Is Data Compromise coverage the same as Cyber Liability? I receive this question often. The answer is: sometimes yes and sometimes no. In order to understand why, we will need to take a closer look and examine both the similarities and the differences.
The Commercial Line
With spring in full bloom, the sounds of the season can be heard with regular frequency; lawn mowers, lawn equipment and a gentleman with a Scottish brogue saying “Feed your lawn, feed it.” Many of us maintain our own lawns or hire a landscaper or lawn service to handle the weekly tasks. But, have you ever considered becoming a small business owner and forming your own lawn service?
Typically, when a company (or individual) rents partial space or the entire building from the owners of the building, they may be required to provide fire liability coverage or even broader liability coverage for the value of the section they occupy or the full value of the building. This is why it is important to carefully review all written lease agreements to truly understand what liability the tenant is assuming.
By now, most people in the insurance industry have heard of cyber liability. Cyber liability is the risk posed by conducting business via the Internet, other networks, or by using electronic storage technology.
Learn about common equipment breakdown, associated liabilities and the coverages retailers need to protect their operations.
The rising trend of BYOA / BYOB establishments cause concern and additional liability previously addressed by a Liquor Liability policy.
We all like to think of our names as unique. It’s one of the most important gifts handed down to us by our ancestors, and what’s more, it identifies us to the world. To a degree, the same is true of a business. Each business selects a corporate name, registered with a state governing body that gives it a legal identity, to showcase or describe expertise.
Thanksgiving is arguably one of the most favored holidays in American culture and widely celebrated. And what’s not to love? Spending an entire day relaxing with family, friends and football and ending with a tryptophan-induced nap is a tradition in many households. Even businesses are getting in on the fun and having Thanksgiving celebrations in the office to celebrate with staff and clients. In any of these events, the turkey is the star of the show and to produce the best turkey in the shortest time possible many amateur cooks are turning to turkey fryers.
Manufacturing businesses have inherent hazards due to the use of flammable and combustible materials used during the manufacturing process, or as a result of the nature of the finished goods. The potential for fire, due to the use of heat sources and the presence of flammables, requires that manufacturers be proactive in implementing measures to prevent and mitigate loss.
Since hired and non-owned auto coverage usually is not a big-ticket premium item, it could be easily overlooked during the risk assessment process. However, the potential for loss could be quite high. Careful assessment of an organization’s scope of operations and activities is needed to determine whether there is any increased risk or exposures in this area.