Disaster can strike your agency in many forms: fires, severe weather, cyber-attacks, and intruders can interrupt your agency and cause serious damage. In any of these events, it is important for you and your agency to be prepared to handle each situation and to get back to business as soon as possible.
Your agency’s business continuity prep should focus on two elements: your people and your infrastructure.
Prepping Your People
Create a disaster kit that includes items such as flashlights, batteries, matches, extra cash, and first aid items. Keep your kit stocked, checking on it multiple times throughout the year to ensure there are enough supplies for your staff.
Make a plan for alerting employees and customers. Utilize phone, email and other online modes (i.e. social media and websites) to keep people up-to-date and informed.
Find alternate work spaces, including giving employees the option to work from home. Look into disaster prep agencies that provide fully-equipped, ready to rent spaces in the event that your office will be compromised for a longer period of time.
Establish a chain of command so employees know who to report to if certain individuals cannot perform their regular duties. Designate specific people as disaster marshals to aid in the flow of communication
Prepping Your Infrastructure
Purchase generators and invest in reliable data storage to ensure your data is protected. Get cyber security coverage to protect against unforeseen data loss or damage.
Set up a communication procedures that cover how to process and field calls. Take into account rerouting your agency number should your phone lines go down.
Utilize cloud-based applications to ensure little to no interruption in the flow of your agency. With cloud applications in place you will be able to host meetings, share files, and take phone calls no matter where your staff is scattered during disaster recovery.
Ready all your employees with easy claims processing through checklists and templates. Know that if your agency is experiencing disaster it is likely many of your customers are as well.
The goal in your preparation is to ensure your agency keeps running as normal as possible, while everyone involved stays safe. These and other elements are important pieces of your agency’s Disaster Contingency plan, which we will address in our next post.
In the interest of staying disaster ready, SIS uses cloud-based software for you Partner XE agency management system, making it easier for our clients to recover and access their data during a disaster. To find out more about Partner XE, and our personalized customer service, contact us at [email protected].
We can’t predict the future, but we can prepare for it. Disasters of many kinds can strike at your independent insurance agency, and it’s your job to be ready to jump into action. This means not only taking care of the physical needs of your property and staff, but also ensuring you can quickly get back to business as usual.
You can begin by thinking about the types of disasters your agency may face. A few of the most common are:
Severe weather: Tornado, hurricane, flood, snowstorm, etc.
Electrical failure: As a result of severe weather, downed lines, or faulty wiring
Fire: Caused by human error, but also linked with severe weather
Evacuation: Due to chemical spills, intruders/break-ins, severe weather
Break-in/intruder: May be a physical break-in or hack in to data/software
In order to be ready when disaster strikes, your agency needs to plan accordingly for each type of disaster so you can address the two most important aspects of your business – your people and your information. Begin by setting up an evacuation plan, adjusting for each instance. Come up with alert systems to help inform employees and their families. Finally, create a contingency plan to help keep your agency running after disaster strikes.
The next most important area is your agency information. It is important to ensure your agency’s data and software are safe and available to continue to support your clients. Make use of cloud-based systems and software providers that ensure proper protection of your data. With a cloud-based system, your agency can be up immediately in the event of a disaster so that your clients never knew it happened.
Our Partner XE clients receive such protection from SIS through our secure servers operating with redundant backups and “always on” security. Read more about our data protection here or contact is today at [email protected].
As a successful independent insurance agent, you live the importance of networking and community ties every day. Because of this, you cannot miss an opportunity to connect with your peers and forge new relationships in person.
At SIS, we also value creating strong community spaces, which is why we are excited that our NASPA user group has announced the date for the 2015 NASPA User Conference in Columbus, OH. From October 15-16, Partner XE community members, users, and business partners will gather to network and engage in technical roundtables and practical work sessions on Partner XE 2015.
Round Tables on 2015’s Important Topics
This year, the conference brings together experts on topics like cyber security, perpetuation planning, and content marketing. These sessions promise to be engaging, high-level conversations with leading experts and packed with strategic insight that can help change your agency.
Partner XE 2015 Work Sessions
In addition to high-level roundtables, there will also be group work sessions lead by experts on Partner XE 2015. With the updated version of the agency management software coming out in August, you do not want to miss the opportunity to work through the software’s updates as well touch on improving workflows, client and policy management, tracking commissions, sales and pipeline management, and much more.
Save some money and register now
If you register between now and August 31, you qualify for Early Bird discounts. Normally priced tickets are $150, but the Early Bird discount drops the price down to $125.
The basics of the event have just been announced, so we’ll keep you updated as more information becomes available. To learn more or to register, click here to visit NASPA’s event page.
Leslie Huesman,Huesman Insurance Group:“We worry most about people hacking into our system. Criminals are at work day and night to access personal data (for identity theft).”
Steve Kramer,Kramer Insurance:“Our biggest risk is our people. We need to educate our staff and agents on how to handle (personal information). We worry about anyone being lax when it comes to handling such data.”
Larry Harb, IT Risk Managers, Inc.:“The biggest threat to any agency owner is their employees and human error. When employees take home laptops, flash drives, or other mobile devices with sensitive information, it can easily be stolen leaving the data on those devices exposed. Data can also be lost or corrupted through viruses downloaded by individuals.”
What preventative measures can be taken to safeguard against data breaches?
Steve:“Developing a plan for cyber security and covering how to handle (each piece of data) as it comes through the door. (We put together) a written ‘Information Security’ program and give each agent a self-assessment checklist. It’s not just a security plan, it’s a business plan.”
Larry:“(You) need to set up preventative items. We want everybody to have security in place (in their agency), meaning encrypting data and using secure passwords. Our biggest asset is our data, so that data needs to be backed up and protected against computer meltdowns, too.”
What are the most important points of cyber liability coverage?
Leslie:“There are two important parts: first is the money to pay for the damage to customers, second is providing our clients with a quarterback to run the show. This person helps our clients through the process of notification and meeting all requirements of a company that has had a data breach.”
Larry:“The biggest piece that everyone buys is notification coverage, since database notification laws are set up in most states. It’s been estimated 60% of small businesses suffering a data breach go out of business within 6 months without such coverage. There is also electronic media coverage, which pertains to liable, slander, infringement of intellectual property rights, and online advertising violations committed by anyone associated with the covered business.”
What do you see as the future of cyber liability coverage?
John:“Cyber liability coverage will become automatic coverage in most business policies and home policies, like Loss of Income in BOPs or Identity Theft in Home policies.”
Larry:“Currently there is no standard policy language or definitions. When I talk to insurance agencies, I like to call it data based coverage. I’m trying to demystify this concept, telling business that cyber liability coverage is as important as sprinklers in your building. You can insure a building without sprinklers, but it’ll cost more.”
Each of our interviewees stressed the importance of adding cyber liability as a point of coverage for their customers. We at SIS know the importance of adding such coverage, which is why we made adding a new point of coverage as easy as creating a new template and adding it on to a new or renewal review.
To learn more about how Partner XE protects your data, check out our website or contact us today at [email protected].
Healthcare insurance provider Anthem is just the latest in a long list of companies to recently suffer from online data attacks, putting thousands of their customers at risk of identity theft. Unless a business carries insurance coverage for cyber-threats, this PR nightmare could also strike at the company’s finances.
Cyber Liability Insurance for Business Owners
Due to the increased vulnerability of personal data stored online, cyber liability insurance is on the rise. Just as you purchase insurance to protect from unexpected physical threats, so, too, should business owners purchase coverage to protect from “invisible” online threats.
Cyber liability insurance is new to the game, and has yet to be consistent across agencies (it is also called “cyber risk,” “privacy,” and “information security” insurance). Despite its inconsistency, this coverage is becoming increasingly important. As an independent insurance agency owner, it’s in your best interest to provide such coverage for your customers who own businesses.
Cyber Liability Coverage
If you do not provide cyber liability insurance, you can get started by looking into the most common points of coverage. The points are as follows:
Regulatory Coverage – Focuses on costs associated with lawsuits or fines against a business. This includes the cost of a defense lawyer and court fees.
E & O Coverage – Pertains to data breeches due to a failure to prevent them, including storing unencrypted data or not using a firewall. Such coverage can also be a part of general, non-cyber specific E & O coverage.
Notification Coverage – One of the largest pieces of cyber liability coverage. Most states now require businesses to notify customers of cyber breeches, and this point of coverage identifies the number of customers to be notified and the method (or methods) of notification.
Data Restoration Coverage – Covers the cost of recovering damaged or lost data. Points of coverage may include replacing hardware or software, restoration, and replacement of other electronic assets.
Crisis Coverage – Addresses the PR aspects of data loss. It covers everything from managing media relations to providing affected customers with credit monitoring.
Liability and Slander Converge – An oft missed, but important piece of a business’s cyber liability coverage. This piece addresses online incidents of slander, liable, copyright infringement, or other reputational damage done by those representing a specific business. This typically applies to social media posts by company employees, but also includes information on a business’ website or other online portals.
SIS Helps Protect Businesses
These points are just the beginning of cyber liability coverage. As the industry focuses more on cyber coverage, guidelines and standards will begin to evolve. We at SIS are aware of and are responding to the growing need for cyber security and liability coverage, including attending industry conferences and hosting our own sessions on the topic. Find out more about how SIS is staying ahead of the curve on our website or by contacting us today at [email protected] .
There is no perfect time for a fresh start – the time is always right to take stock, re-evaluate your processes and goals, and make some changes. This applies to all aspects of your agency, including your agency management system.
Quality management systems and providers evolve with the changing market. Are your system and provider keeping up? Or are you seeing prices go up with little to no changes in your management system experience? Take a critical look at your agency management system and provider, analyzing if you have everything you need to serve your customers and grow your business today and tomorrow with this “fresh start” checklist.
Whether you know it or not, data and database management significantly affect your insurance agency management. As the industry becomes more competitive, managing and using agency data are vital to identifying and amplifying your agency’s value.
With a quality management system and insurance CRM, you can target better quality leads, improve marketing, and grow your business for years to come.
The Partner Platform 2021 National Learning Event took place last month, spanning two days from October 21st to 22nd. The all-virtual event brought together over 500 Partner Platform agencies nationwide and a host of Partner Allies, Partner Platform team members, and...
We can’t predict the future, but we can prepare for it. Disasters of many kinds can strike at your independent insurance agency, and it’s your job to be ready to jump into action. This means not only taking care of the physical needs of your property and staff, but also ensuring you can quickly get back to business as usual.
As a successful independent insurance agent, you live the importance of networking and community ties every day. Because of this, you cannot miss an opportunity to connect with your peers and forge new relationships in person.
In our last posts, 
Healthcare insurance provider Anthem is just the latest in a long list of companies to recently suffer from online data attacks, putting thousands of their customers at risk of identity theft. Unless a business carries insurance coverage for cyber-threats, this PR nightmare could also strike at the company’s finances.