threats. It’s worth taking the time to research different options, as some may offer more protection than others. Investing in a reputable security program not only safeguards your valuable data but also gives you peace of mind knowing that you’re protected from malicious hackers and viruses. Make sure to set up timely automatic scans and frequently updated virus-definition files to stay one step ahead of any attempted cyberattack.
Reusing weak passwords across multiple accounts increases the risk of unauthorized access, as a breach in one account could potentially compromise all others.
It’s no secret that you should always use strong passwords for email and other account logins. Not only can weak passwords be easily hacked, but reusing the same password across multiple accounts increases your vulnerability to hackers. Your email account might not contain sensitive information (or it may!), but someone could use your email address to gain access to other important accounts with potentially devastating results. Even better than a strong password? A two-step authentication process with a password authenticator — this way, even if someone gets past your password, they still won’t be able to get into your accounts. So take the time to protect yourself and develop an impenetrable defense against cyber intruders.
In the absence of a dedicated cyber insurance policy, companies may find themselves financially exposed to the costs associated with data breaches, legal liabilities, and other cyber-related incidents.
Investing in cybersecurity insurance is an important step for any company owner. With the evolution of technology, data has become increasingly vulnerable to cyber-attacks, making insurance more and more essential for both small and large companies. There are various types of coverage available that can provide assistance when it comes to reviewing and examining existing security structures as well as responding to any incidents involving data breaches or malware attacks. Having insurance in place will ensure you have the necessary protocols and safeguard your information from digital intruders.
Failure to regularly back up data leaves the company vulnerable to data loss in the event of a ransomware attack or other catastrophic events, impacting organizations’ continuity and recovery efforts.
We’ve all seen the headlines after natural disasters where thousands of people have lost years’ worth of precious data in an instant. Don’t let yourself be one of them! With ever-increasing tech storage and transfer speed, backing up your important family photos, documents, videos, or anything else you don’t want to lose is easier than ever. Take five minutes a month or so to plug in an external hard drive, pop in a USB stick, or click on the button to save your work to cloud storage, and you’re good to go. Trust us – you’ll thank yourself if disaster strikes!
By fostering a security-conscious culture and adopting practical measures, you’re not just securing data; you’re securing your peace of mind. By keeping your software up to date, using strong passwords, and investing in cybersecurity insurance, you can minimize the risk of becoming a victim of cybercrime. Don’t wait until it’s too late – take action now to protect yourself and your company. For more information about cybersecurity insurance, contact us today.
We can help you find the best policy to provide the coverage you’ll need to bounce back if attacked.
Featured image credit: Envato Elements by AndersonPiza | Licensed | All Rights Reserved
The prevalence of employee-owned smartphones and other devices in workplaces across the country has grown considerably in the last few years and shows no sign of stopping. A recent study by Bitglass found that 85% of organizations surveyed allowed their employees to use their personal devices for work functions. If it wasn’t obvious already, the “bring your own device” (BYOD) era is here to stay. While there are numerous benefits of implementing a BYOD policy at your workplace, it can be problematic from an e-discovery standpoint, should your company enter litigation.
E-discovery Basics
Electronically stored information, or ESI, can be subject to discovery, which means it can be requested as evidence in court cases. ESI is a category of discoverable information separate from print documents, and includes both structured and unstructured data such as emails, instant message logs, Word® documents, PowerPoint® presentations and scanned documents.
In litigation, e-discovery is the process of identifying, collecting, preserving, reviewing and producing relevant electronic data or documents as evidence. Determining which ESI is relevant is not simple due to the lack of precedence and established standards; however, it is important to be able to quickly access the right ESI. While failing to produce all required ESI can be considered negligence, handing over too much data could mean disclosing privileged competitive information and jeopardizing corporate strategy or product plans.
BYOD’s Skyrocketing Popularity
Allowing employees to use their personal phones, laptops, tablets or other devices for work purposes has quickly become the new norm. Employees enjoy being able to use their own devices for several reasons:
· They can get more work done on their own devices with a more flexible schedule.
· They may prefer the operating systems of their own devices.
· Company-provided devices may lack the functionality that employees desire.
· Bringing personal activities into their work lives can lead to happier employees and more productivity.
Employees aren’t the only satisfied party. Employers can save money by not having to buy company-owned devices for employees to use, including technical support costs associated with diagnosing problems employees may have. In addition, many employers can save on telecommunication costs, as employees are often willing to self-fund their own mobile plans.
BYOD Litigation Risks
Allowing employees to bring their own devices can seem like a pretty good deal for both sides. However, there are inherent risks with the practice, especially from a legal standpoint. Employers must consider the following risks that may hinder the e-discovery process:
· Since you do not own employees’ devices, you do not have total control over the devices and how they’re used.
· There are many different types of data on devices, depending on the operating system, applications used, etc., and
· separating personal data from business data may be difficult.
· Data on devices can be stored in several locations.
· It is difficult to protect data on employees’ devices from harm, including theft and hacking.
· Employers cannot just seize an employee’s device for discovery—they need consent from the employee.
Best Practices for BYOD Policies and the E-discovery Process
If you have a BYOD policy at your workplace, or are planning to implement one, consider the following to ensure it is comprehensive and e-discovery-friendly:
· Have employees sign an agreement that lets them know how e-discovery requests will be handled, should the need arise.
· Consider using Mobile Application Management (MAM), which allows employers to control how applications perform on employee devices. It can control application encryption and even wipe sensitive data off the phone of a former employee.
· Consider purchasing and implementing one of the many applications capable of separating business data and personal data, making it easy for employers to locate discoverable data.
· Mandate that employee devices be configured to save certain information directly to the company servers.
· Create an acceptable use policy that lets employees know how you want them to handle company data on their personal devices.
· Prohibit employees from uploading sensitive company data to any third-party cloud storage system, such as Dropbox, Google Drive or Box.
· Sync data between employee devices and company servers regularly.
· Educate employees on best practices for keeping all data on their devices safe—the devices may contain sensitive company information.
· Mandate that employee devices be password-protected.
· Ensure that your BYOD policy is forthright and outlines the exact process for e-discovery, including a clear chain of custody.
· Ensure your IT and legal teams are on the same page. Your IT team should be able to advise the legal team on exactly what kinds of data are stored on employee devices and the best way to retrieve the data. The legal team, whether employed or contracted, should be familiar with the e-discovery process to advance the procedure as quickly as possible.
· Require compliance with your BYOD policy. In addition, keep the policy flexible to keep up with the ever-changing data landscape.
· Determine how you will handle the data on phones of former employees. Some companies remotely wipe former employees’ devices, but that can bring up questions about the ethics of deleting personal data from a device.
· Carefully decide which employees can use their own devices. BYOD may not be relevant or useful for all employees.
· Consider listing what devices are and are not acceptable. BYOD does not mean employees are free to use whatever device they wish. Employers may not want to offer support for certain devices due to the particular operating system or inherent security issues.
· Always put data security ahead of employee device security. Your company’s data should always be your number one concern.
Contact Competitive Edge Insurance today for more ways to help make sure your BYOD policy properly protects your company’s data.
Did you know, according to Advisorsmith and Insurance Journal, 42% of small businesses have experienced a cyberattack within the past year and 53% have experienced multiple data breaches?
Cyberattacks target personally identifiable information, personal health data as well as confidential financial information and can result in significant and often devastating financial loss for your business. In fact, the National Cyber Security Alliance found that 60% of small businesses that fell victim to a cyberattack were forced to close within six months due to the high financial costs necessary to recover.
Read our full guide on why your business needs cyber insurance, as well as how you can protect your business from these risks below.
Cyber insurance is a coverage policy that helps protect your business and mitigate financial risk in the event of a cyberattack. Retrieving your company data and rebuilding your systems is time-consuming and costly.
In addition, the loss of time and productivity, when a data breach does occur can damage your credit, damage your reputation with customers, cost you in service providers restructuring your security, and prevent further losses and possible penalties for improper handling of sensitive financial data.
Coverage can vary depending on the policy, however, cyber insurance generally covers:
Every business that uses digital data—such as saving client information to your network or cloud—needs cyber insurance. However, some businesses are more heavily targeted by cybercriminals because of their valuable data and resources, such as:
According to Business Insider, financial firms are 300 times more likely to be targeted than other companies. Wow!
Financial services are specifically targeted because of their access to financial accounts and/or services such as allowing customers to pay bills online, transfer funds, and view account balances.
Financial institutions including the Securities and Exchange Commission, Equifax, HSBC, Lloyds Banking Group, JPMorgan as well as many other firms have all experienced cyber breaches and attacks.
Health care organizations are responsible for significant amounts of sensitive information and, as a result, could potentially put the private records of millions of patients at risk. HIPAA Journal reports that 89% of healthcare organizations have experienced a data breach.
Small businesses are often targeted by cybercriminals because of their limited resources and lack of security expertise. According to the National Cyber Security Alliance, 83% of small businesses have no formal cyber security plan and 69% have no plan at all.
A cyberattack on a business without cyber insurance can result in the loss of hundreds of thousands of dollars between:
According to the Ponemon Institute, the average small business pays $690,000 to recover from a cyber-attack, whereas middle-market companies can pay upward of $1 million.
Due to the devastating financial fallout, many businesses that experience a cyberattack without cyber insurance can’t recover and are forced to permanently close their doors.
Cyber insurance is a rapidly growing space and constantly evolving to fit the needs of any business. With the right policy, you can protect your business from the high costs and destructive effects of a cyberattack.
To learn more, read on for seven steps to avoid cyber security threats.
Cyber security is more important today than ever before. Many businesses, especially small businesses, are the victims of cyber attacks daily—and the outcome for many is detrimental. In fact, did you know that 60% of small businesses who fall victim to cyber attack close their doors within six months?
The fact of the matter is that cyber threats—whether they be ransomware or phishing—are too grave to ignore the risks. Preparation and prevention are key to keeping your business safe. In this article, we’ll discuss seven steps to avoid cyber security threats.
First things first, train your employees. Make the guidelines of your business’s cyber security policy abundantly clear. Apart from training, employees should also be familiarized with and taught how to identify suspicious activity. Lastly, employees should know safe practices for sending and receiving data.
For example, they need to know how not to send excel spreadsheets in an email. Instead, create a zip file or convert the document into a PDF. Why? It is very easy to scrape data from an excel file while in an email.
Your Information Technology (IT) department should additionally be trained. An IT department, according to Jobs.net, “oversees the installation and maintenance of computer network systems within a company.” They also help businesses maintain their digital infrastructure and provide troubleshooting.
This considered, IT departments need to know what to look for when it comes to cyber security threats.
Firstly, your software should be particularly designed to block ransomware. Secondly, this software should be routinely updated.
To many people’s surprise, cyber attacks often happen when systems and/or software aren’t fully up-to-date, leaving room for weakness. These points of weakness are then exploited by cybercriminals to gain access to your network.
Don’t let it get to this point.
Forbes states that “the security culture of an organization is foundational to its ability to protect information, data and employee and customer privacy.”
(“Security culture” being “the ideas, customs and social behaviors of an organization that influence its security”).
According to Maryville University, encouraging a strong security culture within a business might look like:
Imagine, your business experiences a cyber attack—and none of your data is backed up. This would result in serious financial loss as well as loss of data, not to mention downtime.
Be sure to back up and encrypt your data instead. We advise you to encrypt:
When it comes to allowing others access to your data, whether it be passwords, email, or a host of other personal information, some humans can lean a bit too far to the trustworthy side.
Having control over who can access your network is crucial—whether online or in-office. Better safe than sorry!
Of course, we have to mention the benefit of investing in cyber security insurance.
A cyber liability policy might include:
When it comes to cyber risk, there’s nothing worse than being ill-prepared. Read on to learn more about cyber coverage: how necessary is it?
Cyber attacks are on the rise—and no business, big or small, is immune to the devastating financial loss that a cyber attack can have. So, let’s discuss a few aspects of cyber attacks to look out for, including:
Let’s dive in.
Phishing is an ever-growing concern defined as the “technique for attempting to acquire sensitive data, such as bank account numbers, through a fraudulent solicitation in email or on a website, in which the perpetrator masquerades as a legitimate business or reputable person.”
According to Brenda Jo Robyn, founder of Competitive Edge Insurance, phishing is “any activity that compromises your organization’s security.”
For more on phishing, read our article: “Why Is Phishing the #1 Thing Killing Small Businesses?”
Let us provide an example of the dangers of phishing.
On February 5, 2021, according to The Pew Charitable Trusts, “a plant operator for the city of about 15,000 on Florida’s west coast saw his cursor being moved around on his computer screen.”
The cursor continued to move, “opening various software functions that control the water being treated [and boosting] the level of sodium hydroxide—or lye—in the water supply to 100 times higher than normal.”
If you didn’t know, the consequences of this breach could have been deadly if not caught immediately, as lye poisoning can result in:
While most cases might not involve the extremes of lye poisoning, this example shows the severity of phishing today. As a result, governments, states, businesses (big or small), and individuals should act accordingly to strengthen their cybersecurity efforts.
The consequences of a cyber attack on a small business are particularly severe. 60% of small businesses that have been hit by a cyberattack end up shutting down within six months of the attack.
Despite the irreversible aftermath of falling victim to a cyber attack and the fact that 43% of online attacks are now aimed at small businesses, CNBC reports that only 14% are prepared to defend themselves.
Interested in some more statistics?
Cyber attacks are not only extremely expensive to recover from but they also damage your business’s reputation and productivity, and can even be dangerous in the event of personal data being stolen.
This is why it is crucial to protect your small business from cyberattacks. But how can you protect yourself? What can the Florida plant case study teach us?
Luckily, there are measures you can take to prevent phishing as a business owner. Let’s discuss some options.
Be sure to document your training and review it on a weekly or quarterly basis with employees and staff.
Ensure your business is conducting thorough, routine cybersecurity due diligence.
According to Security Scorecard, cybersecurity due diligence is “the process of identifying and addressing cyber risks across your network ecosystem.” Doing so provides “insights into potential gaps in network security so that they can be addressed before they are exploited by cybercriminals.”
For those who are interested in seeing where their business is in terms of safety, read on to learn how you can measure your company’s cybersecurity risk.
When it comes to cyber risk, there’s nothing worse than being ill-prepared. Of course, we couldn’t write about cyberattacks without mention of investing in a cyber liability insurance policy for your business.
A cyber liability policy might include:
As a small business, you must be prepared—because the consequences can be insurmountable. Interested in learning more about cyber insurance and why you need it? Read on in our article “Why Does My Business Need Cyber Insurance?”
What is phishing? And no, we’re not talking about the activity of catching fish for food or sport. Phishing, spelled with a ‘ph,’ is an ever-growing concern defined as the “technique for attempting to acquire sensitive data, such as bank account numbers, through a fraudulent solicitation in email or on a web site, in which the perpetrator masquerades as a legitimate business or reputable person.”
But why is phishing especially harmful to small businesses? Why are they being targeted? We have all the answers and more, thanks to Brenda Jo Robyn, founder of Competitive Edge Insurance.
So, welcome to ‘Why is Phishing the #1 Thing Killing Small Businesses?’ We hope you stick around to learn something new, including how you might protect yourself as a small business owner.
Today, phishing can come in a variety of forms. According to Brenda Jo, phishing is “any activity that compromises your organization’s security… It can come in the way of an email or a text or an application.” These applications that retrieve your data can be on your computer, phone, even your iPad. Scammers target you and ask questions to get your information in really creative ways.
Let’s say you receive an email that you’ve been expecting from Bank of America. Why not just ignore it? Well, because…
“It looks like you really should open it. [After all,] it’s a secure document for the bank you’ve been working with lately,” says Brenda Jo. The culprits know you’ve been waiting for this specific type of document to arrive in your inbox because they’ve been screening your emails.
“So, now they have captured that you’re working with this bank and now this bank is sending you a secure document that you need to open… You open it out of their Google docs, and all of a sudden, bam, you got a worm or a virus on your computer,” says Brenda Jo.
“That’s going to either start going through all your files and looking for stuff. They’re gonna track your emails or they’re going to track your keystrokes.”
Phishing is huge right now. Brenda Jo continues. “I can’t stress enough how important it is to make sure that your computers and data is secure from others. There are a lot of what are called ‘bad elements’ or ‘bad actors’ out there that are trying to steal your data… Right now data is money. And the more data you have, the more money you can make.”
The statistics speak for themselves. Right now, 60% of small companies that have been hit by a cyber attack are closing their doors within six months. The reason? It is very costly to come back from a cyber attack.
Most small businesses don’t have the collateral, backing, or lines of credit to make themselves whole again after an attack of this caliber.
Focus on training.
Due diligence is the bare minimum. Document your training and go over it on a weekly or quarterly basis. Next, ensure your IT systems are multi-layered. This means not only having firewalls on your computers and servers but also helpful, educated IT personnel available.
A planned crisis response includes a cyber liability policy. As Brenda Jo says, “one of the things that kills the small business is the lack of PR or response to their clients and/or vendors when a phishing attack occurs and data has been compromised.”
“It’s very expensive to go and let everybody know, ‘Hey, your information was taken and here’s the year’s worth of credit monitoring’”—especially if the data is health-related.
You might face both federal fines as well as fines from the state government. The costs add up, and that’s where cyber liability comes in to help.
As you look at your coverage, think of the potential for cybersecurity issues, evaluate your tolerance for risk, and take the time to look at your policies in detail. As experts, we at Competitive Edge can tell you where you are vulnerable and what the risk might cost you. It is then your decision to accept the risk or mitigate it with coverage. You know what we would do.
Interested in learning more about the dangers of ransomware and why the need for cyber liability coverage is increasing? Read on in cyber liability coverage for the new era of ransomware.
There are so many options for insurance that it can be overwhelming to know which research steps to take as a business. At Competitive Edge, we help you navigate what coverage best fits you and your business.
Niche beauty insurance solutions can miss areas of business insurance that might bridge gaps in the event of falls or other general liability claims. With health and wellness insurance, unique situations are bound to arise depending on your business’s current environment and changes.
The various Health and Wellness sectors that Competitive Edge caters to include:
To provide you with the right coverage from the right carrier, we need to know about your business. It’s not enough to put all cosmetology companies in one box, all spas in another, and all beauty product companies in yet another pre-planned box.
Cyber liability is a growing industry because of the evident rise in technology, and the hacking that comes with progress.
Does this sound like news to you? Don’t worry—we already wrote an article here for you to read about reducing cybersecurity risk.
It’s important to understand what might be covered under your cyber insurance policy.
Traditional business liability insurance likely won’t cover any cyver risks associated with your business.
Surety bonds offer an important secondary level of coverage.
A surety bond is a contract involving three parties. It is a promise to be liable for the debt, default, or failure of another. These three parties include:
Contract surety bonds are typically written for construction projects. If a contractor defaults, the surety company is obligated to find another contractor to complete the contract. Another option for the surety company is to compensate the project owner for the financial loss incurred. There are a few bond types of contract surety bonds.
Contract sureties are required during a federal construction contract valued at $150,000 or more. State and municipal governments have similar regulations. Note that contract sureties may also be used with a private owner.
Commercial surety bonds, on the other hand, cover a broader range of surety bonds. These are required of individuals and businesses by federal, state, and local governments.
These bonds can be required by the government to obtain a license. For example, mortgage brokers, contractors, and auto dealers may be required to obtain a license or permit bond. These bonds can also be required to protect various statutes, regulations, ordinances, and other government entities.
General business insurance covers areas such as property damage, bodily injury, product liability, libel, slander, and copyright infringement.
Hindsight is no place for general business insurance conversations as lawsuits are a sad reality for many businesses. Just one bodily injury or property damage claim can take away everything you’ve worked so hard to build. General liability insurance provides businesses with coverage for most damages, injuries, medical costs, legal fees, and settlements in the case that you’re being sued.
Shock losses from large claims can make it difficult to get affordable insurance in the high-risk field of construction. If your insurance was canceled or non-renewed, we can help.
Our depth of experience and exemplary reputation with the carriers we work with can find a home for your hard-to-place and high-risk clients can find the right coverage. The fact is, every business can find coverage, you just have to take the time and know where to look.
The businesses we work with include:
Errors and Omissions Insurance
In the CRE industry, agents are at higher risk of being accused of failing to meet a client’s expectations, failing to document decisions or actions, or failing to act in a customer’s best interest. This could be an error on a title or an oversight in a property listing, which could lead to a costly lawsuit.
Errors and Omissions (E&O) insurance covers against financial losses from lawsuits filed as a result of an agent’s work in the real estate profession. These policies cover liability related to the following issues:
The client may claim that you made an error that led to financial loss. In a lawsuit regarding professional mistakes, you may be at risk of losing big, considering the size of commercial property transactions.
An example of this is when a real estate agent misstates the square footage of a property. If the agent has Errors and Omissions Insurance, however, they may be covered for attorney’s fees, court costs, settlements, judgments, and fines.
While it’s important to know what E&O insurance covers, it’s also important to understand potential exclusions. Some common exclusions in E&O coverage include claims resulting from dishonest or criminal acts. As well as claims associated with a polluted property. If any agent causes bodily harm or death to another person, or the agent causes damage to someone’s property, their claims will not be covered under E&O insurance.
In the CRE industry, it’s more common to face a lawsuit related to errors and omissions so it’s best to be covered before you need it. Roger J. Stewart is an expert in providing coverage for real estate professionals and has helped various CRE investors and agents avoid risk and save money throughout the years.
At Competitive Edge Insurance, we work with insurance carriers across the country to place all types of business coverage. We are always seeking out new insurance companies to write hard-to-place and high-risk business insurance.
Don’t let cancellation dissuade you from finding comprehensive coverage, we can help!
Contact us today at Competitive Edge to find out more information.
