The Risks of Social Media

Social media has become a very valuable tool for businesses. It allows a way to extend your business’s reach, to advertise and promote products and services, to connect with existing customers, and change the way people see their company. Marketing your business through social networking can pose a number of risks to your business though if proper measures are not taken. These risks can be easily guarded against with a simple phone call to your independent agent.

Cyber Risk Insurance and Social Media
While it might not be your company's policy to obtain customer data through social media channels, that doesn't mean it can't be done. Should your social media accounts on websites like Twitter, Facebook, LinkedIn or Google Plus get hacked by someone who wants to obtain sensitive data, they could send out messages to your clients. Hiding behind the trusted name and avatar of your account, they can request passwords, credit card numbers, social security numbers and other data. Trusting that it’s you behind the request, many of your clients will provide the requested data never realizing the risks they’ve just taken on.

This is a form of theft that can be covered with cyber risk insurance. Once you find out that your account has been hacked, you must contact your clients to let them know their data might have been compromised. This process doesn’t just bring embarrassment and extra hassle, it also brings added costs. Cyber risk insurance will help you cover those costs while saving you money without forcing you to sacrifice service.

Liability Insurance and Social Media
Cyber theft risks aren't the only ones your business faces when using social media to spread its message. If you or the employee or contractor responsible for managing your social media should mention a competitor or one of their products in a negative way, you may be accused of libel or slander that causes financial damages to the company in question. Your liability insurance may cover the damages if you are, but you should check with your insurance agent to make sure.

In order to help reduce the possibility of risks in social media, make sure that your company has relevant guidelines and that all employees are trained on using them. Keep your social media marketing message positive, and notify your clients and followers frequently that you will never ask to obtain personal data from them via social media. And don't forget to give us a call at Premier Group Insurance to find out how Colorado Business Insurance can insure your company against the many risks that social media marketing presents.

Life Insurance for Business Owners

As a business owner, there are many people depending on you. Your family relies on you to provide for them and help meet all the financial obligations you share; your employees rely on you to give them work and pay them for their time; your business partners and shareholders need you to keep the business running and profitable; and your clients and customers rely on you to continue to provide an excellent service or product.

If you should pass away without securing you obligations with life insurance coverage, all of the people who depend on you could be left flailing. Instead of setting your business, employees and family up for financial stress after you’re gone, consider some of the following life insurance options.

• Life insurance with a buy-sell agreement: If you have a business partner (or partners), and your family isn’t interested in taking your business shares, then a buy-sell agreement funded with life insurance proceeds would give your partner the money they need to pay your family for your shares.
• Key person insurance: Your business relies on your expertise and reputation in order to remain fully functional. If you pass away while the business is in operation then there could be a loss of income until a suitable replacement is found and hired. Also, the finding and hiring of a suitable replacement could take more time and money than your business partner expects. A key person insurance policy gives your business the money it needs to replace you and keep the business running in the interim.
• Personal life insurance: Outside of the funds received from the buy-sell agreement, your family may need additional funds to help them satisfy personal expenses and obligations such as the mortgage balance, college tuition and credit card debt.

Next, you need to decide what type of life insurance policy is best suited to your needs:

• Permanent: A whole, or permanent, policy is one that pays a benefit to your beneficiaries no matter when your death occurs, as long as the premium is paid on time and the policy is in-force. In addition, it accrues cash values that can be used for loans.
• Term: Term insurance policies pay death benefits for a limited period of time (the term of the contract) and only as long as premium payments are made on time and the policy remains in-force. Term policies do not accrue cash values.

Want to learn more about how a life insurance policy can be designed to serve your family and your business? Consider adding this policy to your Colorado Business Insurance and call an agent at Premier Group Insurance to discuss all the options available.

Commercial Property Insurance Basics

If you own commercial property that you rent out to other business owners or use for your own business, then you need commercial property insurance. Commercial property insurance is used to cover real property, like buildings, factories, etc. It is not to be confused with business personal property which is used to cover the contents of a business like electronics, stock and furniture.

What does commercial property insurance cover?

This coverage covers the exterior and interior walls, roof and ceiling of your property. In addition, it covers additions, outbuildings, outdoor fixtures, and more. In some cases it covers machinery, appliances, and floor covering—generally only if these items are a built-in, permanent part of the property.

Commercial property insurance does not cover the contents of any of your buildings or the vehicles around it. In addition, it does not cover any additions that are currently under construction. These can be covered by builders risk coverage.

Lastly, this insurance does not cover injuries and losses of others on the premises. Commercial property insurance is intended to cover losses that affect the building itself, not liabilities that occur inside or outside of it.

Is commercial property insurance similar to other property insurance coverages?

Yes. Commercial property insurance has deductibles and limits just like any other type of property insurance coverage. In addition, your policy may have certain exclusions that you should pay close attention to. Reading your policy once you receive it will help you better understand what is and isn’t covered.

Are additional coverages obtainable?

Yes. You can also choose to have coverage added to your policy for the following:

Pollutant cleanup and removal: If you have pollutants present in the land or water of your business due to an insurable incident, this coverage may pay for their extraction.

Debris removal: If an insurable incident cause’s debris to be deposited on your commercial property, this additional coverage will pay for its removal, provided it exceeds the deductible.

Outdoor property: This covers outdoor items like fencing, plants, signs and satellite dishes in the event of an insurable incident.

Commercial property insurance is a vital protection for any real business property owner to carry. It helps protect the bulk of your investment from the losses that fires, storms, vandalism and other insurable incidents can create and protects your savings from being accessed to pay for repairs that make your business property usable again.

Make sure you have the best options for your Colorado Business Insurance needs with Premier Group Insurance today!