Glascock-Meenan Insurance

9 Key Elements of a Data Security Policy

While the conversation around the water cooler may be about the latest cyber breach, protecting your data against cyber attacks requires much more than words. Walk the talk to help protect your data with a documented data security policy.

Every employee needs to understand his or her obligation to protect company data. Employees also need clear expectations about behavior when it comes to their interaction with data. For that to happen, your data security policy needs to be published, understandable and enforceable. It should outline practices that help safeguard employee, customer, company and third-party business data and sensitive information.

As with many complex programs that deal with sophisticated products or topics, there are usually essential elements that form the foundation of a plan.

 

Essential Elements of a Data Security Policy

  1. Safeguard Data Privacy: Employees must understand that your privacy policy is a pledge to your customers that you will protect their information. Data should only be used in ways that will keep customer identity and the confidentiality of information secure. Of course, your employees and organizations must conform to all applicable laws and regulations.
  2. Establish Password Management: A password policy should be established for all employees or temporary workers who will access corporate resources. In general, password complexity should be established according to the job functions and data security requirements. Passwords should never be shared.
  3. Govern Internet Usage: Most people use the internet without a thought to the harm that can ensue. Employee misuse of the internet can place your company in an awkward, or even illegal, position. Establishing limits on employee internet usage in the workplace may help avoid these situations. Every organization should decide how employees can and should access the web. You want employees to be productive, and this may be the main concern for limiting internet usage, but security concerns should also dictate how internet guidelines are formulated.
  4. Manage Email Usage: Many data breaches are a result of employee misuse of email that can result in the loss or theft of data and the accidental downloading of viruses or other malware. Clear standards should be established regarding use of emails, message content, encryption and file retention.
  5. Govern and Manage Company-Owned Mobile Devices: When organizations provide mobile devices for their employees to use, a formal process should be implemented to help ensure that mobile devices are secure and used appropriately. Requiring employees to be responsible for protecting their devices from theft and requiring password protection in accordance with your password policy should be minimum requirements. Read More

Agribusiness Insurance

To succeed in today’s evolving agribusiness landscape doesn’t just mean knowing your farm, ranch, stable or vineyard. These days, it’s critical that you stay up-to-date on the risks that threaten it, and understand your options to protect it. From extreme weather to the revolution in AgTech, Travelers Agribusiness helps you navigate the sophisticated hazards of your industry. We offer broad property and liability coverages, risk-control services and claim support tailored to meet the specific challenges you face, and to help protect what you have worked so hard to build.

Our leading-edge industry insights and expertise, strength of coverage and the competitive advantage we deliver to our policyholders by keeping them ahead of emerging risks, are just a few reasons why Travelers Agribusiness writes more farm and ranch insurance, exclusively through independent agents, than any other insurance carrier.1 And why we’re the right choice to protect what matters most to you.

 

Lines of Business:

  • Auto
  • General Liability
  • General Liability – including Personal Liability
  • Property
  • Umbrella/Excess

Who is this right for?

  • Citrus growers
  • Commercial growers and packers of agricultural products
  • Cotton growers
  • Estate farms
  • Family farms and ranches
  • Grain & field crop growers
  • Horse farms
  • Livestock, primarily cattle & sheep
  • Vineyards
  • Wholesale nurseries
  • Wineries, including tasting rooms

Learn More

What is Personal Liability Insurance Coverage?

Personal Liability insurance is about financial protection – for you and your family. The personal liability coverage within your homeowners policy provides coverage for bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible.

 

 

 

Personal liability coverage provides for a defense if you are sued, and can pay damages to injured persons up to the limit of liability.

For example, if someone falls down your stairs, or your child accidentally throws a ball through a neighbor’s window, breaking an expensive vase, you may be held legally responsible for the damages caused.

Many homeowners insurance policies provide a minimum of $100,000 in personal liability coverage, meaning the insurance company can pay up to that amount in total to injured persons per occurrence. If you feel you need more protection, higher limits are available. You can also purchase a personal liability umbrella policy if you think you need additional liability coverage.

Medical Payments

Another type of liability coverage in a homeowners policy is medical payments to others coverage. The homeowners, renters or condo policy generally can provide for the payment of necessary medical expenses for guests who are accidentally injured on your property. This is regardless of whether or not you are legally responsible. It also can provide coverage in other situations as well.

The minimum amount of coverage available is $1,000 per person. Higher amounts of coverage may also be available.

Preparing for the Risks of 3D Printing in Manufacturing

In applications ranging from the automotive and aerospace industries to healthcare, food and consumer goods, 3D printing can shorten development cycles, lessen time-to-market and lower the cost of traditional manufacturing. By 2020, the global market for 3D printing hardware, supplies and services is estimated to reach $17.2 billion.1

But while the technology’s potential to revolutionize manufacturing has been well documented, the risks are not as well defined. In some cases, 3D printing, also known as additive manufacturing, brings uncharted risks including cyber and intellectual property risks. Every party in a global supply chain should understand the liabilities involved in 3D printing and be prepared to minimize them.

“Should a 3D printed part or food cause injury or illness, it could result in a financially devastating lawsuit,” says Mike Thoma, Global Technology Chief Underwriting Officer at Travelers. “Therein lies the challenge: The field is so new, no one is sure how liable they really could be.”

Following are four key risk categories for 3D printing that technology companies should understand, and an illustrative risk scenario for each category.

Property Damage Risk

If a 3D printed object causes property damage due to a defect or a failure to function as intended, it could lead to a lawsuit. Any company or individual involved in the product’s manufacturing or distribution chain could find themselves named as a defendant. Read More

Cyber Risks and Your Business [Video]

Small and medium-sized businesses may be at the greatest risk of a cyber breach, and the least prepared to handle it. Having pre-breach services to help avoid a breach in the first place, and a cyber breach coach to manage the fallout, can be the difference in whether or not a company stays in business.

 

 

Learn More

What is Personal Property Coverage?

Personal property insurance coverage can cover your belongings, such as furniture, clothing, sporting goods or electronics, in the event of a covered loss – whether they get damaged at your home or apartment, or anywhere in the world.

 

What is Personal Property Coverage?

Travelers’ homeowners, condo and renters policies provide coverage that can compensate you for personal items, such as furniture, clothing and electronics that are damaged in a covered loss. The personal property coverage part of your policy can cover your personal belongings while at home or anywhere in the world.

Under most Travelers policies, covered personal property losses are settled based on actual cash value at the time of loss, but not more than the reasonable amount required to repair or replace the damaged item. In most instances, actual cash value is the reasonable cost to repair or replace the damaged item, less a deduction for depreciation.

Replacement Cost Option

Travelers offers an optional coverage — personal property replacement cost loss settlement — that provides for settlement of covered personal property losses based on replacement cost at the time of loss,with no deduction for depreciation. When purchasing your homeowners policy, you’ll need to decide whether you want the actual cash value personal property coverage generally included in a homeowners policy or the optional replacement cost coverage. Both are subject to applicable policy limits and deductibles.

Optional Endorsements Available

Some classes of property, such as the below examples, may have a limited amount of coverage available based on the type of claim:

  • Money or related property, coins and certain precious metals.
  • Watercraft, including trailers and equipment.
  • Jewelry, watches, furs and semi-precious stones.
  • Silverware, goldware or pewterware.

Additional coverage may be available for these items and other personal property using optional endorsements or separate policies.

For example, you can insure jewelry, furs, silverware and other possessions on a valuable items plus endorsement or on a personal articles floater policy. Read More

8 Elements of a Fleet Safety Program

Fleet vehicle accidents are among the most costly of injury claims for business. The average cost of a loss related to vehicle accidents is approximately $70,000. This is almost twice the cost of the average workplace injury ($36,592).¹

Without a formal fleet safety program, you may be putting the welfare of your employees and company at risk. A generic safety program is better than none. But it is far more effective to specifically design a program for your company and your fleet.

A fleet safety program establishes the policies and procedures that are needed to help ensure a safe work environment for employees. It can also help protect against liability from vehicle accidents.

There are no guarantees that an accident will not happen. Because the road is one of the most dangerous places for your employees², establishing a formal and ongoing program of screening, testing, inspection and training is essential.

The Payoff, Where the Rubber Meets the Road

For any company with a fleet of vehicles of any size, a formal fleet safety plan can provide a number of advantages, including improved safety, employee satisfaction and the potential to improve fleet efficiency.

8 Essential Elements of a Fleet Safety Program

An effective fleet safety program must be comprehensive, up-to-date and instituted as a part of your company’s safety culture. It should be thorough, reaching each employee who gets behind the wheel. And the commitment has to start at the top.

  1. Identifying all of your drivers. Businesses may not be aware of the full extent of their non-owned vehicle exposure. You should identify everyone who drives on behalf of the business, even those employees that use personal and/or rented vehicles.
  2. Management commitment. Leadership support of the program can help assure that the program is used.
  3. Screening and selecting drivers carefully. This can help create a reliable, safe team. Without safe drivers, no organization is likely to have a good long-term safety record. Establish clear hiring standards and a thorough screening process for anyone who drives on company business. Read More

Dwelling Coverage

Dwelling coverage is a main component of a Home Insurance policy that can help pay to repair or rebuild the physical structure of your home in the event of a fire or other covered cause of loss.

 

What is Dwelling Coverage?

Dwelling coverage can help pay to repair or rebuild your house if it is damaged by a number of different scenarios or risks. Some examples of the types of risks that may be covered include:

  • House fires
  • Severe weather
  • Falling objects
  • Vandalism/theft

Your dwelling coverage limits are based on the estimated cost of rebuilding your home. While the current market value of your home may be lower than you’d like, the cost to rebuild may be higher than you think. Over time, economic changes – such as labor or material costs – could make rebuilding more expensive than initially anticipated.

Updates, additions and improvements to your home may increase or change the amount of coverage you need. Some common home changes include: installing hardwood floors, updating a kitchen or bath or adding a deck. As a result, it’s important to periodically review your coverage. Read More

Rental Car Insurance: Does My Insurance Cover It?

It’s a situation many of us have found ourselves in: you’re at the rental car counter, checking in to pick up a vehicle you booked months ago. But before you can check out, you’ve got a question to answer: are you buying supplemental insurance coverage, or will you decline it and wonder if you should have taken it?

To be fair, it’s not a question with an easy answer. There are many factors to consider before choosing whether to accept or decline additional rental car coverage. But looking into it ahead of time, learning about what to expect and having a good understanding of car insurance – as well as your own personal policy – can help make your decision easier.

Not sure if you should hand over the extra cash for coverage? Here are a few details to keep in mind, so you can help protect yourself without wasting money:

Does My Current Car Insurance Cover a Rental?
The first factor that should influence your decision is your existing car insurance coverage. Take the time to review your coverage. What sort of comprehensive, collision and liability coverage do you have? Does it extend to rental cars you may drive? In many cases, your existing policy will cover rental vehicles — at least to some extent. If you aren’t sure if your car insurance policy covers rentals, check with your agent or insurance representative. Read More

Why You Need a Renters Insurance Policy

Many renters don’t realize how much they could benefit from having an insurance policy that can help protect their valuables in a life-changing event like a fire or theft. If you assume that damage to your property in your rental home will be covered by your landlord’s insurance policy, you’re making a mistake. The owners of rental properties typically purchase only enough insurance to repair or replace their structures. Insuring your personal property is up to you.

If you suffer a loss to your personal property or become the victim of a theft or fire, your landlord may be sympathetic but he or she may bear no responsibility for replacing your property.

Renters insurance offers the same general personal property coverage as homeowners insurance. It helps protect against losses from such mishaps as theft, fire, lightning, vandalism, windstorms and water damage from broken water pipes.

If your rental home should become uninhabitable, your renters policy typically will help address some of the costs for you to temporarily live elsewhere, up to your policy limits. This benefit usually includes the cost of meals, over and above your normal expenses. Read More

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