Cyber Liability

hackerAccording to the FBI, cybercrime is now ranked as the number one law enforcement concern. The recent oil line attack is a good example.

Welcome To The Next Generation Of Business Loss

Cyber Liability continues to be a major issue for many businesses. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show that 40% of all cyber incidents affect businesses with fewer than 100 employees. According to Business Insurance, a small business now has a greater chance of a cyber-breach than it does of having a fire.

Cyber Myths and Facts

“If I have a data breach I can just call my customers.”  Myth – New laws now require you to provide written notification and even provide identity theft coverage for a period of time. A data breach could cost you up to $250 per individual breach. The government can also fine you if they feel you have not taken appropriate actions.

“Only large companies need the coverage.”  Myth – Businesses with fewer than 50 employees are the latest targets of cyber thieves. Often small businesses fail to have adequate protection making them an easy target. Companies with less than 75 employees endured 70% of the total attacks.

“Traditional business liability insurance will cover cyber liability.”  Myth – Traditional liability insurance does not cover your business for internet exposure or data breach.

“We don’t use the internet for business and therefore don’t have any exposure.”  Myth –According to the 2013 Data Breach Investigations Report by Verizon, 13% of all data breaches that occurred were caused by an employee or other internal source.

“My company does not store credit card information; therefore I don’t have any risk.”  Myth – Confidential information is defined as any kind of personal information including addresses, email, social security numbers, Federal ID numbers, family member information, bank information and more.

Cyber liability coverage has evolved from insurance for information technology companies, to coverage that nearly every kind of business should have.  All types of businesses including retailers, banks, contractors, distributors, restaurants and medical offices, are often unaware of the severe data breach exposure they face. In short, any business not making an effort to protect personal private information is seriously out of step with the emerging landscape of privacy law.

We will be offering a number of articles on this subject over the next few months including; cyber risk prevention and personal identity theft issues.

 

Do You Want To Avoid Unhappy Customers?

stressDoes anyone like having an unhappy customer?  Do you really like having to deal with a frustrated client? I do not; and I try really hard not to have them. According to customer service experts, customer satisfaction, or should I say un-satisfaction, can be boiled down to these areas:

  1. Customers do not feel heard
  2. Customer expectations are not realized
  3. Promises are not kept
  4. Agents are selling policies, not solving problems

In one survey by the Better Business Bureau serving Chicago and Northern Illinois, researchers found 30% of unhappy customers will simply move their business.

How To Improve Customer Satisfaction

Stop selling and start solving problems — It is easy to sell a client an insurance policy, but that may not always be the best for the client. There are other solutions like self-insurance, contractual transfer, or even a modified policy with high deductible.

Focus on personal service – Take care of your customers like they are real people; because they are. Listen with understanding and sympathy.  The customer’s first impression of you is all important in gaining co-operation. You can do this by acknowledging not just the facts of the situation, but also acknowledging how the situation made them feel. For example, “It must have been frustrating for you to bring home our product only to realize it wasn’t the right model for your needs.”

Take responsibility — Never, ever blame or make excuses.  Instead, take full responsibility and the initiative to do whatever you can to solve the problem as quickly as possible.

Always give your customer options — Never limit your solution to just a quick insurance fix.  Ask questions to get to the issues, and then offer more than one alternative.

Show them, don’t tell them –– Present the solution, or option, to the client and then show them how you will respond. The sooner you deliver on the solution you promised, the quicker you’ll be creating another friend of your business.

Insurance Customers Needs Are Changing

partners in riskWith all the changes going on in our world, customers’ needs seem to change as well. In a recent customer satisfaction survey regarding customer service, we found many interesting changes in what people what.
Customer service has quickly risen to the top of the priority list for consumers, and 2021 will be no exception. But why are so many businesses putting a premium on the consumer experience, and what happens if they don’t?
A customers’ loyalty is no longer based on price or product. Instead, they remain loyal to businesses because of the experiences they have had with them.

Customers want to have a place to get all their insurance fulfilled at one time.

Top Consumer Priority
1. Customer experience 46%
2. Pricing 21%
3. Product 33%

The survey found that 86% of consumers are willing to pay more for a better customer experience. How we define customer service:

• We educate rather than sell.
• Seeking alternatives to insurance is always an option.
• Giving our clients many ways to communicate with us is a priority.
• We develop relationships.
• Insurance should be one of many solutions to your risk concerns, not just a product
• Trust is one of the few remaining differentiators available to the modern insurer. Not only that, but it’s still the biggest indicator of a long-term sustainable business.

The client, regardless of the insurance firm, looks to you, the agent, for guidance, support, and responsiveness. Remember to put your client relationships first, despite the evolving tactics and focuses in today’s insurance markets, and you’ll find yourself building a book of business that sticks around for the long haul.

How Agents Can Increase Client Engagement

maginative visual of business woman investment specialist and advisor with business data chart graphic overlay .Every agency and business has a critical component that ensures its performance. It’s known as employee engagement. It can mean the difference between your employees feeling motivated to take the company to greater heights or feeling overwhelmed to the point of sabotage. It is important that all employees feel engaged in the business so that the entire team is moving toward a common goal. The results will be customers who are getting their needs addressed.

This is important when you don’t treat insurance as a product but a service, but rather a relationship. Customers want advice, communication, education and partnerships with their insurance agent. In order to accomplish this, agencies must create a different management model. Here are ways to help employees feel more engaged.

Ask employees to how to improve customer service

Your staff knows better how to improve customer service. Ask them what they believe your customers are looking for. Then create policies and procedures that address these areas.

Seek impute from customers

Unlike some big national firms, we don’t have a set of scripted statements to give to you. We listen to what you are saying and then respond accordingly. We ask the right questions to find the individual insurance solution for you.

Be intentional about culture

Reichley Insurance is in the business to meet people’s and businesses’ needs. We don’t ever sell you a product. We create and deliver personal and business solutions that address your individual needs, and sometimes that may not include any insurance if it is not in your best interest. Our belief is that by doing what is best for you… we will also benefit.

Build performance goals and hold everyone accountable

Most people desire to know where they stand and how they can improve in order to make more money or advance.

We know and understand your industry. Before we do anything, we take time to get to know you. Our staff has a deep understanding of how insurance works, and we continually seek training and education. Our team has over 150 combined years of experience.

These commitments result in the highest customer satisfaction and confidence. They are Reichley Insurance Agency’s highest priorities.

Managing Risk In Uncertain Times

roadWe are living in uncertain times. COVID-19 and all that goes with it have created a new set of operating rules and risks. There is a number of new risks that have emerged as a result of these changing times.

It is vital that your business insurance program have the flexibility to respond to the changing and uncertain times we are living in. Your business insurance program needs to be designed to give your business the best possible coverage at a reasonable price from an agent who understands your individual needs.

Remote Workers 

COVID-19 has changed the way we think about remote working. Most businesses are having employees work from home, and even if there is a vaccine, the work from home trend is likely to continue. In general, employees are covered for work-related injuries that occur outside the office or other workplaces. Generally, employers are still responsible for injuries that occur during a detour, such as when an employee physically departs from his or her job duties that are considered minor activity, getting coffee, etc.

New Cyber Risks

Commercial businesses to become more dependent on the internet with an increase in remote workers. This new normal now requires special procedures and policies to protect your organization, its data, and network. When workers feel secure, you can nurture productivity and enhance collaboration.

Finance, Social Life And Health Of Employees

Because of the requirements and arrangements following the pandemic, employees have been faced with unexpected expenses related to travel, digital needs, accommodation (home workspaces) health concerns, and protective measures. Employers need to find ways to address these needs on a long-term basis, possibly through smaller in-person gatherings, remote learning opportunities, and even allowances for home office improvements.

Employees With Disabilities

Disabled employees need additional support to adapt to changes. Specific measures are required to address their needs and ensure their access to remote works issues.

As with any risk, you want to get out in front of it quickly. The longer you wait, the harder it is to mitigate the damage. The most successful companies are those that put systems and processes in place to help them quickly recognize the warning signs and navigate the best path forward.

 

What Are Clients Looking For In An Agent?

meetingA recent study by a leading insurance research firm showed something we have been saying for years. That is, when it comes to insurance buying most people are not just looking at price. There are many factors that will lead a person or business to select their agent.

Here are some of the factors clients consider when shopping for insurance:

  1. Clients want to be educated about risks they face.
  2. Clients want their agent to ask questions about their family and business.
  3. Clients want to connect with, and be cared for by, their agent.
  4. Clients want a partnership, not a salesperson.
  5. Clients want assurance their coverage needs are met, not just “sold” a product.
  6. Clients want to understand how their insurance works.
  7. Clients want good communication with their agents.

Price is part of the process, but less than 20%, according to Yana Glezina the director of brand and communications at Rocket Referrals, a leading insurance communications platform based in Des Moines, Iowa.

Here are ways to improve communication with your clients:

  • Return calls the same day.
  • Educate—do not sell.
  • Text clients who are not into email or phone calls.
  • Send your clients thank you notes and birthday cards.
  • Be available when clients reach out randomly with a question.
  • Reach out to your clients with meaningful and timely content.
  • Respond to good and bad reviews.

If you are doing these things, then you are on your way to developing a true partnership with your clients.

The Best Way to Select An Agent That Is Right For You

Slide1dsds

Here is a revolutionary idea; when you buy insurance you are buying service and advice from the agent. Insurance is not a commodity but a service. Yes, you get an insurance policy; however, not all policies are created equal. We believe that the best way to buy insurance is to select a qualified and experienced agent. Allow the agent to understand your needs and then design a policy that works best for you.

We would like to offer a different way of looking at the insurance buying process. We believe that by following our suggestions you will make better more informed choices.

Know the Difference between Independent Agents and Other Agents

Insurance agents are not all alike. Some agents only represent one insurer, while independent agents represent many. You want an agent who represents many insurers and who is willing to take the time to get to know you. Then market your risk with many different insurers. You want a relationship, not a policy.

Use an Experienced Agent

Your agent should have many years’ experience in the industry. They should have a staff that has the knowledge and experience to handle your individual concerns and questions. Your agent should be able to offer alternatives and services that others can’t.

Ask The Agent Questions Regarding Services Offered.  Here Are Few Ideas:

  1. If I had a claim, how would you help me?
  2. How many years of experience do you have? And your staff?
  3. When I call the agency with a question, who would I be speaking with?
  4. May I have three references?
  5. What systems do you have to help manage your business?
  6. How do you define customer service?
  7. What is your policy for returning phone calls?
  8. How long do you usually keep a client?
  9. What makes you skilled at what you do?
  10. Do you have any industry awards?
  11. Will I have to ask for my renewal to be processed?

Professional Designations

Ask about what professional designations the agent has.  This doesn’t always guarantee an agent is expert in all the insurance aspects you require, but it does show the agents commitment to continued education.

Visit Their Web Page

Visiting the agency’s web page is a great way to give you an idea of their services, values and qualifications.

The best thing you can do for your business or family is to select an experienced agent who is committed to developing a personal relationship with you and finding you the best options based on your needs. Remember not all insurance policies are equal, what goes into the policy will determine how claims are settled. You are not buying a product you are managing your risk. Remember, Insurance is not a product, it’s a promise and a trusted relationship.

2021 Presents New Cyber Risks For Your Business

fingerprintThis is a two-part series focusing on new cyber risks for individuals and businesses.

Part One- Business Risk

The CIOVID-19 pandemic has affected businesses in a significant way. With remote workers and increased online purchasing, scammers are using some new and some old tricks to get your personal information.

Common Cyber Breaches

Ransomware. Ransomware is a data-encrypting program that demands payment to release the infected data.

Social Media. These kinds of attacks follow social interactions and will use your online data to steal your identity.

Cloud computing vulnerabilities. The global market for cloud computing is estimated to grow 17% this year. If you store any information on the cloud, you may be at risk.

Third party software. The top 30 e-commerce retailers in the US are connected to 1,131 third-party resources. The scammer will use these to obtain your information.

How To Prevent A Cyber Loss

  • Train employees in cybersecurity principles.
  • Install, use and regularly update antivirus and antispyware software on every computer used in your business.
  • Use a firewall for your Internet connection.
  • Control physical access to your computers and network components.
  • Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace, make sure it is secure and hidden.
  • Require individual user accounts for each employee.
  • Regularly change passwords.

What Cyber Insurance Can Cover

Restoration of Data: Covers the cost to replace or restore electronic data, programs, or software damaged or destroyed by a hacker attack.

Cost of Notification: Covers the cost of notifying parties whose data has been affected by a data breach.

Loss of Income: Covers income losses sustained by a business and extra expenses it incurs to restore its operations following a shutdown caused by a computer virus, hacker attack, or other covered peril.

Cyberattacks present a real threat to the safety and health of businesses today. Cybersecurity risks are mounting every day. But, purchasing cyber insurance does not need to be a confusing or stressful process. Call us today for more information. 

Next part Two, Personal cyber and identity theft risks

 

 

Why Having An Insurance Partnership In 2021 Is Critical

Business Woman Staying On Top On Chart Bar And Looking With TheCOVID-19 may be part of our lives forever. As we move into 2021, you need to re-think how you view insurance. Insurance is not best purchased with the concept of; the lower the cost the better for me. We have seen too many issues arise in 2020 where someone had cheap insurance and ended up having an un-insurance claim, poor customer services, or no insurance at all.

Remember These Values Should Be Important To You

  • It does not cost you more to develop a relationship with a professional insurance advisor. You want an agent who is there to serve you at all times.
  • The right insurance designed for you is what you need.
  • Understand the value and culture of the agency, do that match yours?
  • Insurance may not be your only option. We might tell you to not turn in that small claim.
  • Insurance is design to protect your family and finances.
  • We offer a process of getting you the insurance you need.
  • Our agency’s core values are based on developing a relationship with you, understanding your needs, and educating you on what action we take together.

Your life is changing. We ask you these kinds of questions to understand your insurance needs.

  • Do you have any domestic employees?
  • Have there been any changes in marital status?
  • Are you involved in any nonprofit organizations?
  • Do you own a business and operate from your home?
  • Are you remote working in 2021?
  • Do you own a second home?
  • Are adult children now living at home?
  • Do you drive for a rideshare company?
  • Do you rent out your home?
  • Have you started a home business?
  • Do you own any unique collections of art, wine, cars, or guns?
  • Are there any children in college?

You need a partner in 2021, let us show you how we do it.

Here Is Our Secret to Getting Our Clients The Best Possible Combination of Coverage, Price and Service.

light bulbThere is nothing wrong with wanting competitively priced insurance for your home or business. The issues seem to arise when an insurance consumer takes the low-cost insurance without regard to coverage, their risk, or services offered. We have found a way to help our clients get the best of both worlds; we call it CPS (coverage, price, and service).

Coverage– your policy needs to be designed to give you the insurance you need.

Price– We will work with our insurers to get you a policy you can afford with the coverage you need. We believe in value, not just low prices. We make sure you get all the credits you deserve. We will re-run your credit score as needed.

Service– Insurance is evaluated in the service you receive during the year and after a claim has been reported.

Here are the keys to getting the best possible combination of coverage price and service.

Relationships matter. Relationships still matter and always will. For all its regulations, calculations, and machinations, insurance still requires a personal touch. An agent must have a good relationship with the insurers it represents to get the best level of service, which is passed on to the customer. The agent’s relationship with the customer is important in order for the customer to receive the service they desire.

Communication. We listen to our clients, allowing us to better understand their needs and design an insurance program that meets their needs. We take the time to educate our clients on the different types of insurance, eliminating insurance that is not needed, and saving money.

Be an Invaluable Resource.  We help you understand risks you may not have known about and create insurance solutions that will cover a potentially un-insured claim.

Authenticity. By maintaining an open and honest relationship with our clients allows us to show our value and the importance of building trust. We are able to speak freely about the coverage you need and the coverage you may not need.

You are buying a process of how we work with you to provide the coverage you need.