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  • All you should know about Cyber Insurance Policy

    All you should know about Cyber Insurance Policy

    Cyber Insurance Policy is a fundamental tool to help companies protect their assets against possible security leaks, hacker attacks, computer viruses, dishonest or negligent employees, information leakage and identity theft, among others.
    Cyber risk insurance covers the insured against attacks by viruses and hackers. They are designed to protect companies from the risks, both online and offline, to which they are exposed and which can lead to large losses.
    Main insured of cyber risks
    • The society
    • Administrators, managers or partners
    • The head of security, director of compliance or director of the internal legal advice of the company
    • The employees
    Coverages adapted to the needs of each company

    • Responsibility for claims for breach of data privacy: a policy covers the damages and expenses of defense against claims arising from a violation of data and / or confidential information, both in paper and digital format.
    • Responsibility for claims regarding network security: it covers the damages and expenses of defense against claims derived from a failure of network security.

    • Responsibility for claims for media activities: it provides protection for damages and defense costs derived from claims for the management of content on websites and social networks.

    • Information retrieval and lost data: it covers the cost of recovering your data derived from an incident that consists of hacking, human error, programming error, denial of service attack, malicious computer programs, use or unauthorized access, power failure, network overload.

    • Incident response expenses:
    Service of attention to incidents, from the hand of experts consisting of

    A. Computer forensic services.

    B. Notifications to the consumer within the framework of existing legal provisions.

    C. Legal advice for the response to regulators in the framework of data protection regulations.

    D. Voluntary information to the people whose data has been compromised.

    E. Support service of a call center for notification purposes.

    F. Consulting services regarding fraud to people whose data has been compromised.

    G. Expenses for credit control, identity theft control, social media control, credit freezing, fraud alert services or softwareof fraud prevention.

    H. Identity restoration services
    I. Image restitution services.

    J. Legal advice for the sole purpose of establishing your compensation rights under an agreement with an external provider.

    • Cyber extortion: Financial protection for an extortion event. Under this extension we will cover the expenses generated by the hiring of specialists, in addition to the damages and losses necessary to end the extortion.
    • Loss of profits due to interruption of activity:Financial protection for the paralysis of the activity derived from an incident that consists of hacking, human error, programming error, denial of service attack, malicious software, blackout, network overload, use or unauthorized access.

    • Administrative sanctions: a policy covers the sanctions imposed by a supervisory body under an administrative or regulatory procedure. Within the framework of coverage liability for breach of privacy and responsibility for network security.

    What measures should a cyber-insurance policy take in cyber security?
    The ESET Latin America team, a proactive protection laboratory for security threats, made five recommendations that cannot be lacking in a company, because they are the basis of corporate management:
    1 – Antimalware software
    According to the report last year almost half of the companies in Latin America suffered a malware infection. And in addition, 16% described that these infections were with ransomware variants, a malicious code that encrypts the information or blocks the computer and then asks for a monetary rescue so that victims can access them again. For these reasons, robust security software is fundamental in any type of security plan.
    2 – Email
    The mails are still the most used attack vector because it is massive and economical to propagate an attack. It is necessary to have security measures in the servers and anti-spam solutions. In addition, the important thing is to educate the members of the companies so they know that they should not open files that may seem suspicious and ask certain questions before clicking.
    3 – Software updates
    It is a fundamental and universal control for any type of company. Updates not only bring about improvements in operation and code corrections, but the use of older versions represents a risk, especially if they are applications used to manage the business. If there are vulnerabilities or unpatched errors, they could be exploited to compromise a team or a complete corporate network.

    4 – BYOD
    The use of personal equipment for corporate purposes is a reality. SMEs, for reasons of budget, cannot always equip their entire staff with corporate equipment for work. Therefore, an organization must consider educating employees on how to use their equipment correctly, and invest in security solutions for such equipment; especially because they handle company data that, if compromised, can cause incident that affects the continuity of the business.

    Conclusion: Many organizations start from the premise that the information they handle is not important but, in fact, cyber criminals start from that premise to attack those who believe they go unnoticed. It is vital to have not only technological solutions such as an antivirus , but also a correct management of these controls and work to raise awareness among employees, who represent the weakest link in the chain.

  • The Most Common Mistakes People Make With Office Insurance

    The Most Common Mistakes People Make With Office Insurance

    Office insurance essentially targets the businesses that use any commercial property as office. For every industry specialized polices are introduced to cater the needs of that industry. Similarly, office insurance focuses on the needs of those clients who run the offices.

    Whether your office building is big or small, it is essential part of your business. So it isof great importance that your office space is suitably protected.It is advisable for office owners to have an insurance policy to protect their offices.

    In case of any unforeseen circumstances such as fire, natural calamity and robbery, which can impact your income outcomes, your office insurance provides you sigh of relief. Specially, for small business owners it highly recommended to get their offices insured and protected.

    Office insurance provides you protection against any harm done to your office premises, any business disruption that results in loss of revenue and apparatus breakdown. It also provides the insurance cover for office contents.

    While finalizing your office insurance policy keep the following benefits in mind. If any insurance policy does not provide these benefits, leave it.

    Public liability insurance

    Public liability insurance not only protects you, but it also protect your customers. It is your responsibility as the owner of the office to make it as risk free as possible.

    If third party suffers any injury or loss in your office premises, public liability insurance covers it for you. For example, if someone in your office falls from your office building, your office insurance covers for the public liability.

    Employer’s liability insurance

    Employer liability insurance provides you sufficient amount that you need to pay damages to the members of your staff from suffering any injury or damage during performing any task you, as their employer, are liable for.

    You can have this insurance even for freelance or volunteer workers as well. It provides you ample funds to compensate against their claims.

    Insurance of office building

    This insurance policy provides insurance for the building of your office. In case of any damage to the building structure of your office, your insurance policy will cover the cost of damage to your building.

    Office contents insurance

    Office contents insurance provides insurance for the contents of the office,for example, desk, computers, documents, furniture and cupboards. This policy if offered to those who have specific office building, and to those who have home based offices.

    This insurance policy covers your office contents against hazards such as theft, fire and water damage, even if the possessions are provisionally outside the premises of the workplace.

    What is not covered by office insurance?

    This insurance policy does not cover the following things.

    • Damages done during the earthquakes, floods and other natural calamities.
    • Utilities
    • Repairing the computers etc

    As mentioned above, the office insurance policy provides many benefits for the office owners. But, getting the right policy is not an easy task.

    Most of the times, when you go for policy hunting you fell prey to the false conjectures of the employees of the insurance company. Besides, you do not equip yourself with the essential knowledge and market competitive rates. It results in following mistakes.

    Mistakes people make with Office Insurance:

    • What is already insured?

    While settling for your final insurance policy people do not check what is already being insured. If building is already insured by landlord insurance, you do not need to get it insured again.

    Similarly, if the contents are already insured, you can exclude them from the policy.

    • Difference between natural calamities and routine hazards

    Some people do not differentiate between the natural calamities and routine hazard. It results in enlisting of every routine hazard as natural calamity, which makes your insurance company not liable to pay you during routine hazards.

    • Paying too much

    While deciding your policy, many of you do not research well. It eventually lands you in hot waters, especially when you have to pay the cost of insurance policy. Try to add minimum things and exclude those items which already have been insured.

    • Not having interruption in business insurance

    Many people forget to include this clause in their insurance policy. For any reason, if your office becomes dysfunctional for time being and you are unable to run your office, your insure company would provide you money to sustain your business.

    Business interruption protection will provide you funds so you can continue paying rents, salaries and other expenses which you have to bear in order to keep things going.

    As long as you are able to put your business on foots again, this insurance will keep bearing the expenses to make your survival in market possible. So, do not forget to include it in your insurance policy.

  • 7 things you need to look for your car insurance provider

    7 things you need to look for your car insurance provider

    According to the Association of British Insurers (ABI) data, the average driver paid £485 a year in the third quarter of 2017 for comprehensive car insurance. Roughly, they paid £40.41 a month for 12 months. But is it really worth paying that much? Especially, when most of us pick car insurance providers based on recommendations from our friends and family. Other times, we decide to go with the one that airs the most ads on TV. Things go further downhill for those of us who pick up the easiest route and sign up with the first insurance provider they come across.

    But is it a good idea to entrust a company with less than a stellar reputation with your safety?Like most businesses, insurance comes in a variety of flavors. Each company has its own rates that correspond with specific types of coverage.It isn’t smart to compare two policies from different companies even if they are priced the same and claim to offer similar coverage.

    Are you looking for a car insurance provider? To assist you and ensure that you aren’t walking into the process blindly, we present the following points of note:

    1.      Consider these must-have features

    An excellent insurance provider would throw in windscreen cover and offer it at the market value. With this protection, anytime your windscreen gets damaged, it will be replaced or repaired once you have filed a damage claim.

    2.      Consider these should-have features

    A great insurance company would also offer new car replacement. That means in case of a theft, an accident, or a fire,your insurer will replace your car with a similar new one. This is true for when the cost of repairing your old caris higher than the retail price recommended by the manufacturer. Any good policy will cover up to 60% of list price and ensure that the car you receive is at most one year old. Of course, certain conditions should be met for you to be eligible for this feature. Talk it out with your insurance agent.

    1. Consider these could-have features

    We Buy Any Car thinks that any insurance provider worth their salt should also offer the driving abroad feature. Also known as foreign use, this policy will extend the coverage you have paid for even if you are driving abroad. Great policies allow you to add this your standard policy. Alternatively, it is already included within the standard coverage. You might want to check out which countries are listed within the policy before you go on a road trip!

    4.      Consider the prompt for review

    At the end of each year, your vehicle has gotten older. That means the coverage that you needed when it was new and shiny probably doesn’t make sense now.Since you may not have the same needs at present, why should you keep paying for the same coverage?If your insurance provider rings you up to review your policy, they are a keeper! If they don’t, you can still revisit the coverage you have and lower the ones you don’t need. You’d end up saving a lot of money that way!

    5.      Consider the relationship between auto insurance and ride-for-hire businesses

    We don’t all use our vehicles for the same purpose. For some of us, they are just a way to get from point A to B. For others, they are a way of making money. Running a ride-sharing business has become a lucrative way to earn money. If you are thinking about it too, make sure you bring that up with your insurance agent first. That’s because it is highly likely that by doing so, you are voiding your car insurance coverage.

    For instance, your coverage is for yourself, and most policies have a specific portion dedicated for the use of the insured vehicle “for hire,” a “livery” exclusion, or “for a charge.” That means you are clear to use the vehicle to drive yourself around. But things become different when you are transporting people for payment or goods. How can that become a problem you ask? For starters, you will be held liable for any accidents that occur while you are using your vehicle to earn money. Find out all about ride-sharing here.

    6.      Consider not buying an insurance trap car

    A good insurance agent who cares about their customers will let you know if your car is an insurance trap! Certain models, such as sporty cars fall under this category. That’s because they can attract a high premium. Instead of buying that and paying much more than you should, your agent should advise you toget a different model. You will also save on petrol costs if you get a car with a smaller engine.

    7.      Consider switching insurance providers often

    This past year, the prices of car insurance have been fluctuating. In the beginning, they had reached a record high, but now they have dipped again. This may be related with the hike in the average premiums that car owners have to pay. They have decreased by 11% and have reached £752 now. But isn’t that good, you ask?Not necessarily because research shows that more than 60% of drivers in the UK are paying the price for their loyalty to their insurance providers!

    Many of us don’t bother reviewing our insurance coverage at the end of the year. As mentioned before, it is a measure that could end up saving us a lot of money. Additionally, if people renew their average premiums between April and June by staying with the same insurance provider, they paid £49 more!Similarly, 58 percent of drivers who have insurance were staying with the same insurer. It might be time you reviewed your loyalty program with a keener eye!

    Finally, the research also shows that it is possible for drivers to save up to £613 on average. If you want to take advantage of such an opportunity – and stick with your insurance provider – you can renew your policy 21 days before the final date. By not doing so or paying up on the day of renewal, you could find yourself paying £1,264, i.e., twice as much!

    Are you ready to go find the best insurance company in town? We hope these pointers will help you find a car insurance provider that fulfills all your needs!

    Author Bio

    Audrey Throne is a mother of a 3-year old and a professional blogger by choice. Throne is passionate about lifestyle, business, automotive, technology and management and blogs frequently on these topics.

     

  • 7 Factors to look for while you choose your first online term plan

    7 Factors to look for while you choose your first online term plan

    When we talk about the most straightforward life insurance policy with maximum possible coverage at an affordable price, there is nothing better than an online term insurance plan. The time you decide to buy your first online term plan, there are a few factors you should keep in mind to make sure that you choose the best policy that will help your family in the case of unforeseen circumstances.

    Contrary to the common belief among the general public, the premium m amount that you need to pay is not of utmost importance for the decision making, though it is one of the factors to be considered. Hence,we are not going to include it in our top 7 elements that you should look for while you choose your first online term insurance.

    1. Options to customise coverage

    Though there are very few insurance companies that offer customization in online term plans, you should check them and see which option suits you the best. There are riders available with term insurance policies which can help you in critical illness and women-specific medical ailments.

    2. Option to replace income

    When we talk about the best term plans in India, riders hold a crucial position in the discussion and there is a reason for that. At the time you get diagnosed with critical illnesses covered under riders that are available with term insurance plans, your income replacement rider can provide your family the much-needed financial support which has suddenly vanished because of your deteriorating health.

    3. Multiple payout options

    You can also prefer multiple payout options to ensure that your family can secure monthly payments for an extended period. The rider will help you to choose an amount that you would like to provide to your family after your demise.

    4. Protection for women

    There are female-specific riders available with term insurance plans which are specific to the ailments and needs of women. These riders also cover complications during pregnancy.

    5. Tax benefits

    When you buy term insurance plan, you get tax benefits of up to 1.5 lakhs and with critical illness rider, your tax liability will be even lesser.

    6. Milestone based planning

    Some policies offer the policyholder to increase death benefit at the key stages of life like marriage and childbirth by allowing a significant increase in sum assured. Thus, based on one’s future financial requirements, this option always comes out to be an economical one as compared to buying a new plan or product.

    7. Split coverage

    The financial needs keep on changing throughout the life, with its peak at the time of marriage and having kids and reduce by the time of retirement. Thus, one can split the coverage into two such that one plan is linked till the retirement while the other will continue after that. By doing this, one can keep the premium outgo lower as compared to the lump-sum plan.

    Term insurance helps in getting your family back on its feet after you and is the best options when it comes to securing the finances of your family. The best online term insurance plans that are available in the market have incredible benefits. All you need to do is to check and compare them to choose the best that suits your requirements. For more queries, you can contact us.

  • 7 Point Guide to Health Insurance Plan

    7 Point Guide to Health Insurance Plan

    Health insurance is an important aspect for a well managed life. Medical emergencies can be financially lethal and can create a bankruptcy like situation. Major operations can cost a fortune unless you have insurance cover.

    It is essential that you buy a health insurance policy as you don’t know when you might need it. There are many types of insurance policies that can cover a wide range of medical expenses. Buying a health insurance policy has become much easier now that everything has gone online. Knowing about the policies, its benefits, how to buy it and claim is as important as it gets.

    This article will provide you guide to buying the perfect health insurance:

    1. It’s Required By the Law

    Yes, you heard it right. Having a health insurance is now mandatory by the Affordable Care Act, 2014. If you fail to get a health care insurance you will need to pay the fine. There are many ways you can get an insurance coverage. There are subsidies for the middle-income families and other affordable options are available as well. Choose the policy that works for you after careful evaluation of all the available options.

    1. Marketplace Health Insurance Plan

    Every state in the USA has a marketplace for health insurance. Some states have their own market place while other states have government run marketplaces. No matter where you buy your health insurance, you will enjoy the same essential health benefits like preventive care, prescriptions, doctor visits, hospitalization, and more. You can choose from various healthcare plans and get the proper insurance coverage for the emergency situations.

    1. Health Insurance Terms

    When you are buying a health insurance, you may come across various terms. For many, these terms can sound very confusing. So, here are some of the few important health insurance terms you should be aware of:

    • Premium – It’s the amount that you pay the insurance company to keep the policy alive. Although it is assessed annually, you can choose to pay the premiums monthly, quarterly or biannually.
    • Deductible – It’s the fixed amount you will pay before your health insurance plans starts. Your insurance company will not pay for the medical cost unless you pay the fixed amount out-of-pocket each year.
    • Out-of-pocket Maximum – It is the maximum amount you need to pay out-of-pocket in a year. One of the key features of this plan is that until the maximum amount is met, the insurance plan and the member share the cost.

    Compare the options before buying your health care coverage in the Marketplace.

    1. You are Eligible for Discounts

    For many, getting a health insurance can be an expensive business. But thanks to the flexible schemes, you can actually qualify for some kind of savings. After you fill out the health care Marketplace application, you will find out what kind of savings you are qualified for. You can earn lower costs on your monthly premiums through the plan as well. For the American citizens under the low-income group, disabilities or other situations, they can apply for the Medicaid or the Children’s Health Insurance Program (CHIP). When you apply for these programs through the marketplace, you can get them for free or at lower-cost.

    1. Get Sure Coverage

    One of the benefits of buying health care insurance from the Marketplace is that they cannot deny coverage for various things. For instance, they cannot deny health coverage for pre-existing conditions like cancer or diabetes. Likewise, the premiums paid by me and women are the same. It is essential that you know about the benefits of the health insurance coverage.

    1. Stay in the Network

    To reap the maximum benefits of your health care plan, it is essential to follow certain rules, which includes staying in the same loop. It means that most of the health insurance plans use certain groups of hospitals, doctors and care professionals and provide better benefits if you use the group for your medical care needs. If you aren’t using the service of the said groups you may have to pay more. It is essential that you know the groups that the plan covers, so that you can stay in the network and get the benefit from it.

    1. Know Your Plan

    It is essential that you know what your plans cover. Before you schedule an appointment with your doctor or hospital make sure that your plan is active and will cover the cost. Health insurance plans are of different types and some may require you to get prior authorization from your health insurance plan.

    The Bottom-line

    It is essential to have a health insurance especially now that it’s mandatory. Knowing important things about the health care plans will help you choose the right plan for your need. Get the best health insurance coverage for your family and stay safe.

  • Financial Mistakes You’ll Hate Yourself For in 10 Years

    Financial Mistakes You’ll Hate Yourself For in 10 Years

    Budgeting and setting financial goals is not always easy, but you will regret not doing it in the long run. Whether you forget to make a budget, or you didn’t enroll in your 401(k) plan, there are a number of financial mistakes that you will end up hating yourself for in the next decade.

    Not Paying Off Your Credit Cards

    When you get a credit card, it is far too easy to spend money that you do not have and get into debt. Many people fall into the trap of carrying over a balance from month to month. In a single year, you can waste hundreds of dollars on interest

    Paying off your credit card each month saves you when it comes to interest. It also ensures that your credit card debt does not grow out of control. If you continuously have problems paying your credit card bills, there are ways to help you. If nothing works, you may need to rethink having it in the first place.

    Not Budgeting Your Money

    Too many people put off budgeting until later in life because they don’t think it’s necessary. Budgeting does not mean denying yourself fun toys or splurges, you just have to be more responsible about it.

    You can still buy a new phone–but you have to add it to your budget. Your budget helps you figure out where you are wasting money and what you could change. Instead of wasting money on cable or coffee, you could save that money for a vacation or put it toward a 401(k).

    Once you get used to having a budget, it becomes easier to save money and hold off on impulse splurges.

    Forgetting to Invest in Insurance

    Not investing in life insurance, health insurance, and other insurances can ruin your finances.

    If you were to die today, would your family be financially secure? If you became ill, could you afford the doctor’s bill? These are questions you need to consider.

    One of the biggest causes of bankruptcy is medical debt. Right now is the time when you should be considering disability insurance, long-term care insurance, and health insurance policies. Accidents happen, and it is important to make sure that you are prepared for them as much as possible.

    Buying a Car You Cannot Afford

    A vehicle might be necessary to get you to work, but it does not have to be brand new. Too many people buy a car that they cannot afford. If they use a car loan, then they also have to pay higher costs for car insurance.

    A car payment can easily cut into your budget and your retirement plans. Once you stop having a car payment, you will find it surprisingly easy to afford things like vacations or an emergency fund.

    Skipping Your Emergency Fund

    Sooner or later, accidents will happen whether you’re ready for it or not. Your car might break down, or your child may fall ill. Life is full of mishaps, and you will most likely have a financial emergency at some point.

    Your emergency fund should have at least three months of expenses set aside. Some people have closer to 12 months, but it all depends on your situation. If you are single and can easily find another job, you might need less. If you have children and the sole breadwinner, you will need more money set aside.

    Your emergency fund should be placed somewhere that you can easily access it, but you should only do it when you absolutely have to. The entire goal of the fund is to provide you with cash when an emergency happens, so you need it somewhere that you can easily reach. You could try an online savings account or a savings account at your current bank.

    Neglecting Your Retirement Plan

    Because of compound interest, you will have more money in your retirement account if you start saving now. Plus, retirement accounts, like a traditional 401(k) can lower your tax bill in the current year.

    Social Security is not enough for a secure and happy retirement, so you need to make sure that you are prepared for your golden years.

    Forgetting to Discuss Money Matters With Your Spouse

    For your family to reach your financial goals, you have to work as a team. You need to make decisions together, this way, everyone is aware of what’s going on.

    Financial problems are a leading cause of divorce, so discussing money matters can help your relationship as well as your financial situation.

    Save Yourself from the Regret

    To reach your financial goals, you have to make sure to avoid these mistakes. By planning ahead, buying insurance, and setting a budget, you can make sure that your household is protected from financial mishaps.

    You will never forgive yourself later in life if you don’t try and financially prepare yourself for the future. It seems nearly impossible, but by realizing it now, you can save yourself a lot of trouble later on.