Small Business Archives

5 Essential Reasons Why Your Business Needs Insurance

Imagine putting in years of hard work, money, and passion to establish your business, only to have it all come crashing down due to an unforeseen event. It could be as minor as a lawsuit from a dissatisfied customer or as severe as a fire that destroys your office. These unexpected incidents can not only disrupt your operations, but also jeopardize your company’s future and existence. That’s where business insurance comes in. Business insurance provides a layer of security, so your organization can keep thriving for years to come.

Take natural disasters for instance. According to a study by the Federal Emergency Management Agency (FEMA), “Almost half (43 percent) of small businesses affected by disaster never reopen after the disaster…” This alarming statistic highlights the need of having business insurance in place. To help drive home the point, let’s explore 5 essential reasons why your business needs insurance to secure its existence and future.

#1 To Protect Against Liability Claims

The first reason why your business needs insurance comes down being sued. A single lawsuit, whether it’s a malfunctioning product, a slip-and-fall accident, or anything else, can result in thousands or even millions of dollars in expenses. Potential costs include things like medical expenses, legal expenses and settlement payouts. Without the proper policy in place, your company will have to pay out of pocket and oftentimes leads to bankruptcy.

To emphasize the importance of insurance, let’s explore a real-life hypothetical example. Say a small restaurant is sued because a customer spills hot coffee on themselves, and there is no warning label. This lawsuit could easily amount to over $100,000 in legal and medical fees. With no liability insurance in place, the owner could have to shut down, or go into debt in order to handle the situation. So what’s the solution?

Solution: General liability insurance protects your company from lawsuits like these by paying for legal fees, medical expenses, and even settlements, so your company does not bear the financial burden of a legal fight. This form of insurance provides peace of mind by ensuring that a single lawsuit will not destroy everything you’ve fought for.

#2 To Safeguard Your Business Assets

The second reason why your business needs insurance is to protect its physical assets. Whether it’s the office space you work out of, equipment you use, or your product inventory, it’s all valuable assets that your operation relies on. Some common disasters having the potential to destroy business assets include:

Natural disasters (wind, rain, snow, hail etc.)
Burglary/Robbery
Vandalism
Fire

Without insurance, the expenses of restoring or replacing these assets affected by one of these factors may be overwhelming or impossible. Take this story covered by Business Insurance USA. A local florist’s shop suffered major structural damage after a severe hailstorm. Much of the inventory was destroyed, and windows were shattered.

Solution: Luckily in this case, the business owner had a commercial property insurance policy which covered the costs of repairs and replacement items. Commercial property insurance safeguards the physical assets of a business, when one of the above mentioned disasters takes place. Having this protection in places helps businesses recuperate quickly to avoid long-term financial losses.

#3 To Ensure Business Continuity

Theft, accidents and natural disasters are all physically damaging, but they can also cause your business to shut down for an extended period of time. This leads us to the third reason, why your business needs insurance—so your company can stay afloat during an unexpected interruption. Think about it…if you can’t run your business, how will you pay for regular expenses like employee salaries and rent?

Solution: Business interruption insurance is crucial for businesses to protect themselves against income loss due to unforeseen events. When a disaster strikes, having a bus

iness interruption policy can be the difference-maker between needing to close down indefinitely or being able to open up a couple months later. It generally covers expenses such as:

Lost revenue.
Ongoing expenses.
Costs associated with moving to a temporary location.

#4 To Build Trust and Credibility

In any industry, it’s important to have a credible and trustworthy reputation. Clients, consumers, and partners want to know that they are working with a reputable business. Otherwise, they’ll likely do their own research and work with one of your competitors instead. A great way to bolster your organization’s image is by having adequate insurance coverage. Safeguarding your business demonstrates that you’re prepared for the unexpected, letting colleagues know that you value their well-being and time.

In some industries, being properly insured has a huge impact on business dealings. For example, many individuals or businesses will not hire a contractor unless they first show proof of particular insurance coverage such as a professional liability policy. Having protection like this shows others that both parties will be protected in the case of an error or mistake. In the case of an accident or costly mistake without coverage, your business’s reputation could plummet, not to mention the expensive costs you’ll be forced to pay out of pocket. So what can you do?

Solution: Understand the risks involved in your line of work and industry, and in turn, get insured with the proper coverage. Doing so not only protects your company, but also protects clients and customers. Additionally, people will view your business as stable and trustworthy which makes it easier to form new relationships and foster long-term growth.

#5 To Ensure Compliance with Legal Requirements

In many industries, obtaining certain forms of insurance is not only a good economic move, but also required by law. Depending on your area and sector, certain coverage

types such as workers’ compensation or commercial auto insurance, are legally required. Failure to comply with these laws may result in significant fines, legal action, or possibly the closure of your business. Also, if you regularly perform contracted work, it’s vital to pay attention to contractual requirements in addition to state and federal mandates. For the failure to provide workers’ compensation insurance common penalties in many states include fines upwards of $50,000 and the suspension of business operations. So how do you avoid this happening to you?

Solution: Understand which forms of insurance are legally required for your business to be compliant. Workers’ compensation is required by law for all businesses in all states other than Texas. Additionally, coverages such as commercial auto insurance and professional liability are mandatory in many industries. With that being said, requirements are always on a case by case and state by state basis, so if you’re unsure about your business being compliant, we recommend performing your own research.

Final Thoughts on Business Insurance

While it’s tough to plan for the unexpected, it’s important to understand the most common business risks and the corresponding solutions to protect against them. To help you get started on this venture we’ve explore 5 essential reasons why your business needs insurance which includes:

Protecting against liability claims that could result in financial devastation.
Covering your business assets, such as your property, inventory and equipment.
Ensuring that your company stays afloat after an unanticipated disruption.
Increasing your organization’s credibility and customer confidence.
Avoiding hefty legal penalties by complying with legal and contractual obligations.

Don’t let your business go unprotected for any longer. Instead, visit EZ.Insure. Our quick and easy process gives you access to a free business insurance quote, comparison tools, and a team of insurance experts to help you find a policy customized to fit your needs. Plus, EZ.Insure also has an in-depth resource library filled with dozens of informational blogs to help you become more informed about protecting your company from risks. To get started, simply enter your ZIP code at the top of the screen or call us at 855-694-0047.

FAQs

Question: Which types of insurance are required for my business?

Answer: The type(s) of insurance you need is determined by your industry, geography, and individual hazards. However, important coverages usually include general liability insurance, commercial property insurance, workers’ compensation, and professional liability insurance. A business insurance professional can assist you in designing a policy that meets your specific requirements.

Question: How much can I expect to pay for business insurance?

Answer: The cost of business insurance varies depending on the size of your company, the industry you’re in, and the coverage levels you select. For example, small businesses often spend anywhere between $500 to $3,000 per year for general liability insurance, but it’s important to speak with an insurance professional to get a more specific estimation.

Question: Can I tailor my insurance policy to meet the specific needs of my business?

Answer: Yes! Most insurers provide customisable packages, allowing you to select the specific coverages that are appropriate for your business. This flexibility guarantees that you obtain the protection you require without having to pay for coverage you don’t.

How Commercial Insurance is Changed by Risk Management

With all the recent catastrophes (and just plain old inflation), we’ve been watching insurance costs rise across the board. Higher deductibles are something even low-risk individuals are seeing. Unfortunately, insurance companies have to manage their bottom line, and doing this means raising rates.

The biggest problem pushing these rising costs is hurricane season. With their catastrophic damages, coming, again and again, commercial property rates are rising across the board–even affecting locations technically in a safer zone. The risk management is in response to this problem.

chess pieces to teach business owners risk management — Like chess, insurance companies plan out how their coverage is sold.

What Is Risk Management?

According to the Oxford dictionary, risk management (for business) is defined as “the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.”

Basically, businesses (and homeowners as well) know losses can happen in the future. It’s not a question of “if something will happen,” but “when something happens, what will I do?” The practice of asking these questions and then developing proper procedures is known as loss control.

For most businesses, this practice comes even without insurance, but the underwriting process mostly involves it before signing a commercial policy, especially now.

How Is It Affecting Commercial Insurance?

The first part of these changes come with the vicious backswing of all these catastrophes. With hurricanes alone, the damages swing up into $200 billion. Pairing this with the horrors Malibu saw just earlier this year, and you have an industry drained of its resources.

With all the payouts, it makes sense that the insurance industry has to “refill its coffers” so to speak. However, this comes from all of the people insured. So, the immediate effect is higher deductibles for some, and in places like Malibu, outright declination of coverage because the properties are “too high of a risk.”

The second, more positive result is instating risk management experts in insurance firms. Certain companies can offer in-house advice to businesses when they purchase policies from them. All in all, who can turn down loss control when it comes bundled with your commercial insurance?

What Does This Mean for Me?

For the average business, this could mean higher rates, but that isn’t a new topic of discussion. For people in certain industries, such as manufacturing where there is a high risk, it can mean that you will pay more. However, you could have a risk management team applied to your policy.

construction foreman with clipboard for risk management — *Some industries like construction are affected by this more than others.*

With more focus on controlling risks (that can be controlled) comes safer management in businesses across the board.

Besides that, make smart investments to pay for the premiums down the road. This helps to provide a solid hand in risk management. Thankfully, insurance agents will have your back with this down the line.

With EZ.Insure, your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 855-694-0047. EZ.Insure makes the entire process easy, and quick.

Are Women Running the Small Business World?

According to Beyonce, women run the world. And while women have made great strides in so many ways, and broken into so many areas that were previously closed off to them, we might not go quite that far yet. But with that being said, when it comes to the world of small business, women are actually kind of crushing it, and have been for a while, although the last few years have meant a lot of major setbacks. So what does the landscape look like for women in the small business world right now, and what kind of help is available to allow women to continue to run things?

Women in Small Business by the Numbers

Women entrepreneurs have come a long way since the days of nineteenth-century women like Rebecca Pennock Lukens, who became “America’s first female CEO of an industrial company,” and former slave Bridget ‘Bidy’ Mason, who built a West Coast real-estate empire. Those impressive women were outliers in the country at the time, and while there can still be obstacles standing in the way of getting ahead these days, things are looking up, with a few Covid-related caveats (which we’ll look at below). Check out these numbers:

In the last 20 years, the number of female business owners has increased by 114%.
According to 2019 numbers from the National Women’s Business Council, that year, women owned nearly 13 million businesses in the United States (around 42% of all companies). Compare that to 1972, when there were only 402,000 women-owned businesses, representing 4.6% of all firms.
In 2019, women-owned businesses employed 9.4 million workers and generated $1.9 trillion in annual revenue.
According to a 2021 survey by Small Business Trends, 31% of all small business or franchise owners were women last year, up from 27% in 2020.
Women launch more than 1,200 new businesses every single day in the US.
The growth rate of women-owned businesses is 5%.
In 2018, women owned 4 out of every 10 businesses in the U.S.
In 2017, 1,821 net new women-owned businesses were launched every day. Women of color founded 64% of those new businesses.
From 2007 – 2018, total employment by women-owned businesses rose 21%, while employment for all businesses declined by 0.8%.
In 2018, women of color accounted for 47% of all women-owned businesses, employed 2.2 million people, and generated $386.6 billion in revenues.
Businesses owned by women of color grew by 163% between 2007 and 2018.
Women of color were responsible for 89% of newly created businesses in 2019.
The number of businesses owned by Latinx women has grown by 172% in the last 10 years.
30% of women business owners have owned their business for 10 years or more
Women are slightly more likely to start a business than men, according to the SCORE report.

Turns out, these days, women are running a lot. But that’s not to say there aren’t challenges. Let’s look at two: the pandemic and funding.

Has the Pandemic Derailed Progress?

The last few years have been tough on everyone, but the pandemic seems to have hit women business owners particularly hard, probably because of the multiple roles women are expected to fulfill, even while running a business.

According to data from Goldman Sachs, almost half of all women business owners, and nearly 60% of African American women small business owners, continue to struggle financially due to the pandemic. A smaller share of men owners (39%) said this. Not only that, but:

At the start of the COVID-19 pandemic, from February to April 2020, the number of female-owned businesses dropped 25%.
21% of women-owned businesses experienced revenue loss due to Covid.
Goldman Sachs also found that around 4 in 10 female small business owners are worried the debt they’ve accumulated will hurt their ability to recover – and even more African American owners have this concern.
Bank of America’s 2021 Women Business Owner Spotlight found that around half of women entrepreneurs cut their own pay to keep staff members employed during the pandemic.
More than half of African American women small business owners said they’ll need to take out a business loan this year; only 27% of their male peers said the same.
7 in 10 women business owners under 45 said they or their employees have been plagued by mental health issues during the pandemic.

But even with all of this bad news, women business owners are optimistic. Despite the challenges they’ve faced in the last few years, a full 77% of women business owners expect their business to survive through the COVID-19 pandemic, and 61% expect their revenues to grow over the next year, compared to 31% last year. Not only that, but 76% of women business owners report being somewhat or very happy, while just 14% report being very or somewhat unhappy.

So women entrepreneurs are continuing, and will continue to triumph, despite the challenges thrown at them. But there is still another issue to look at: the disparities in funding for women’s small businesses. Fortunately, there is some help in that department that women can take advantage of.

Where Women Entrepreneurs Can Get Help

What does the landscape of funding for women’s small businesses look like now? Well, it’s complicated. While studies show that female-owned businesses are safer for investors, that businesses founded by women earn twice as much money as those founded by men, they have better loan repayment records, and they are less likely to declare bankruptcy than men, female entrepreneurs usually face greater difficulties when it comes to obtaining funds for their businesses, and are submitted to more scrutiny than their male counterparts. According to Sharon Miller, the President of Small Business at Bank of America, “Women think they have to have it perfectly right before they go to the bank. Many men come in without even having a concept.”

And consider this:

Women receive an average loan of $39,000, while men receive an average loan of $44,000.
Only 25% of women seek financing for their businesses. In contrast, 34% of men look for financing from investors.
Women who do seek funding are successful in 31% of cases, while 34% of men who applied for a loan said that their funding request was approved.
Groupon reports that 54% of women entrepreneurs say they’re held to a different standard than their male counterparts when accessing capital.
Research from the Kauffman Foundation shows women-owned startups pay higher interest rates and take on more collateral than similar businesses owned by men.
Of the $130 billion venture capital funds invested last year, companies with a female CEO got less than 3% of the funding. And less than 0.2% of all VC funding went to women of color.

But since around 47% of women small business owners now have less than three months’ cash reserves, having access to capital might just be a make or break thing. Without equal access to capital, women business owners do not have equal opportunities to grow, innovate, or scale, limiting their ability to succeed.

Fortunately, if you are a woman entrepreneur, there are avenues open to you to help you move forward. First of all, you need to be creative and, as Lakshmi Balachandra, Ph.D., assistant professor, entrepreneurship at Babson College, says “turn the challenges into opportunities.” She recommends networking, seeking out a mentor (and being a mentor in return), buying from women-owned businesses – and, of course, exploring all of your options for capital.

There are various alternatives open to you for funding your business, including:

VC firms led by women or with a solid record of investing in women-owned businesses, like 37 Angels, Belle Capital, and the Women’s Venture Fund. There are also organizations that help connect women with investors, like Astia and Women’s Capital Connection.
In partnership with Seneca Women, Bank of America has launched the Bank of America Access to Capital Directory, a platform that helps educate women-owned businesses to “navigate the capital landscape and identify potential sources of funding, such as equity, debt, and grant capital.”
The government’s Small Business Association offers the 8(a) Business Development program that helps small, disadvantaged businesses compete in the marketplace, as well as a Lender Match tool for finding capital. The SBA also hosts the InnovateHER Challenge every year. Any woman-owned business that offers a product or service that has an impact on the lives of women and their families may be eligible to participate in this challenge.
Government-backed Women’s Business Centers offer training to help bridge the funding gap in multiple locations around the country.
WomenOwned is a database that allows women to have access to thousands of grants and assistance programs. These grants are all woman-owned and minority-owned small business funding options.
The Count-Me-In/Make Mine a Million organization offers a variety of events and grants for woman-owned businesses that are trying to expand their business to over one million dollars in revenue.
KeyBank offers the Key4Women program, which aims to provide women entrepreneurs with capital and financial assistance. Since 2005, KeyBank has lent more than $6 billion with this initiative to woman-owned businesses.
Wells Fargo is actually one of the leading lenders for woman-owned businesses. They offer multiple financial solutions designed to support woman-owned businesses, whether they are well-established and looking to grow or just starting out. They also offer lines of credit for woman business owners.
The Women’s Economic Ventures Loan Program, established in 1995, works to help woman-owned businesses that do not qualify for traditional bank financing. They offer a variety of different funding options with a fixed rate of 5-10%.

The above resources are just some of the places that are helping to fill the funding gap, and that women entrepreneurs can turn to for assistance. There are many more, including various small business loans and grants, as well as organizations that cater to specific regions.

Women have made an enormous impact on the world of small business, despite historical obstacles and disparities in funding. Woman-owned businesses have a high success rate and tend to be a low risk for investors, so it’s time lenders caught up with the times and backed these businesses. Otherwise, they’ll be the ones left behind as women continue to move towards running the small business world.

Misconceptions About Owning A Small Business

Most small business owners will tell you that owning your own business is well worth the effort. However, they will also tell you that it’s no walk in the park. Many people don’t understand the work that goes into management, marketing, and making your business run smoothly. It’s not as simple as having a good business plan: there are many misconceptions about what it takes to make a business work. Here are a few common misconceptions people have about the small business world.

Misconception: You work whenever you want

Some people think that small business owners can roll out of bed whenever they want, start their workday at noon, and still have time to come home to their family for dinner. In fact, many aspiring entrepreneurs cite that a flexible schedule is what they find most enticing about starting a business. However, while they might get to choose their hours, most small business owners end up working more than other people. As the saying goes, “entrepreneurs get to choose which 20 hours a day they work”. Even if you don’t stick to the traditional 9-5 you still need to put in all the hours it takes to make your business thrive.

Misconception: You work wherever you want

There are a lot of people who dream about traveling the world while working. The reality is, business owners (even those who operate a virtual business) often find it harder to turn off their entrepreneurial brain and enter vacation mode. As employees, it is easy to walk away from your desk at the end of the day. Business owners, however, find it hard to shut off. Even if a small business owner is “hands off”, they may still feel the need to be local and accessible to put out any potential fires.

Misconception: You’re the boss, you call the shots

It’s easy to imagine that if you own a business, you hold executive power and are in charge of all decisions. While that might be true for some things, in the end you also answer to your clients. You will also most likely rely on some sort of team: between partnerships, vendors, clients, and investors, there will always be many voices offering input.

Misconception: You spend every day doing what you love

People often start businesses based on an idea they feel passionately about. But once that idea becomes reality, small business owners can find themselves completely consumed with running the day-to-day operations of their business. They often find that they have less time to appreciate what they were once so passionate about. From balancing the books to managing employees, a business owner must be willing to wear all hats.

Misconception: The greater the risk, the greater the payoff.

The myth of the entrepreneur who puts everything on the line on a whim, only to find immediate success, can be a dangerous one. Unfortunately, the reality is that many small businesses fail. In order to have a chance at success, a lot of careful and cautious planning needs to go into building a business. Risk assessment is a critical part of building a small business. Good business owners need to be smart, strategic, and savvy, as well as persistent and patient, because business ownership is all about playing the long game.

For most small business owners, the benefits far outweigh the challenges. Owning your own business allows you to exercise many different skills, gives you control over your vision and design, and ultimately can be very rewarding. Just remember to be realistic about what you are getting into.

Do You Qualify For The Small Business Health Care Tax Credit?

If you offer health insurance to your employees, it can be costly, but luckily there is a silver lining- the small business health care tax credit! One of the provisions of the Affordable Care Act, ACA, is the Small Employer Health Care Tax Credit which allows certain businesses to save money while offering health insurance to their employees. While it is a great financial saver for businesses, not all businesses can get the tax credit. There are some qualifications that a small business must meet in order to get the health care tax credit.

a list with 3 checkmarks and a pencil next to it insude a blue circle. — *You must meet certain qualifications in order to receive a tax credit.*

The Small Business Health Care Tax Credit

This credit allows small businesses to receive a tax credit for paying at least half of their employees health insurance premiums. In the beginning, the small business health care tax credit was not much, ranging only 35% of eligible health insurance premiums. But luckily, over the years it has changed. The tax credit now equates to up to 50% of employer-paid health insurance premiums.

cartoon figure sitting on top of "50%" numbers — *The tax credit now equates to up to 50% of employer-paid health insurance premiums.*

Small business owners cannot take the tax credit for insurance premiums paid on their own behalf. This includes partnerships, and sole proprietors.

Qualifications

In order to qualify for the health care tax, a business must meet the following criteria:

Have fewer than 25 full-time employees.
Your average employee salary must be less than $54,000 as of the 2019 tax year.
You pay at least 50% of your full-time employees health insurance premiums, also known as a “qualifying arrangement.”

Flexible Credit

An advantage of having this kind of credit is that it is flexible. It can be carried toward the next year, or back to other tax years. So, if your business does not owe tax in a certain year, then claiming the tax credit will not do you any good. However, if you owe tax for a prior year, you can apply your credit to that. Or you can choose to keep the tax credit and save it for next year.

Claiming the Tax Credit

The health care tax credit can be calculated and claimed using the Form 8941. The form must be attached to the business’s tax return, and then after it is processed, the credit reduces any income tax the business owes.

Tax-exempt organizations should file Form 990-T. This tax credit is non-refundable, although it can be carried towards either the following or prior tax years. Also, tax-exempt organizations that have no taxable income can qualify for a refund of the credit, as long as it doesn’t exceed their Medicare tax liability and income tax withholding.

calculator and pen on top of a sheet with numbers on it. — *If your business does not qualify for the tax credit, there is still hope on saving money with tax deductions.*

Small Business Tax Deductions

If your business does not qualify for the tax credit, there is still hope on saving money. There is a deduction for employee premium payments. Some businesses may be able to get both the deductions and tax credit!

The small business health care tax can help a small business offer their employees health insurance without fearing the great costs. As long as you meet the qualifications to receive the tax credit, then you will be eligible. The fewer employees you have, for example, less than 10 full-time employees who are paid an average of $25.000 or less will get you a bigger credit. And if you do not qualify for the tax credit, at least you can get deductions!

If you are looking to provide health insurance to your employees and want to save money, EZ.Insure can help. We will find a plan that meets your needs financially. We will find the plan that gives you deductions and notify you on whether you qualify for both deductions and the tax credit. Our goal is to save you as much money, while providing you with the best plan. Call 888-350-1890, or email us at [email protected] to speak directly with one of our agents, or enter your zip code in the bar above to get free instant quotes. We will never sell your information to telemarketers as others do.

Cybercrime Stats and Why You’re at Risk

It’s no secret that the internet is changing the way society interacts. This goes from social media affecting our relationships and the way we view each other, to the rising rates of cybercrime on the web.

a man with a suit and tie with his finger choosing a one star review. — *The damage an act of cyber theft can leave on your business is crippling, it can also ruin your reputation.*

The damage an act of cyber theft can leave on your business is crippling. Not only can it leave you feeling violated, scared, and confused, it can also ruin your reputation for safety amongst your customers–one fatal mistake for any small business. It’s already hard enough to survive in the current corporate atmosphere.

The first step is to be aware of the risks. The next one is to learn how to protect yourself.

Cybercrime Stats

First, let’s take a look at what constitutes cybercrime:

Selling illegal items online
Human trafficking
Identity theft
Malware/Ransomware
Privacy violations
Digital currency scams

The sad fact that combined, all of these contributed to over $1 trillion in profits for cybercriminals across their industries, and that number is still growing. Things seem bad now, but what does the future hold if these crimes continue to rise? To put things into perspective, most countries fall below the trillion-dollar mark–so cybercrime could be considered its own nation on profits alone.

Social media is the biggest channel criminals use to engage with people outside of the dark web. While sites like Facebook do invest money in protecting people’s private information, most people readily volunteer this info on their public pages. A criminal simply has to look at a profile to see things like where you’re checking in, what current interests you have, and even job history or address. To put things into perspective:

Social engineering is more useful the more information you have about someone.
Cybercrime tools are widely available for purchase.
Social media fraud attacks on the rise, up to 43% since 2018.

This provokes the question of how much balance can someone maintain. While these numbers are dire, there’s no getting around using social media for marketing.

It seems like no one is safe, but small business owners have a lot more to lose. 85% of phishing or social engineering attacks were reported by organizations in 2019, and that’s just the reported ones. We can’t even begin to estimate how many are in the private sector as some could be so subtle, they’re either ignored or outright passed over.

Person sitting at a laptop with a dark hood on, with a question mark over the face. — *If you’re in the professional services industry, such as any business needing a license to operate, then you’re most at risk for these attacks.*

For any company, malware is going to be your biggest threat. In 2018, malware cost companies upwards for $2 million, growing over 10% from the previous year.

If you’re in the professional services industry, such as any business needing a license to operate, then you’re most at risk for these attacks. This is because your industry type often has a wealth of private data for your clients, and yet most go with little to no protection.

Finally, the costs of cybercrime are intense. Top companies pay an average of $25 a minute to keep themselves protected, altogether, the costs can soar to around $3 million. That’s an incredible sum just considering it’s to protect against a criminal industry that’s making a hundred times more.

What Is the Best Way to Protect Yourself?

Odds are, you might have fallen victim to some form of cybercrime in the past. If you’re currently suffering, we have a guide here to help you out.

If you’re lucky enough to still be on the other side, then the best thing to do is join the industry with coverage, malware protection, and simple scam awareness.

lock with chaines that are black with the words "data protection" on the lock. — *The best way to protect yourself is with cyber liabilty coverage which offers malware protection, and simple scam awareness.*

Cyber liability insurance is designed for just these types of situations. With this policy, you’ll have coverage for:

Lost or damaged electronic data
Computer operations Interruption
Privacy & Notification to customers and other affected parties
Some may offer protection from lawsuits

This is your first line of defense, besides that, keep up to date with current protective software, and if something seems too good to be true from an email, it probably is.

EZ.Insure is there to make sure you’re not alone in protecting your business. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected] or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

Tag: Small Business