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Cyber Extortion Cyber extortion is an internet crime in which someone holds electronic files or your business data hostage until you pay a demanded ransom. Cyber extortion is an online crime in which hackers hold your data, website, computer systems, or other sensitive information hostage until you meet their demands for payment. It often takes the form of ransomware and distributed…
Occurrence-Based Insurance Policy Occurrence-based insurance is a type of policy that pays for losses that occur during the policy period, even if it’s no longer active when you file a claim. An occurrence-based policy covers losses that happen during the time you have the policy, regardless of when you file a claim. It is designed to protect you against long-tail events incidents that could cause…
Equipment Breakdown Coverage Equipment breakdown coverage is a form of commercial insurance that provides funds to repair or replace damaged machinery or equipment that has suffered a mechanical or electrical failure. Equipment breakdown coverage is insurance that protects your company’s computers, electrical systems, production machinery, and other equipment from sudden and accidental…
Invasion Of Privacy Invasion of privacy is the violation of a person’s freedom to control their image and be left undisturbed in private spaces and conversations. Invasion of privacy is the intrusion of an unwanted individual or business into the private affairs of a person without consent. It’s one of the insurance risks for small businesses covered under the personal and advertising injury…
General Liability Class Codes General liability class codes are used by insurers to classify small businesses according to the risks they face. They help insurers determine the correct price to charge customers for general liability insurance. General liability class codes are numbers that represent small businesses that do similar work and share common hazards. Using research, insurers can…
Qualifying Event A qualifying event is any change in your business situation that affects your needs for insurance. A qualifying event is a change in your company’s situation that allows you to request policy modifications ahead of your next policy renewal. However, you must report these changes within two months of the event to be allowed to change your policy before its renewal. Insurance…
Stop Gap Coverage Stop gap coverage provides employer’s liability insurance when it’s not included in a workers’ compensation policy. The term stop gap coverage, or a stop gap endorsement, refers to an employer filling a gap in workers’ compensation insurance by purchasing an additional policy. Stop gap coverage protects business owners from lawsuits filed over workplace injuries. Business owners…
Disaster Recovery Plan A disaster recovery plan is a set of procedures and steps to protect businesses and aid in recovery after a natural or man-made disaster. A disaster recovery plan (also known as a business recovery plan) is an essential document for all small businesses. It helps business owners respond effectively to a catastrophic event, safeguarding business assets and re-establishing…
Contingent vs. Regular Interruption Insurance Regular business interruption insurance coverage provides financial assistance for ongoing expenses when a fire, burglary, or other covered event disrupts your business. To qualify, the incident has to immediately affect your business. Contingent business interruption kicks in when a supplier, business partner, or large customer has a similar problem.…
Indexation Clause An indexation clause, also known as an inflation clause or stability clause, is a provision in an insurance contract that adjusts the coverage limits or retention levels over time to account for inflation or other economic factors. This clause is particularly common in long-tail reinsurance contracts, where claims may take many years to settle. Application of an indexation…
