Colsa Insurance Agency, Inc.
  • Home
  • Quotes
    • Auto Quotes >
      • Auto Insurance Quote
      • ATV Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Disability Insurance Quote
    • Other Quotes >
      • Travel Insurance Quote
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
    • Referral Partners
    • MyInsurance
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Life/Financial >
      • Life Insurance
      • Annuities
      • Disability Insurance
      • Financial Planning
      • Umbrella Insurance
    • Other >
      • Travel Insurance
      • Event Insurance
  • About
    • Our Pledge to You
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Privacy Policy
    • Blog
    • News
  • Contact
  • Home
  • Quotes
    • Auto Quotes >
      • Auto Insurance Quote
      • ATV Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Disability Insurance Quote
    • Other Quotes >
      • Travel Insurance Quote
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
    • Referral Partners
    • MyInsurance
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Life/Financial >
      • Life Insurance
      • Annuities
      • Disability Insurance
      • Financial Planning
      • Umbrella Insurance
    • Other >
      • Travel Insurance
      • Event Insurance
  • About
    • Our Pledge to You
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Privacy Policy
    • Blog
    • News
  • Contact

Colsa Insurance Agency, Inc. Blog

Cyber Attacks, Number One Risk for Businesses: Survey

2/8/2022

0 Comments

 
Picture

​A new survey has found that cyber risks have risen to become the number one concern among businesses, replacing the COVID-19 pandemic and business interruption as the top risks in 2022.
The second-most cited risk was business interruption and supply chain disruptions, followed by natural catastrophes, according to the "Allianz Risk Barometer 2022."
The rankings follow a year that saw an explosion in cyber attacks, massive business interruption and supply chain disruptions that have left factories idle and store shelves bare, and record damage caused by natural catastrophes.
This annual survey provides perspective on the number and variety of threats businesses face, and which ones are causing the biggest headaches.
Here are the rankings of the top eight risk cited by risk managers in the Allianz survey:
 
1. Cyber risks — Ransomware has become the number one cyber exposure for business, according to the barometer, just ahead of data breaches. Cyber criminals have refined their business models and tactics, which has made it easier for them to carry out ransomware attacks.
Hackers have also started targeting technology and software supply chains, physical critical infrastructure or digital single points of failure.
 
2. Business interruption — The COVID-19 pandemic has caused the greatest global supply chain disruption in history, which in turn can lead to business interruption, particularly for manufacturers unable to secure much-needed parts. The supply chain has been disrupted by a number of factors, including pandemic-induced port closures in China, port congestion and factory closures.
The biggest supply chain concern is cyber attacks on infrastructure and on supply chain and logistics technology.
 
3. Natural catastrophes — In 2021, the U.S. experienced 20 separate billion-dollar weather and climate disasters, putting it in second place for the most disasters in a calendar year, behind the record 22 billion-dollar events in 2020.
 
4. COVID-19 pandemic — Pandemic risk dropped from the number two spot in the 2021 rankings as businesses have become more confident in their contingency plans and safety protocols.
"Many companies are taking advantage of the increased awareness of business interruption, and we have seen more organizations investing in tools and systems to improve transparency of supply chains, work through scenarios and update their business continuity," said Philip Beblo, global property industry lead for Allianz.
 
5. Regulatory and legal changes — Under the Biden administration, there's been an uptick in regulatory activity, including workplace safety standards for protecting workers against COVID-19 infection. There are also new state laws and regulations that require businesses to make operational and organizational changes to comply.
 
6. Climate change — The U.S. continues to see increases in the frequency and intensity of storms, wildfires and tornadoes, which are causing more expensive property damage, business interruption and insured losses.
"The risks to businesses from global warming are being experienced with increasing force and immediacy — as direct damage after extreme weather events, but also leading to tightening regulation, and as threats to brand and reputation," said Line Hestvik, chief sustainability officer at Allianz.
 
7. Fires and explosions — Fires (excluding wildfires) and explosions caused in excess of $15 billion worth of damage globally between 2013 and 2018, according to an Allianz analysis of 470,000 insurance industry claims during the period.
Besides property damage, a major fire or explosion can prevent companies from operating for some time and such incidents are the most frequent drivers of business interruption insurance claims.
 
8. Shortage of skilled workers — Another issue that the pandemic has exacerbated is the skilled worker shortage. Nearly seven in 10 companies reported talent shortages — the highest in 15 years, according to a ManpowerGroup survey.
As the economy has reopened in the wake of business closures during the start of the pandemic, companies in most sectors have had trouble finding new staff and hanging on to valued employees as competition for talent is fierce.

0 Comments

Coronavirus Could Trigger Multiple Insurance Policies

3/17/2020

0 Comments

 
Picture

​COVID-19 is forcing businesses to face a number of risks, liability and insurance implications.
Companies could seek coverage for a variety of claims stemming from the outbreak, including workers' compensation, business interruption, liability and more.
And, now that it is a pandemic, the economic fallout may be expansive - hitting your company's operations in the form of lower sales or supply chain disruptions.
Now is a good time to understand which of your insurance policies could come into play. 
 
Workers' compensation
Workers' compensation policies generally extend insurance benefits to employees for injuries and illnesses "arising out of or in the course of employment."
That wording makes it difficult for most workers to file a claim if they suspect that they got the coronavirus at work, presumably from another employee, customer or visitor to the workplace. But if an employer knows that the virus is in the workplace, coverage could apply.
Workers' compensation could come into play in the following instances:
  • Health care personnel who work where there are patients being treated and tested for COVID-19 would have a strong claim if they contracted the virus.
  • Employees who travel overseas for business and contract the illness.
  • Employees who are exposed to the illness at work by an infected co-worker.
  • Employees who are assigned to work in a location with infected parties.
 
However, workers' comp insurance would likely not cover employees who are working on assignment abroad for more than a short time.
 
Business interruption
One major fallout from the spread of COVID-19 is that it has cut into global supply chains, forcing manufacturers around the world to suspend production. This has been especially true for companies that rely on China for their parts and materials.
But now that the virus has exploded in a number of countries, the threat to supply chains will only increase. This has already started affecting companies in the United States. If your company's operations are affected or stopped due to the virus, you may be wondering if the business interruption coverage in your property policy or business owner policy may pay out.
Business interruption coverage replaces income that was lost due to a disaster, such as a fire on the premises of the company or one of its suppliers, or a hurricane that hinders a company from operating.
However, any hit to your income from coronavirus would not be physical damage, which is a prerequisite for this coverage. Viruses and disease are typically not an insured peril unless added by endorsement. In many cases, the policy may specifically exclude coverage for viruses and disease.
There is potential coverage through communicable disease coverage under proprietary insurance carrier forms if the insured is closed by a "public health authority" order for closure, decontamination, etc. But it's worth noting that these usually require the order to happen, so the insured cannot voluntarily decide to close and then claim coverage.       
 
General liability
In terms of liability, a third party - customer, vendor or guest - could claim they were sickened on your property and sue your business for negligence for failing to provide a clean facility, which could trigger your commercial general liability policy.
Any company that deals with the public or customers, like a retailer, restaurant, hotel, daycare center or a gym, would be at greatest risk for this type of action.
While the chances of them winning such a case would be small, you could still face legal bills, which your CGL policy would typically cover. If there is coverage, it would come under the policy's "bodily injury" portion.
Some CGL policies exclude claims arising from a pandemic, virus or bacteria, so read your policy carefully. Many insurers also include broadly worded pollution exclusions that could preclude or limit coverage.
 
Business travel accident insurance
This insurance could cover employees who travel on business domestically or internationally, foreign employees of U.S.-based businesses and U.S. employees on offshore assignments. The insurance provides:
  • Traditional accidental death & dismemberment coverage.
  • Emergency evacuation, repatriation, and out-of-country medical benefits that cover costs for the treatment and transportation of sick or injured employees.
  • Optional coverage for unexpected medical expenses.

0 Comments

Why It Is Important to Review Your Business Insurance Annually

10/11/2019

0 Comments

 
Picture
​One of the keys to managing risks when you first start a business is getting the right insurance to cover your operations, property and potential liabilities.
Unfortunately, many business owners fail to update their policies and just renew them year after year even if the company has grown, expanded operations and facilities, and added new equipment and property. If this is the case, the old coverage would be insufficient.

Business owners should review their policies every year to catch any omissions and make sure they are not underinsured. It is common for smaller businesses to secure a basic business owner's policy (BOP) and workers' comp when they first get started. A BOP includes:
  • Property insurance for buildings and contents owned by the company.
  • Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business.
  • Liability protection, which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
 
Outgrowing BOP coverage
As your business expands, you may outgrow the BOP and need additional coverage to manage your risks. Some examples include the following:
  • Workers' comp. While you likely added a workers' comp policy when you made your first hire, you will need to update it as you add more staff. If you don't, when your insurer audits you, you may face a hefty bill for additional premium. Be diligent about your policy and inform your insurer as you grow.
  • Excess umbrella or liability coverage. You should consider this insurance to cover claims that exceed your BOP's limit, providing you with an added layer of protection to protect your assets.
  • Professional liability insurance. These policies provide coverage for mistakes for any professional services you provide. This used to be mainly for doctors, attorneys and accountants, but as our service sector has expanded it includes services provided by coders and software developers, appraisers, consultants, real estate brokers, graphic designers and home inspectors, among others.
  • Auto, non-owned and hired coverage. This protects business owners if an employee has an accident while driving a rental or personal vehicle on the job. 
  • Employment practices liability insurance. This covers human resources issues related to discrimination, harassment and termination.
  • Commercial auto insurance. This coverage protects autos that are not under a personal policy.
  • Directors and officers liability coverage. This protects officers and directors in the event they are sued for wrongful acts while on duty.
 
Depending on the business, some or most of these insurance options may be required for adequate protection. Annual reviews with us are ideal for discussing your options. Make sure these elements are considered:
  • If computers, equipment or other types of property have been added, this would be reason to increase policy limits.
  • While revenue is an important consideration, it is also important to remember that it is a potential liability. 
  • A general liability or BOP may be affected if the owner has moved, added or closed locations.
  • Hired and non-hired auto insurance is necessary if workers are driving frequently in rented vehicles. 
  • For specific types of work and services, employers may need additional endorsements for their general liability policies.
  • People who are serving new industries or clients may have problems with their professional liability coverage if they have large amounts of high-risk industries or customers.
  • If you experience an increase in the number of workers you have, or there is a higher turnover rate, it is important to think about employment practices liability coverage. And as mentioned, your workers' comp policy should be updated to reflect any staffing changes and that you categorize your workers properly.
0 Comments

    Contact Us

    (281) 815-2003​
    11111 Katy Freeway
    Suite 910
    Houston, TX 77079​
    Click Here to Email Us

    Archives

    June 2022
    February 2022
    June 2021
    February 2021
    December 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    October 2019
    September 2019
    May 2019
    April 2019
    December 2018

    Categories

    All
    ACA
    Affordable Care Act
    Auto Insurance
    BOP
    Business Insurance
    Business Interruption
    Business Owners
    Business Policy
    Business Travel
    Car Insurance
    Claim Rejected
    Claims
    Claims Adjuster
    Claims-made
    Coastal Residents
    Collision Damage
    Commercial Auto
    Commercial Flood
    Commercial Insurance
    Commercial Policy
    Commercial Property
    Compliance
    Construction
    Contractors
    Coronavirus
    COVID 19
    COVID-19
    Cyber Attacks
    Cybercrime
    Cyber Risks
    Damage Estimate
    Directors And Officers Liability
    Drive Other Car Coverage
    Elevation Certificate
    Employee Benefits
    Employees
    Employer
    Employment Practices Liability
    Epinephrine
    Excess Umbrella
    Executive Order
    FAQs
    FEMA
    Filing A Claim
    Financial
    Flood
    Flood Damage
    Flood Insurance
    Flood Map
    Flood Mapping
    Flood Risk
    Flood Risk Zones
    Flood Safety
    Flood Smart
    General Liability
    Group Health
    Guidelines
    Health Insurance
    Health Plans
    Home
    Homeowners
    Hurricane
    Hurricane Preparation
    Insulin
    Insurance
    Insurance Certificates
    Labor Law
    Liability Protection
    Litigation
    Local
    Managing Risk
    Medications
    National Flood Insurance Program
    NFIP
    Non-owned And Hired Coverage
    Officers Insurance
    OSHA
    Outpatient Drugs
    Personal Accident Insurance
    Personal Effects Coverage
    Pharmacies
    Preparing
    Prescription Drugs
    President Trump
    Private Flood
    Private Flood Insurance
    Professional Liability
    Property Insurance
    Rental
    Rental Car
    Rental Car Insurance
    Rental Coverage
    Reporting A Loss
    Risk Management
    Safety
    Storm
    Subcontractors
    Telecommuting
    Vehicle Insurance
    Waivers
    Workers' Comp
    Work From Home
    Workplace Safety
    Work Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

Colsa Insurance Agency, Inc.​
11111 Katy Freeway
Suite 910
Houston, TX 77079
(877) 992-6572​
Click Here to Email Us

Location

Website by InsuranceSplash
Photos used under Creative Commons from wuestenigel, verchmarco, OregonDOT, Ivan Radic, wuestenigel, Tony Webster, drewgstephens, moodboardphotography, wuestenigel, Rainbow International Franchise, collections.otautaumuseum, Key West Wedding Photography, pburka, havens.michael34, wuestenigel