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.

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.

North Carolina Restaurant Insurance-Pay For It

Most restaurant owners have had the experience of an employee sustaining a minor injury while on the job. The question the owners ask themselves is if they should file a workers’ compensation claim or just pay for the medical bill out of pocket?

The answer lies in how much risk the restaurant owner is willing to take. It is true that filing small claims on a frequent basis can have a negative impact on your North Carolina workers’ compensation insurance premium. However, having what looks like a minor injury turn into a major injury, or even a disability could prove to be much more costly than an increase in your insurance premium.

As an example let’s say that an employee cuts a finger and needs to have it stitched up. You decide to pay for it out of pocket rather than file a workers’ compensation claim. A week goes by and the “minor” cut has become infected causing severe sickness and permanent damage to the employee’s finger. You now decide that you should file this as a claim. Since you chose not to do so initially, your insurance company could deny the claim if they think your actions led to the injury getting worse. Now you as the restaurant owner are liable for the cost of the damage to your employee.

In our experience we have learned that it is best to always file every workers’ compensation claim within five days of an incident. Yes, you may see your rates increase, but that increase pales in comparison to the potential loss your restaurant could sustain if that minor injury becomes a major injury.

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