Compromised Data Are You Covered?

If you own or operate a business then you handle personally identifying information such as Social Security numbers, driver’s license numbers and credit cards. As a business it is your responsibility to protect that information and keep it from getting into the wrong hands.

However, sometimes despite your best efforts, a data compromise occurs. What can you do to help protect your business and your customers when this happens? Data Compromise insurance coverage is available to help you respond to this type of incident.

A data compromise can occur in several different ways. These include:

· Theft of your computer system or computerized cash register from your business.

· Theft of physical files containing customer or employee records

· Hacking, pharming or phishing of your computer system

· Mistaken publishing of personal information on mailing labels or on your web site

· Improper disposal of customer or employee records

Data compromise coverage can provide peace of mind in the event a data compromise occurs. This coverage provides legal and forensic technology review; this will help determine the extent of the data breach and the response required for the breach. It also helps you notify your employees and customers affected by the breach. Credit monitoring services are also provided for twelve months following a data compromise.

Each of these services would be very costly if paid out of pocket, not to mention the cost for the damage to your business reputation for not responding to a data compromise.

Penny Insurance Agency can help you determine the level of risk your business faces in relation to data compromise. We have been serving the Carolinas since 1931, helping businesses and families design cost effective insurance programs that keep them protected without breaking the bank.

Restaurants and the Soft Insurance Market

As you may or may not know, the property and liability insurance industry has been in the longest soft market cycle in 70 years. What that means to you is that insurance rates, and therefore premiums, have been steadily declining for six years. As a buyer of insurance this has been good for you due to the lower cost, especially in an economy like we have been experiencing for the past few years.

The negative is that businesses and individuals have now been conditioned to buy on price and not on value. Every insurance company that advertises touts how they can save you money over your current insurance company. While saving money is good (I like to do it myself), there are many cases where buying on price can leave you unprotected when you need that insurance protection most.

Many insurance analysts are predicting that the prolonged soft market will begin to harden in 2011. That means that you will see rates begin to increase. So now is the time to rethink your current insurance and determine what value you are really getting from your insurance company and your insurance agent.

Most insurance agents will tell you that they want to be a partner to your business. What that usually means is that they want you to buy the insurance that they recommend and that’s it. A true business partner is going to be an insurance agent who will not only analyze your coverage, but will also analyze your risk and will work with you to gain a true understanding of your business. They will work to help educate you on risk management techniques and help you to understand what types of coverage you need and the best way to obtain it. After that the agents job is to make sure first and foremost that they design an insurance program that offers the best coverage and then works to get that coverage for the best possible price.

At our agency we take that value a few steps further. We actively work to promote and market your business in an effort to help drive customers to your door. We call this our Partners Program. Utilizing social media such as Facebook and Twitter, email campaigns to our data base and back links from our website to our clients websites, we have been able to help our clients on a level that goes far beyond the typical role of an insurance agent.

If you have been sold insurance based primarily on price, now is a good time to get a second opinion. A claim is not when you want to find out that all you bought was price.

Penny Insurance Agency has been providing insurance to businesses and individuals in the Carolinas for 80 years.

Marketing Your Restaurant

Marketing for a restaurant comes in many forms. First there is your “store front” which usually consists of the name and a menu posted near the door. Beyond that there is print advertising such as newspapers, magazines, flyers, etc. Then you have radio and television. Print and media advertising can help a restaurant to get their name in front of a large number of potential customers and can be very effective. However there is a cost that can be a downer on your bottom line and it can be hard to track if you are really getting a return on your investment.

In my experience the absolute best marketing tool a restaurant has (aside from serving great food) is its’ staff. The staff is key to the experience the restaurant provides to its’ customers. For example, my family and I recently dined out while on vacation. At one particular restaurant we had fantastic food, but our server was not the most welcoming person we had ever met. In fact she was kind of intimidating, did not welcome questions about the menu and made us feel like we had ruined her day by coming in. We ate at several restaurants while on vacation, some more than once, but we never did return to that restaurant nor will we.

That server cost that restaurant money. Had she been glad to have customers, been eager to help and been welcoming and friendly, we would definitely have gone back to try other dishes.

On the flip side, I recently enjoyed lunch at a local restaurant where I was greeted by a genuinely friendly young lady who appeared to be very happy that I had come in for lunch. She pointed out menu items in which she thought I would be interested, explained how they were prepared and happily took my order. As I ate, she checked in with me to make sure everything was well and to see if I needed anything else. It did not escape my attention that she treated every other customer the exact same way. Needless to say I will be back and will refer everybody I know to that restaurant.

Having a staff that makes customers feel welcome and is accommodating and honestly friendly will not only turn customers into regular customers, but will create a great source of referrals. Think of your staff as an insurance policy for steady business.

Penny Insurance Agency has been helping restaurant owners design cost effective insurance programs since 1931. www.pennyinsuranceagency.com.

What do you tell your customers when your restaurant is full?

What do you tell customers when your restaurant is full? If you simply tell them that you are at capacity and cannot accommodate them then you are missing an outstanding marketing opportunity.

As restaurant owners know all too well, one night you can be at full capacity and the next night you can be dead. Consistently filling your dining room with diners is a challenge. However there is a way to help smooth out the ups and downs. In a way it’s a type of insurance policy.

It is not unusual for one restaurant to be almost empty while another restaurant just down the street is having to turn customers away. Where are those people going to go? Well, if you have developed a good relationship with the other restaurant owner he or she could help you out by sending customers to you. When unable to get a table at their first choice, many people will ask if the host or hostess can suggest another nearby restaurant. By having a good working relationship with that restaurants’ owner the hostess will know that your restaurant is where she should refer customers they could not seat.

A good way to develop such relationships is by dining in the other restaurants. Invite the owners to dine in your restaurant so he or she has an appreciation for the dining experience you provide. By actively supporting the restaurants in your area you can help insure the success of your restaurant through active networking and developing strong relationships. Think of it as an insurance policy you don’t have to buy from an insurance agent.

Penny Insurance Agency has been helping North Carolina restaurant owners design cost effective insurance programs since 1931.

North Carolina Employment Practices Liability

Restaurants are complex businesses and their insurance issues are complex as well. In my experience an area that gives me great concern for restaurant owners is the issue of Employment Practices Liability. The good news is that you can buy insurance to protect your business although it can be expensive.

What is Employment Practices Liability insurance (EPLI)? EPLI is designed to provide protection for business owners against claims from employees regarding wrongful employment acts. These acts include any actual or alleged wrongful termination, harassment (including sexual harassment and hostile work environments), discrimination, retaliation, wrongful failure to employ or promote, wrongful discipline, failure to provide or enforce adequate or consistent policies or procedures, negligent supervision, or any employment-related misrepresentation, libel, slander, defamation, humiliation, mental anguish, invasion of privacy, or intentional infliction of emotional stress.

In other words; anything you could possibly do or not do and for which an employee can sue you. With that in mind, why would a business owner NOT have Employment Practices Liability insurance?

EPLI can also help protect your restaurant against conflicts that flare up between employees and third parties, such as vendors or customers, if a third-party coverage endorsement is secured as part of the EPLI policy.

Obviously the restaurant owner must weigh risks and costs very carefully. General Liability policies do not normally cover employment-related risks. If such risks are high, buying EPLI may be a wise decision. The life savings of the small business owner are often tied up in the business and need to be protected.

Penny Insurance Agency has been helping North Carolina restaurants and small businesses design cost effective insurance programs since 1931.

Stealing You Blind-Your employees and Theft

Theft is a concern for all of us and in the restaurant business it can literally bleed you dry. It is a reality that restaurant owners must address and have measures in place to help prevent it.

It’s not uncommon for a restaurant owner to experience employees skimming off supplies, shorting the register or even just over-pouring drinks in the hopes of getting bigger tips. However the threat also comes from people not working for you such as customers, delivery guys and quite frankly, anyone who is breathing.

When you experience theft it not only costs you directly but can also increase your insurance costs. While there is no way to totally prevent theft from occurring, there are steps you can take to reduce the risk….and reduced risk can help reduce insurance premiums.

- Install a security system with cameras

- Lock up your valuables – which in the restaurant business means more than just money. Liquor, prime meats and seafood, wine; all are easily stolen.

- Only make keys available to a very few very trusted employees.

- Keep your staff happy. Being a good boss can go a long way to preventing theft.

In addition to these common sense practices, it is important to make sure that your restaurant insurance program includes the proper coverages for employee dishonesty and for theft.

Penny Insurance Agency has been helping restaurant owners design cost effective insurance programs since 1931. www.pennyinsuranceagency.com.

Help! I’ve Fallen and Can’t Wait Tables!

Restaurant owners know how important it is to keep the risk of an employee getting injured as low as possible. When it comes to restaurant workers’ compensation claims, the most common incidents come from slip and falls. What makes these types of claims so bad is that they can happen so quickly and many times happen out of site such as in the cooler. To make matters worse they often result in long periods of recovery. Claims like slip and falls can have a very negative impact on your insurance rates and on your bottom line.

The good news is that there are some simple changes that a restaurant owner can make that can reduce your risk of a claim and help to save you money on your restaurant insurance.

With often cluttered kitchens and slippery floors, the risk is high. In addition, servers hurriedly carrying trays of food, employees moving inventory and often lifting heavy boxes make attention to risk a critical element of running a restaurant.

Having worked in almost every aspect of the restaurant business, from dish washer to server to cook, I know what can happen. As a Restaurant Insurance Professional, I also know things that can help reduce your risk of having a workers’ compensation claim.

Here are my “Top Ten” simple ways to reduce your risk: (I know they sound like common sense but you’d be surprised.)

1.) Do not allow any running in your restaurant.

2.) Clean up ALL spills immediately.

3.) Have all employees wear non-slip shoes.

4.) Use nonslip floor mats on all floors that are not carpeted and where there could be a spill.

5.) Make sure all items are properly stored and put away. Don’t leave boxes on the floor.

6.) Make sure all carpeting is in good condition; no tears or bulges.

7.) No blind spots – clearly mark kitchen entrance and exit doors and install convex mirrors at blind corners.

8.) Have all power outlets installed on the wall or ceiling so cords are not on the floor.

9.) Keep sidewalks and entrances free of clutter.

10.) Do not allow servers or bus people to overload carrying trays.

Maintaining these simple rules can help to not only reduce injuries to your staff but can also have a very positive impact on your workers’ compensation premiums.

We would love to help you lower your restaurant insurance cost. Check us out at www.pennyinsuranceagency.com.