• The Outside Hacker, a malicious breach - the classic example where the bad guys come in and steal data from some remote website anywhere in the world.

• The Rogue Employee - it could be revenge, "sport" or a misguided conscious, but one of your employees, or a former employee, could steal company data or sabotage equipment. 

• The Third Party Vendor - it may not be your employee but an outside vendor you hire who is doing the attacking.  They typically have total access to codes, passwords and all the secret stuff many business owners entrust them to manage.  They also frequently outsource portions of their jobs to outside third parties. 

• Obligation to Notify - there are now more than 40 states that require companies to notify customers who may be affected by a security breach.  They also can require your business to provide years of credit monitoring services.  Costs to comply with these regulations can range from $10 to $300 per record.  How many individual client records do you have in your systems?

• Business Interruption - The breach could cripple your business for days, weeks or even months.  This is a classic P&C coverage but only for Perils covered by your policy.  Cyber Liability claims are not covered under a wide majority or policies currently in force.

• Clients' Data Compromise - If a third party obtains your clients' data and does harm, you could be liable.

• Virus Transmission to clients and/or vendors - if a virus emanating from your systems affects third parties, you could be found liable.  

• Own or use a boat, personal watercraft or recreational vehicle - don't assume your friend's insurance will protect you!  Also, beware of restrictions on any things you rent whether for a day or a month. 

• Own a swimming pool or have a pond on your property.

• Have a dog no matter how friendly you may think they are.

• Have a young or inexperienced driver in the family.

• Are concerned about Social Media issues.  There was a recent example of a daughter making several "disparaging" comments about her teacher on various websites and the parents being sued for and losing $750,000!

• Are a coach or volunteer - every coach has had the parent whose child was destined for greatness in one particular sport.  Well, one set of parents recently sued their child's softball coach for $700,000 alleging "incorrect" teaching ruined her athletic scholarship chances! 

Term insurance rates are at historically low levels.  If you are in good health, or better than you were when you initiated your policy, it just might pay off to review what you have.

Our team has seen many examples in the past few months where clients who are only five to ten years into a twenty or thirty year term policy have been able to secure new coverage at the same or lower premium.  They also get the benefit of an additional five or ten years of coverage.  Competition has heated up and you can benefit from this environment.