Big companies like Yahoo, Target, and AOL are often at risk of data breaches because of the large volume of data they collect and store. And when a data breach occurs, individual users are the ones hardest hit. Luckily, there are a few things you can do to mitigate damage from disastrous data breaches.

Determine what was breached

Whether its names, addresses, email addresses, or social security numbers, it’s critical to know exactly what type of information was stolen before determining what steps to take. For example, if your email address were compromised, you’d take every precaution to strengthen your email security, which includes updating all your login credentials.

Change affected passwords immediately

Speaking of passwords, change yours immediately after any breach, even for seemingly safe accounts. Create a strong password comprised of alphanumeric and special characters, and make sure you never reuse passwords from your other accounts.

Once you’ve changed all your passwords, use a password manager to help you keep track of all your online account credentials.

If the website that breached your information offers two-factor authentication (2FA), enable it right away. 2FA requires two steps to verify security: usually a password and a verification code sent to a user’s registered mobile number.

Contact financial institutions

In cases where financial information was leaked, call your bank and credit card issuers to change your details, cancel your card, and notify them of a possible fraud risk. That way, banks can prevent fraud and monitor your account for suspicious activity.

Note that there are different rules for fraudulent transactions on debit cards and credit cards. Credit card transactions are a bit easier to dispute because they have longer grace periods. Debit card fraud, on the other hand, is more difficult to dispute, especially if the fraudulent transactions happened after you’ve notified the bank.

Place a fraud alert on your name

Hackers who have your personal information can easily commit identity fraud. To avoid becoming a victim, contact credit reporting bureaus like Equifax, Experian, or Innovis and request that a fraud alert (also called credit alert) be added to your name. This will block any attempt to open a credit account under your name and prevent unauthorized third parties from running a credit report on you.

Putting a credit freeze on your name might result in minor inconveniences, especially if you have an ongoing loan or credit card application. Still, doing so will greatly reduce your risks of getting defrauded.

These steps will ensure you don’t fall victim to identity theft in the event of a large-scale data breach. If you want to take a more proactive approach to protect your sensitive information against breaches, contact our cybersecurity experts today.

No company is completely safe from data breaches. For proof, look no further than companies like Yahoo, AOL, and Home Depot, which compromised millions of personal customer information. That said, no business is completely helpless, either. The following steps can minimize the risks to your business in the event of a large-scale data breach.

Determine what was breached

Whether its names, addresses, email addresses, or social security numbers, it’s critical to know exactly what type of information was stolen before determining what steps to take. For example, if your email address were compromised, you’d take every precaution to strengthen your email security, which includes updating all your login credentials.

Change affected passwords immediately

Speaking of passwords, change yours immediately after any breach, even for seemingly safe accounts. Create a strong password comprised of alphanumeric and special characters, and make sure you never reuse passwords from your other accounts.

Once you’ve changed all your passwords, use a password manager to help you keep track of all your online account credentials.

If the website that breached your information offers two-factor authentication (2FA), enable it right away. 2FA requires two steps to verify security: usually a password and a verification code sent to a user’s registered mobile number.

Contact financial institutions

In cases where financial information was leaked, call your bank and credit card issuers to change your details, cancel your card, and notify them of a possible fraud risk. That way, banks can prevent fraud and monitor your account for suspicious activity.

Note that there are different rules for fraudulent transactions on debit cards and credit cards. Credit card transactions are a bit easier to dispute because they have longer grace periods. Debit card fraud, on the other hand, is more difficult to dispute, especially if the fraudulent transactions happened after you’ve notified the bank.

Place a fraud alert on your name

Hackers who have your personal information can easily commit identity fraud. To avoid becoming a victim, contact credit reporting bureaus like Equifax, Experian, or Innovis and request that a fraud alert (also called credit alert) be added to your name. This will block any attempt to open a credit account under your name and prevent unauthorized third parties from running a credit report on you.

Putting a credit freeze on your name might result in minor inconveniences, especially if you have an ongoing loan or credit card application. Still, doing so will greatly reduce your risks of getting defrauded.

These steps will ensure you don’t fall victim to identity theft in the event of a large-scale data breach. If you want to take a more proactive approach to protect your sensitive information against breaches, contact our cybersecurity experts today.

Despite efforts to protect your data, some breaches are beyond your control. When an online company with your personal details gets hacked, you have no choice but to manage your risks on your own. These practical tips can help you reduce risks of identity theft and other threats.

Determine what was breached

Whether its names, addresses, email addresses, or social security numbers, it’s critical to know exactly what type of information was stolen before determining what steps to take. For example, if your email address were compromised, you’d take every precaution to strengthen your email security, which includes updating all your login credentials.

Change affected passwords immediately

Speaking of passwords, change yours immediately after any breach, even for seemingly safe accounts. Create a strong password comprised of alphanumeric and special characters, and make sure you never reuse passwords from your other accounts.

Once you’ve changed all your passwords, use a password manager to help you keep track of all your online account credentials.

If the website that breached your information offers two-factor authentication (2FA), enable it right away. 2FA requires two steps to verify security: usually a password and a verification code sent to a user’s registered mobile number.

Contact financial institutions

In cases where financial information was leaked, call your bank and credit card issuers to change your details, cancel your card, and notify them of a possible fraud risk. That way, banks can prevent fraud and monitor your account for suspicious activity.

Note that there are different rules for fraudulent transactions on debit cards and credit cards. Credit card transactions are a bit easier to dispute because they have longer grace periods. Debit card fraud, on the other hand, is more difficult to dispute, especially if the fraudulent transactions happened after you’ve notified the bank.

Place a fraud alert on your name

Hackers who have your personal information can easily commit identity fraud. To avoid becoming a victim, contact credit reporting bureaus like Equifax, Experian, or Innovis and request that a fraud alert (also called credit alert) be added to your name. This will block any attempt to open a credit account under your name and prevent unauthorized third parties from running a credit report on you.

Putting a credit freeze on your name might result in minor inconveniences, especially if you have an ongoing loan or credit card application. Still, doing so will greatly reduce your risks of getting defrauded.

These steps will ensure you don’t fall victim to identity theft in the event of a large-scale data breach. If you want to take a more proactive approach to protect your sensitive information against breaches, contact our cybersecurity experts today.

When disaster strikes, organizations need to put their business continuity plans into action and recover their IT systems as quickly as possible. Failing to do so can mean serious financial and reputational repercussions. Despite this, investments in disaster recovery are set aside each year for high-tech IT investments, and every year companies and employees continue to suffer for it. Here are some reasons why disaster recovery is well worth your time, effort, and resources in 2017.

DR isn’t a huge investment
A common misconception about disaster recovery is that it’s a large, bank-breaking investment. Expensive secondary data centers, networks, and server maintenance usually come into mind when a business owner is confronted with the idea of business continuity. And while that may have been true in the past, establishing a strong disaster recovery plan today is as simple — and as cheap — as going to a cloud-based disaster recovery provider and paying for the data and services that your business needs. Subscription pricing models are actually incredibly low, meaning you can have minimal downtime while still having enough to invest in new tech.

Onsite backups just won’t cut it
Although you might feel secure with a manual backup server down the hall, it is still susceptible to local disasters and, ultimately, does very little in minimizing company downtime. When disaster recovery solutions are hosted in the cloud or in a virtualized server, restoring critical data and applications only take a few minutes.

Business disasters can be man-made, too
Even if your workplace is nowhere near frequent disaster zones, cyber attacks and negligent employees can leave the same impact on your business as any natural disaster can. Setting a weak password, clicking on a suspicious link, or connecting to unsecured channels is enough to shut down a 5-, 10-, or even 50-year-old business in mere minutes.

Sure, installing adequate network security is a critical strategy against malicious actors, but last year’s barrage of data breaches suggests that having a Plan B is a must. A suitable disaster recovery plan ensures that your data’s integrity is intact and your business can keep going, no matter the malware, worm, or denial-of-service attack.

Downtime will cost you
A business without a DR plan might come out unscathed after a brief power outage, but why risk the potential damages? Either way, downtime will cost your business. First, there’s the general loss of productivity. Every time your employees aren’t connected to the network, money goes down the drain. Then there’s the cost of corrupted company data, damaged hardware, and the inevitable customer backlash. Add all those variables together, and you end up with a business-crippling fee.

So, if you want 2017 to be the best year for your business, make the smart choice and proactively take part in creating your company’s business continuity plan. Your business will be in a better position financially with it than without it.

Keep your business safe, recover from any disaster, and contact us today.

Over the previous months, you’ve probably heard about new and disruptive trends like virtual assistants, smartphones, and automation technologies. Some of these IT solutions may even be placed on top of your business priority list. However, with floods, fires, and power outages just around the corner, disaster recovery and business continuity plans should always have a place on your annual budget.

DR isn’t a huge investment
A common misconception about disaster recovery is that it’s a large, bank-breaking investment. Expensive secondary data centers, networks, and server maintenance usually come into mind when a business owner is confronted with the idea of business continuity. And while that may have been true in the past, establishing a strong disaster recovery plan today is as simple — and as cheap — as going to a cloud-based disaster recovery provider and paying for the data and services that your business needs. Subscription pricing models are actually incredibly low, meaning you can have minimal downtime while still having enough to invest in new tech.

Onsite backups just won’t cut it
Although you might feel secure with a manual backup server down the hall, it is still susceptible to local disasters and, ultimately, does very little in minimizing company downtime. When disaster recovery solutions are hosted in the cloud or in a virtualized server, restoring critical data and applications only take a few minutes.

Business disasters can be man-made, too
Even if your workplace is nowhere near frequent disaster zones, cyber attacks and negligent employees can leave the same impact on your business as any natural disaster can. Setting a weak password, clicking on a suspicious link, or connecting to unsecured channels is enough to shut down a 5-, 10-, or even 50-year-old business in mere minutes.

Sure, installing adequate network security is a critical strategy against malicious actors, but last year’s barrage of data breaches suggests that having a Plan B is a must. A suitable disaster recovery plan ensures that your data’s integrity is intact and your business can keep going, no matter the malware, worm, or denial-of-service attack.

Downtime will cost you
A business without a DR plan might come out unscathed after a brief power outage, but why risk the potential damages? Either way, downtime will cost your business. First, there’s the general loss of productivity. Every time your employees aren’t connected to the network, money goes down the drain. Then there’s the cost of corrupted company data, damaged hardware, and the inevitable customer backlash. Add all those variables together, and you end up with a business-crippling fee.

So, if you want 2017 to be the best year for your business, make the smart choice and proactively take part in creating your company’s business continuity plan. Your business will be in a better position financially with it than without it.

Keep your business safe, recover from any disaster, and contact us today.

The new year is well upon us, and with it comes an equally new IT budget. Judging by the advancements in computing technology, many 2017 business wish lists probably include powerful onsite servers, workstations, and the Internet of Things. But as tempting as these purchases may be, it’s important that you don’t dismiss an old yet essential IT resolution: disaster recovery.

DR isn’t a huge investment
A common misconception about disaster recovery is that it’s a large, bank-breaking investment. Expensive secondary data centers, networks, and server maintenance usually come into mind when a business owner is confronted with the idea of business continuity. And while that may have been true in the past, establishing a strong disaster recovery plan today is as simple — and as cheap — as going to a cloud-based disaster recovery provider and paying for the data and services that your business needs. Subscription pricing models are actually incredibly low, meaning you can have minimal downtime while still having enough to invest in new tech.

Onsite backups just won’t cut it
Although you might feel secure with a manual backup server down the hall, it is still susceptible to local disasters and, ultimately, does very little in minimizing company downtime. When disaster recovery solutions are hosted in the cloud or in a virtualized server, restoring critical data and applications only take a few minutes.

Business disasters can be man-made, too
Even if your workplace is nowhere near frequent disaster zones, cyber attacks and negligent employees can leave the same impact on your business as any natural disaster can. Setting a weak password, clicking on a suspicious link, or connecting to unsecured channels is enough to shut down a 5-, 10-, or even 50-year-old business in mere minutes.

Sure, installing adequate network security is a critical strategy against malicious actors, but last year’s barrage of data breaches suggests that having a Plan B is a must. A suitable disaster recovery plan ensures that your data’s integrity is intact and your business can keep going, no matter the malware, worm, or denial-of-service attack.

Downtime will cost you
A business without a DR plan might come out unscathed after a brief power outage, but why risk the potential damages? Either way, downtime will cost your business. First, there’s the general loss of productivity. Every time your employees aren’t connected to the network, money goes down the drain. Then there’s the cost of corrupted company data, damaged hardware, and the inevitable customer backlash. Add all those variables together, and you end up with a business-crippling fee.

So, if you want 2017 to be the best year for your business, make the smart choice and proactively take part in creating your company’s business continuity plan. Your business will be in a better position financially with it than without it.

Keep your business safe, recover from any disaster, and contact us today.

When people think of the causes of downtime and the need for a Business Continuity Plan (BCP), they tend to think big. Powerful storms, massive blizzards, fires and floods are usually what springs to mind when business continuity is mentioned. And while these disasters can disrupt your business, a small power outage can be just as problematic if you’re not prepared. Here’s what to do to make sure your company isn’t halted when a power outage occurs.

Power outages are one of the only disasters that can strike just about anywhere in the United States. If you are in Seattle chances are tropical storms are not going to be an issue and if you’re in Miami you aren’t going to fret over a blizzard, but losing power can occur anywhere, at any time and without warning.

A Department of Energy report noted that power outages cost American businesses nearly $150 billion in 2014 and added that increasing demand for energy coupled with an aging infrastructure could see the number of blackouts increase. While weather-related events are the most common cause of power outages in the U.S., it is far from the only thing that can disrupt energy service.

Since this is a problem that will continue to plague businesses, especially those ones that are unprepared, it’s important to be ready should a blackout strike. Here are a few things you should consider when it comes to power outages.

Power outages hurt in more ways than you think

The most notable issue a business faces when a power outage occurs is an inability to work. Employees often times sit around unable to do anything until the power is turned back on. Once the power does return, additional time is needed to safely turn everything back on and to check if all your files are still there.

There are also numerous indirect consequences that your business may face either during or after a power outage. These include a loss of revenue from potential sales, a decrease in customer satisfaction and a drop in your company’s reputation. The more your company is prepared for a power outage, the better continuity you will see and the less damage will be done. While it may be impossible to completely avoid issues caused by blackouts, you can minimize their impact.

Be ready in case of an outage

One of the biggest sources of frustration for employees during a blackout is losing files they had been working on. Autosave features do help prevent this but sometimes you’ll still lose that one important note or sentence you didn’t have the chance to save. Uninterruptible power supplies (UPS) are one way to buy your employees a little extra time should the power go out. You’re able to plug your computer into these devices and they will operate as a battery when the power goes out. The life of these power stations is anywhere from ten minutes to an hour for some models which should give you enough time to save your work and properly shutdown your computer.

If you want to stay in business during a power outage, a standby commercial generator can help. These normally run on propane or natural gas and immediately switch on as soon as your main power supply goes out. If you aren’t concerned about the lights but want to keep your employees productive, equipping them 4G enabled devices with Office 365 or Google Apps will let them continue to work on files that have been saved and stored on the cloud.

Always test your outage plans

Regardless of what your company’s plans are during a power outage, you will need to test them on a regular basis to ensure everything runs smoothly when the real thing does happen. If you utilize a UPS or standby generator, you will want to test these out every six months at the very least to make sure they function properly. If your business has special plans for what employees need to do during a power outage, you should run a practice drill on a yearly basis to ensure everyone is up to speed on their duties.

They key to business continuity is preparation. Let our team of experts help prepare your business for anything thrown its way in 2016 and beyond.

There is nothing worse than having a productive day at the office become undone due to a power outage. Losing power for even a single minute can have far reaching effects on your company’s operations as you need to make sure everything is running properly and all data is accounted for. While power outages can be a nuisance, with proper preparation you’ll have no trouble in persevering when the lights go off.

Power outages are one of the only disasters that can strike just about anywhere in the United States. If you are in Seattle chances are tropical storms are not going to be an issue and if you’re in Miami you aren’t going to fret over a blizzard, but losing power can occur anywhere, at any time and without warning.

A Department of Energy report noted that power outages cost American businesses nearly $150 billion in 2014 and added that increasing demand for energy coupled with an aging infrastructure could see the number of blackouts increase. While weather-related events are the most common cause of power outages in the U.S., it is far from the only thing that can disrupt energy service.

Since this is a problem that will continue to plague businesses, especially those ones that are unprepared, it’s important to be ready should a blackout strike. Here are a few things you should consider when it comes to power outages.

Power outages hurt in more ways than you think

The most notable issue a business faces when a power outage occurs is an inability to work. Employees often times sit around unable to do anything until the power is turned back on. Once the power does return, additional time is needed to safely turn everything back on and to check if all your files are still there.

There are also numerous indirect consequences that your business may face either during or after a power outage. These include a loss of revenue from potential sales, a decrease in customer satisfaction and a drop in your company’s reputation. The more your company is prepared for a power outage, the better continuity you will see and the less damage will be done. While it may be impossible to completely avoid issues caused by blackouts, you can minimize their impact.

Be ready in case of an outage

One of the biggest sources of frustration for employees during a blackout is losing files they had been working on. Autosave features do help prevent this but sometimes you’ll still lose that one important note or sentence you didn’t have the chance to save. Uninterruptible power supplies (UPS) are one way to buy your employees a little extra time should the power go out. You’re able to plug your computer into these devices and they will operate as a battery when the power goes out. The life of these power stations is anywhere from ten minutes to an hour for some models which should give you enough time to save your work and properly shutdown your computer.

If you want to stay in business during a power outage, a standby commercial generator can help. These normally run on propane or natural gas and immediately switch on as soon as your main power supply goes out. If you aren’t concerned about the lights but want to keep your employees productive, equipping them 4G enabled devices with Office 365 or Google Apps will let them continue to work on files that have been saved and stored on the cloud.

Always test your outage plans

Regardless of what your company’s plans are during a power outage, you will need to test them on a regular basis to ensure everything runs smoothly when the real thing does happen. If you utilize a UPS or standby generator, you will want to test these out every six months at the very least to make sure they function properly. If your business has special plans for what employees need to do during a power outage, you should run a practice drill on a yearly basis to ensure everyone is up to speed on their duties.

They key to business continuity is preparation. Let our team of experts help prepare your business for anything thrown its way in 2016 and beyond.

Even a single second of downtime at your business can cause a ripple effect that sees operations become unhinged. While most Business Continuity Plans (BCPs) take into account longer power outages, short ones can be just as dangerous to your company. It is important that you and your employees be prepared should a power outage strike. We’ve prepared some information to help you do just that.

Power outages are one of the only disasters that can strike just about anywhere in the United States. If you are in Seattle chances are tropical storms are not going to be an issue and if you’re in Miami you aren’t going to fret over a blizzard, but losing power can occur anywhere, at any time and without warning.

A Department of Energy report noted that power outages cost American businesses nearly $150 billion in 2014 and added that increasing demand for energy coupled with an aging infrastructure could see the number of blackouts increase. While weather-related events are the most common cause of power outages in the U.S., it is far from the only thing that can disrupt energy service.

Since this is a problem that will continue to plague businesses, especially those ones that are unprepared, it’s important to be ready should a blackout strike. Here are a few things you should consider when it comes to power outages.

Power outages hurt in more ways than you think

The most notable issue a business faces when a power outage occurs is an inability to work. Employees often times sit around unable to do anything until the power is turned back on. Once the power does return, additional time is needed to safely turn everything back on and to check if all your files are still there.

There are also numerous indirect consequences that your business may face either during or after a power outage. These include a loss of revenue from potential sales, a decrease in customer satisfaction and a drop in your company’s reputation. The more your company is prepared for a power outage, the better continuity you will see and the less damage will be done. While it may be impossible to completely avoid issues caused by blackouts, you can minimize their impact.

Be ready in case of an outage

One of the biggest sources of frustration for employees during a blackout is losing files they had been working on. Autosave features do help prevent this but sometimes you’ll still lose that one important note or sentence you didn’t have the chance to save. Uninterruptible power supplies (UPS) are one way to buy your employees a little extra time should the power go out. You’re able to plug your computer into these devices and they will operate as a battery when the power goes out. The life of these power stations is anywhere from ten minutes to an hour for some models which should give you enough time to save your work and properly shutdown your computer.

If you want to stay in business during a power outage, a standby commercial generator can help. These normally run on propane or natural gas and immediately switch on as soon as your main power supply goes out. If you aren’t concerned about the lights but want to keep your employees productive, equipping them 4G enabled devices with Office 365 or Google Apps will let them continue to work on files that have been saved and stored on the cloud.

Always test your outage plans

Regardless of what your company’s plans are during a power outage, you will need to test them on a regular basis to ensure everything runs smoothly when the real thing does happen. If you utilize a UPS or standby generator, you will want to test these out every six months at the very least to make sure they function properly. If your business has special plans for what employees need to do during a power outage, you should run a practice drill on a yearly basis to ensure everyone is up to speed on their duties.

They key to business continuity is preparation. Let our team of experts help prepare your business for anything thrown its way in 2016 and beyond.

While it is highly likely that you have an insurance policy that will cover your small or medium-sized business in the event of a disaster, chances are you don’t have business interruption insurance. The majority of smaller companies tend to overlook interruption policies, believing (or at least hoping) that regular insurance will be enough to protect them. But in the face of rising natural disasters, you may want to think again.

So why do small and medium-sized organizations tend to forego business interruption insurance policies? Chances are it, like so many things, comes down to cost. But can you really afford to ignore the additional protection that interruption insurance offers, or is it safe to cut corners and hope that your regular business insurance will have you covered in the event of a disaster?

While an interruption insurance policy may cost you anywhere from $750 to $10,000 or more (the cost is normally dependent on the size of your business), the fact is that your standard insurance policy will not cover you completely when a catastrophe strikes.

Take for example the spate of superstorms that have ravaged the United States over the past decade. From Hurricane Katrina to the more recent Sandy, small businesses and enterprises throughout the US have been left devastated after feeling the wrath of Mother Nature. While a best-case scenario may entail losing a few days sales during a power outage, at the other end of the scale you could find yourself dealing with a destroyed warehouse, an office that no longer has a roof, or thousands of dollars worth of stock destroyed by flooding.

And the reality is that your regular insurance is probably not going to reimburse you for storage or relocation costs if you need to move operations elsewhere, temporarily or otherwise. The majority of policies will only cover the loss of, or damage to, physical items like stock, equipment and property. They will usually not cover you for any loss in profit if a disaster means that you need to temporarily cease trading. On the other hand, tightly drawn up business interruption insurance should cover you in the event you need to move. It should also cover a decrease in sales due to power failures that shut your communication lines down, as well as a drop in profits due to delays in the delivery of stock or equipment.

Think the chances of a natural disaster affecting you are still slim despite the scenes of chaos and devastation reported in the media? Consider that a recent survey conducted by insurance giant Allianz found that there are now typically 600 major incidents per year – compare that to the previous 400 per annum and it doesn’t take a mathematician to figure out that disasters are on the rise.

So, as a small or medium-sized business owner, what do you need to know before you consider purchasing interruption insurance? If you’re thinking of adding interruption coverage to your existing policy, first record your current net income – but watch out because, if your net profit is high, you might be hit by a low per-incident limit. You could find your insurer has limited your coverage and left you inadequately protected.

Is business booming? If you are undergoing rapid growth, keep records spanning many months so you have proof of revenue increase. Without this, you will not be able to forecast month-on-month profit growth and your insurer might cap coverage at the rate of the previous year’s profit, not at your accelerated one. Be aware, too, that the type of interruptions you want protection for should reflect the areas covered in your general business policy. If your existing policy doesn’t include coverage for fire damage, neither will your interruption insurance.

There are many other aspects of an interruption policy to take into account – such as add-ons that protect you in the event of a power outage (something that standard policies normally don’t normally cover), and knock-on effects caused by a disaster at your supplier’s end.

Once you have taken out interruption insurance, should you have to use it then the most important aspect for you will be getting reimbursed. Crucially, you need to be able to provide your insurer with as many details concerning profit loss as possible. Consider storing files electronically, either offsite or in the cloud. That way, if your office or store is destroyed, you’ll still have access to your documents – and a far greater chance of recovering your losses.

If you’d like to learn more about protecting your data, files and documents, as well as about business continuity planning to help you get back up and running should disaster strike, please get in touch with our team today.

You are protecting your small or medium-sized business with insurance – of course you are. But is that really enough? The recent increase in natural disasters has led savvy business owners to also take out business interruption insurance, which covers many additional scenarios in the event that you are unable to carry on operating. Think you don’t need this type of insurance? You might seriously want to rethink that stance.

So why do small and medium-sized organizations tend to forego business interruption insurance policies? Chances are it, like so many things, comes down to cost. But can you really afford to ignore the additional protection that interruption insurance offers, or is it safe to cut corners and hope that your regular business insurance will have you covered in the event of a disaster?

While an interruption insurance policy may cost you anywhere from $750 to $10,000 or more (the cost is normally dependent on the size of your business), the fact is that your standard insurance policy will not cover you completely when a catastrophe strikes.

Take for example the spate of superstorms that have ravaged the United States over the past decade. From Hurricane Katrina to the more recent Sandy, small businesses and enterprises throughout the US have been left devastated after feeling the wrath of Mother Nature. While a best-case scenario may entail losing a few days sales during a power outage, at the other end of the scale you could find yourself dealing with a destroyed warehouse, an office that no longer has a roof, or thousands of dollars worth of stock destroyed by flooding.

And the reality is that your regular insurance is probably not going to reimburse you for storage or relocation costs if you need to move operations elsewhere, temporarily or otherwise. The majority of policies will only cover the loss of, or damage to, physical items like stock, equipment and property. They will usually not cover you for any loss in profit if a disaster means that you need to temporarily cease trading. On the other hand, tightly drawn up business interruption insurance should cover you in the event you need to move. It should also cover a decrease in sales due to power failures that shut your communication lines down, as well as a drop in profits due to delays in the delivery of stock or equipment.

Think the chances of a natural disaster affecting you are still slim despite the scenes of chaos and devastation reported in the media? Consider that a recent survey conducted by insurance giant Allianz found that there are now typically 600 major incidents per year – compare that to the previous 400 per annum and it doesn’t take a mathematician to figure out that disasters are on the rise.

So, as a small or medium-sized business owner, what do you need to know before you consider purchasing interruption insurance? If you’re thinking of adding interruption coverage to your existing policy, first record your current net income – but watch out because, if your net profit is high, you might be hit by a low per-incident limit. You could find your insurer has limited your coverage and left you inadequately protected.

Is business booming? If you are undergoing rapid growth, keep records spanning many months so you have proof of revenue increase. Without this, you will not be able to forecast month-on-month profit growth and your insurer might cap coverage at the rate of the previous year’s profit, not at your accelerated one. Be aware, too, that the type of interruptions you want protection for should reflect the areas covered in your general business policy. If your existing policy doesn’t include coverage for fire damage, neither will your interruption insurance.

There are many other aspects of an interruption policy to take into account – such as add-ons that protect you in the event of a power outage (something that standard policies normally don’t normally cover), and knock-on effects caused by a disaster at your supplier’s end.

Once you have taken out interruption insurance, should you have to use it then the most important aspect for you will be getting reimbursed. Crucially, you need to be able to provide your insurer with as many details concerning profit loss as possible. Consider storing files electronically, either offsite or in the cloud. That way, if your office or store is destroyed, you’ll still have access to your documents – and a far greater chance of recovering your losses.

If you’d like to learn more about protecting your data, files and documents, as well as about business continuity planning to help you get back up and running should disaster strike, please get in touch with our team today.

Natural disasters have increased exponentially in the last few years – something that has resulted in a number of small and medium-sized business owners turning to business interruption insurance for protection. Covering many scenarios that regular business insurance simply ignores, adequate protection can be the make-or-break factor when it comes to surviving a natural or manmade catastrophe.

So why do small and medium-sized organizations tend to forego business interruption insurance policies? Chances are it, like so many things, comes down to cost. But can you really afford to ignore the additional protection that interruption insurance offers, or is it safe to cut corners and hope that your regular business insurance will have you covered in the event of a disaster?

While an interruption insurance policy may cost you anywhere from $750 to $10,000 or more (the cost is normally dependent on the size of your business), the fact is that your standard insurance policy will not cover you completely when a catastrophe strikes.

Take for example the spate of superstorms that have ravaged the United States over the past decade. From Hurricane Katrina to the more recent Sandy, small businesses and enterprises throughout the US have been left devastated after feeling the wrath of Mother Nature. While a best-case scenario may entail losing a few days sales during a power outage, at the other end of the scale you could find yourself dealing with a destroyed warehouse, an office that no longer has a roof, or thousands of dollars worth of stock destroyed by flooding.

And the reality is that your regular insurance is probably not going to reimburse you for storage or relocation costs if you need to move operations elsewhere, temporarily or otherwise. The majority of policies will only cover the loss of, or damage to, physical items like stock, equipment and property. They will usually not cover you for any loss in profit if a disaster means that you need to temporarily cease trading. On the other hand, tightly drawn up business interruption insurance should cover you in the event you need to move. It should also cover a decrease in sales due to power failures that shut your communication lines down, as well as a drop in profits due to delays in the delivery of stock or equipment.

Think the chances of a natural disaster affecting you are still slim despite the scenes of chaos and devastation reported in the media? Consider that a recent survey conducted by insurance giant Allianz found that there are now typically 600 major incidents per year – compare that to the previous 400 per annum and it doesn’t take a mathematician to figure out that disasters are on the rise.

So, as a small or medium-sized business owner, what do you need to know before you consider purchasing interruption insurance? If you’re thinking of adding interruption coverage to your existing policy, first record your current net income – but watch out because, if your net profit is high, you might be hit by a low per-incident limit. You could find your insurer has limited your coverage and left you inadequately protected.

Is business booming? If you are undergoing rapid growth, keep records spanning many months so you have proof of revenue increase. Without this, you will not be able to forecast month-on-month profit growth and your insurer might cap coverage at the rate of the previous year’s profit, not at your accelerated one. Be aware, too, that the type of interruptions you want protection for should reflect the areas covered in your general business policy. If your existing policy doesn’t include coverage for fire damage, neither will your interruption insurance.

There are many other aspects of an interruption policy to take into account – such as add-ons that protect you in the event of a power outage (something that standard policies normally don’t normally cover), and knock-on effects caused by a disaster at your supplier’s end.

Once you have taken out interruption insurance, should you have to use it then the most important aspect for you will be getting reimbursed. Crucially, you need to be able to provide your insurer with as many details concerning profit loss as possible. Consider storing files electronically, either offsite or in the cloud. That way, if your office or store is destroyed, you’ll still have access to your documents – and a far greater chance of recovering your losses.

If you’d like to learn more about protecting your data, files and documents, as well as about business continuity planning to help you get back up and running should disaster strike, please get in touch with our team today.