The More Things Change

“The only constant is change.”  

How your organization operates can change over time whether through workforce changes, cultural changes, product changes, or even leadership changes.

Any one of these can create the need to review and revise insurance coverage.

Your insurance agent may not be aware of organizational changes unless there is a process in place to ensure the conversation happens on a regular basis. Some process ideas are:

•Schedule annual meetings with your insurance agent

•Create an operating checklist that includes the
question – does this impact our coverage.   This checklist would
apply to any staff change, equipment purchase, building lease, and more.)

•Implement internal reviews to evaluate change

The goal of these process ideas is to
create a way to keep track of changes within the company to be sure nothing
falls through the cracks.

Maintaining proper protection is essential for sustained growth so utilize your advisors and stay on top of changes that impact your operations.

We welcome the opportunity to help you review your coverage to ensure you stay protected.

Data Breaches Are On The Rise

It seems that no industry is immune to a data breach or cybercrime. Retail, banking, and now, even healthcare. Consumers and businesses need to face the reality that with digital platforms comes great risk, and that data breaches are on the rise.

Consumers can have their identities, tax refunds, and bank accounts stolen. Businesses can have their customer data stolen or can be held hostage through ransomware. Recently, Cleveland Hopkins International Airport’s computer systems failed to work for days. The reason? The systems had been breached and were being held for ransom.

If this can happen to a government entity like an airport, imagine what can happen to your business. Industry experts warn that cyber criminals are targeting small businesses.

This doesn’t mean you are helpless. Small businesses should engage a cyber security expert to review best practices. Many incidents are caused by an employee opening a virus in an attachment or accessed through clicking on a link. Educating staff can help as well.

For consumers and businesses, cyber insurance is becoming as necessary as homeowners or car insurance. These invasions are only going to become more common. There’s real value in getting ahead of them now. If you’ve got questions about your level of risk, as well as solutions, give us a call.

The Hidden Impact of a Loss

Insuring a church is more than covering the building and its contents inside. It’s important to consider a variety of situations and possibilities to ensure you have the coverage needed in the event of a loss.

When thinking insurance for churches most of us think Property. Property includes not only the building but the items within the building, as well as iconography or the iconostas. According to industry data, there are more than 1,800 fires every year in religious properties. While property claims such as a fire can have a devastating impact on the property of the church, consider some of the other areas that may be impacted as well.

What would happen if you couldn’t gain access to your sanctuary for a period of time? Are you covered for the use of another space? What about loss in revenue from donations? We have seen crippling fire losses to churches which resulted in, not only the need to rebuild and replace the structure, but also the need to find a temporary home to hold services which can impact attendance, donations, and ultimately impact revenue and stewardship.

Consider the impact a loss may have on cancelled income-generating activities or community outreach programs, as well. When a major loss occurs, it can create a ripple effect throughout the organization and parish.

While we pray you never need to use it, it is important to consider the domino effect a loss can have and ensure you are properly protected.