Insurance Awareness Day reminds you to take the time to talk to your insurance agent and review your existing insurance policies and policy coverage.
Insurance in some form dates back to early human society. The earliest form of insurance may have been from around 3000 BC whereby mutual agreement if one family’s house was destroyed, the neighbors were committed to helping rebuild it.
A bit later, Mediterranean sailing merchants around 2000 BC would distribute their goods between many vessels to limit their losses in the event that a vessel was lost.
Modern-day insurance as we know it today can be traced to the Great Fire of London which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance “from a matter of convenience into one of urgency.
In today’s world I urge you to pay particular attention to Cyber Insurance or Cyber Liability. The risk of loss to your business records due to a malicious attack can many times be devastating. It is estimated that as many as 60% of businesses that have had their customer data compromised due to a cyber attack go out of business within 6 months.
The risk of exposure to your clients/customers’ personal information brings the very real possibility of a law-suit. Do you have any employees that regularly take laptop computers out of the office? If so, the loss of that computer through theft could mean the end of your company.
Take a moment and review your insurance coverage. Make sure that you have the coverage that you need.
