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Excess Insurance, Umbrella Policies and Why Your Business Needs Them
Getting basic business insurance is obvious. Getting umbrella or excess insurance is not. So you’ve done the right thing by getting your company an insurance policy. You feel comfortable with the plan you purchased; limits, pricing and terms are all on point and you think everything is squared away,... February 9 • Cyber Liability • Directors & Officers • Errors & Omissions • General Liability
The Top 5 Business Insurance Requirements from Landlords, Clients, and Investors
Dealing with Business Insurance Requirements from Landlords, Clients, and Investors We see all kinds of business insurance requirements (and coverage change requests) from our clients’ landlords, clients, investors, business partners, and more. These requests are processed by creating an “endorsement” on the policy that puts the change into effect. From a location change to adding a
Business Insurance Package Policies & How They Benefit Startups
Choosing commercial insurance can be daunting. You want your company to be properly protected, but you don’t want to break the bank. Luckily, that’s why business insurance package policies exist! Insurance carriers frequently bundle various coverage types together, providing a cost-effective approach compared to acquiring them individually. This strategy not only keeps expenses in check
Insurance for Bitcoin Companies
The Space Bitcoin use has been exploding lately, with recent (September 2013) numbers suggesting that over 66,000 bitcoin transactions occur each day! More and more e-commerce platforms and vendors accept Bitcoin as payment each day to the point where the market cap is currently $1.6B and only expected to grow. Needless to say, the bitcoin
Why High-Growth Businesses Need Social Engineering Insurance
Social engineering insurance – a primer When we mention “cyber insurance” to most clients, they tend to immediately picture situations like the target or yahoo data breaches. They picture some mystery mastermind on the dark web scheming up an elaborate plan to crack firewalls and compromise networks. While that clearly happens more than we’d all like, it’s not the only threat
Pokemon Go, Harry Potter, & Augmented Reality Insurance Risks
Are you one of the 30 million worldwide users who has downloaded Pokemon Go in the last few weeks? It’s likely, since the app has been downloaded more times in its short existence than Tinder has over the past four years. Regardless of whether you run around chasing Pokemon in your day-to-day, chances are
Getting Business Insurance for On-Demand Startups
Update: We’ve released a new whitepaper examining the Sharing Economy industry. We dive into the insurance landscape, legal climate and how to approach risk management for companies in this sector. You can download the report here! The on-demand economy is ever-growing and we work with new startups in the space on a daily basis.
Mary Meeker of KPCB Sounds the Cyber Security Alarm
With the release of her annual report this week, veteran internet analyst and Kleiner Perkins partner Mary Meeker sounded the alarm on the state of cyber security. Meeker’s reports are essentially the bible to investors and entrepreneurs in the space. The report contains valuable data on everything from mobile to emerging markets, but the slides on cyber security
The 2013 Target Data Breach: Insurance Coverage Recap
Retail Giant Target was hit with a massive data breach incident during the holiday season of 2013. We posted a few articles outlining the severity of the breach and speculating on how cyber insurance may be their lifeline. Here’s a quick follow up on the claims the company has seen since the incident. VentureBeat recently reported that
4 Ways Cyber Insurance May Be Anthem’s Data Breach Lifeline
For anyone that hasn’t heard, Anthem, one of the nation’s largest health insurance providers, suffered a data breach in which an estimated 80 Million customer and employee records containing personally identifiable information were compromised.
Insurance for Fintech Companies
Founder Shield 101: Insurance for Fintech Companies. From financial products to payments to investing, fintech is a red hot. The market is forecasted to grow to $6-8 billion by 2018 and Q1 2014 alone saw 1.7 billion invested across 167 deals. Risks As with any disruptive industry, there are several inherent risks that fintech
Startup Risk Tips: Additional Insured Insurance Certificates
Startup Risk Tips is a series of posts where we explain the finer details of insurance requirements or terms Startups will face along the road. We hope these posts will help you feel more comfortable and confident as new relationships are formed with customers, suppliers, vendors, investors, and insurance companies alike. Q: We’re required to send an
Insurance for Ecommerce Companies
Consumer Ecommerce is booming. With the vast array of web developers, payment processors and digital currencies, it has never been easier to get an online business off the ground. The US market alone is estimated at $409 billion for 2017. By 2022, it’s expected to make up to as much 17% of all retail sales nationwide. Risks
Inside Job: The 2014 Morgan Stanley Data Breach
While most of us are coming back rested and refreshed for the new year, Morgan Stanley can’t quite say the same as the bank’s 2014 ended with a massive data breach. Just two days after Christmas, information security employees at the bank discovered the data breach. The bank was conducting a standard sweep of known criminal websites
Year in Review: 2014 Cyber Attacks (What Startups Should Know)
2014 Cyber Attacks Reviewed For the last four years, cyber risk management firm Net Diligence has done a report on cyber insurance claims for the year…and 2014 has been a hell of a year for cyber attacks. This year’s report has been published and has some very interesting findings pertaining to the startup community.
3 Risks an On-Demand Services Company Needs to Consider
Update: We’ve released a new whitepaper examining the Sharing Economy industry. We dive into the insurance landscape, legal climate and how to approach risk management for companies in this sector. You can download the report here! Food for thought: on-demand services company risk profile The on-demand services company (think Uber, Makespace, Fly Cleaners…) is taking over the
Updated 2014 Data Breach Notification Costs by State
Data Breach Notification Costs Cyber liability costs are soaring these days for all kinds of businesses (startups included). Most people think of these “costs” as those related directly to the data breach: legal defense fees, settlements with users and 3rd party vendors, and forensic costs. Loss attributed to data breach notification costs can go under the radar.
The “Dos” &”Don’ts” of Buying Startup Company Insurance
Buying startup company insurance can be a daunting task. The insurance market is fragmented and there is no shortage of products out there. The industry is not exactly tech savvy either, and many brokers still employ tools as archaic as fax machines in their practices. Just finding where to start can be a hassle! Discover
Insurance for Internet of Things Companies
Insurance for Internet of Things Companies — what you need to know The Internet of Things space is exploding right now and shows no signs of slowing down. In fact, some sources estimate that there will be 200 billion connected devices on the planet by 2020. The current global market size is estimated at $4.9
How a Data Breach can Destroy Your Startup [Infographic]
Our friends over at egress sent us this really great infographic that shows the current state of cybersecurity and data breach issues surrounding costs, incidence rates, and those most effected. The numbers are based on data collect by the UK-based Department for Business Innovation & Skills, but in an ever-growing global economy, they certainly
Cyber 101: Data breach Notification Laws and Costs
**This is a guest post by Scott Smedresman of Sorin Rand.**
Startup CEOs & Cyber Security: Track your Tech!
Why startup CEOs should care about cyber security The data breach that Target suffered around Thanksgiving last year has finally worked its way up to the top of the organizational totem pole. A couple of weeks ago, Target’s CEO Gregg Steinhafel lost his job a result of the cyber security shortcomings that cost the company a ton