Data security and cyber exposures are becoming a greater threat to organizations of all sizes, and insurance agents and brokers can provide valuable counsel to their clients on insurance and associated risk management services available.  According to a recent article in BoardMember.com, Boards are not paying enough attention (see here):

Many boards have largely failed to recognize the basic existence of cyber risks, much less understand the different types that are out there.

The article also points out that cyber crime has grown significantly more sophisticated, and notes a new type of attack:

Advanced persistent threats, or APTs, slowly rob companies of their most valuable information. They are not the work of hackers, but of tenacious, well-funded professionals focused on espionage…While breaches of customer data usually generate administrative costs, the newer breed of APT attacks could thwart strategic plans, costing untold amounts.

Obviously, organizations need to be proactive in protecting their data and business processes through appropriate security measures.  Insurance offers an additional form of protection that organizations can use.

Increasingly, companies are turning to cyber risk and privacy insurance to protect themselves. Such policies generally cover damage to a company’s data or lost income resulting from a cyber break-in, as well as liability from any lawsuits. The most useful aspect of the policies may be coverage for post-breach response costs, as well as services designed to help companies respond.

The decision to build your own home is an exciting one. Not only do you get to decide where to build, but you also get to determine where on the property the house will stand and how it will be integrated with the landscape.

The tragic Triangle Shirtwaist Fire, which occurred a century ago, ushered in a new era of workplace safety, according to the Insurance Information Institute (I.I.I.).

• Automatic fire sprinkler systems: The chances of a worker dying in a fire, and the average property loss per fire, are both cut dramatically when these systems are in place. In fact, insurance companies would prefer that all multi-story buildings have automatic fire sprinkler systems, although such requirements are generally dictated by local government building codes.
• Mandatory fire drills: Employees working in high rise buildings are typically trained, by either their employer or the building’s management team, on how to exit their building in the event of an emergency.
• Smoke alarms and smoke detectors: These are standard devices in almost all U.S. workplaces, whether the business is housed in a high-rise building or a single story structure.
• Proper storage of flammable materials: The Triangle Waist Company fire accelerated quickly because the workplace was tightly packed with wooden tables and chairs, which sat alongside sewing machines that used oil. Meanwhile, bundles of combustible cloth and tissue paper were lying everywhere when the blaze started, according to a National Fire Protection Association analysis of the historic fire. Today, no insurer would stay in business for very long if the businesses it insured habitually filled their workplaces with such obvious fire hazards.

Back in April we heard the horrific story of an 8 year-old girl from Tennessee who was attacked by a pit bull on her birthday. The young girl received treatment at Le Bonheur Children’s Medical Center and is recovering well. She is receiving all of her school lessons at home. The big issue now is how will the girl’s mother, Elieen King, pay for all of the hospital bills? The children are covered under King’s ex-husband’s health insurance, but King still is nervous that she will have to pay some of the costs and she can not afford to do that.

King wanted to try to get the owner of the dog to pay for some of the bills, but there was one tiny problem, the owner of the dog has no homeowners insurance. The reason that she has none is because she is renting the place that she is living. King spoke with lawyers, but they told her that they could not promise to get anything from the owner of the dog.

Did you know that according to Insurance Information Institute, dog bites account for one-third of homeowners insurance liability claims? So how is it that people who have pets do not have homeowners insurance. Even if you are a renter, you can purchase renters insurance. It is the best thing to do to keep you safe. If the owner of the dog in this case had renters insurance, she might have been able to cover some of the little girl’s medical costs.

It is so important to make sure that you have homeowners insurance because the liability part of your insurance policy will help you in the event that you are sued on types of claims that are in your policy. Liability insurance offers the insured specific protection against third-party claims. People need to start to realize that anything can happen. No one can predict the future, so that is why you need to make sure you are covered for the unexpected.

Come to Bucci Insurance and talk to us about your homeowners insurance policy. We would be happy to discuss what your policy entails and how we can customize it specifically to fit your needs. It is our goal to protect our customers and the way we can do that is to set you up with the perfect policy.

Rhode Island is the 13^th most expensive state for auto insurance! Rhode Island has an average premium of $1,595.97. It is crazy to think that our little state is in the top 15 for most expensive auto insurance. This information was found recently on the NY Times Bucks blog, which came from Insure.com based on a study that Quadrant Information Services preformed for them. The data was comprised from average auto insurance rates of more than 2,400 vehicles across 10 zip codes in each state. They surveyed the rates from six large insurance carriers in each state.

Now, you may be wondering why are rates are so high. Well, there are a few things that drivers in Rhode Island are required to have when it comes to auto insurance. In Rhode Island you must carry liability insurance coverage on all registered vehicles. The minimum coverage for injuries sustained by one person in an accident is $25,000, for all injuries in an accident is $50,000. Aside from purchasing liability insurance, Rhode Island drivers must also purchase uninsured motorist coverage. This helps when you are involved in an accident where someone does not have auto insurance.

Figuring out if your auto insurance is too high or if it is the right insurance for your needs can be tricky. That is why Bucci Insurance Group is here waiting for your call to help you out with all your auto insurance questions. We will make sure that you are covered with all the basics and requirements for auto insurance in our state, as well as customizing your policy for your specific auto needs. We can help to give you discounts, maximum benefits and an unmatched service that will make this 13^th most expensive auto insurance worth it!

Rhode Islanders make sure that you are always maintaining the insurance coverage required and that you have proof of it in your car. Wondering if your car is too expensive to insure? Insure.com has posted a list of the most to least expensive cars to insure, check it out!