Cyber Attacks and Small Business Insurance

Every type of small business, regardless of industry, needs to be aware of the dangers of cybersecurity threats. Cybercriminals are constantly modifying their techniques, which means it’s more important than ever to have a cybersecurity plan and coverage.

 

If you’re a small business, you might think cybercriminals would rather target a larger company. This is far from true. In fact, nearly three-quarters (73%) of US small business owners reported a cyber-attack last year, with employee and customer data most likely to be targeted in data breaches, according to the Identity Theft Resource Center (ITRC).

 

To protect small business owners from cyber losses, Frederick Mutual offers Cyber Suite Insurance through our partners at The Hartford Steam Boiler (“HSB”). HSB Cyber Suite is a comprehensive cyber insurance program designed to provide protection from a wide range of cyber risks for small to mid-sized enterprises. HSB has extensive experience and expertise in cyber risk and HSB Cyber Suite coverages are designed to keep pace with the evolving cyber risk landscape.  To learn more about the CyberSuite product offering that is keeping pace with the cyber industry please visit www.frederickmutual.com/cybersuite-insurance.

 

To read the articles mentioned above please visit:

 1 Small Businesses Suffer Record Number of Cyber-Attacks

Contractor Tool Theft Tips

Frederick Mutual insures thousands of artisan contractors as part of Frederick Mutual Secure BOP® program. According to a Milwaukee Tools article, power tools are the most stolen items from a jobsite and a report conducted by the National Equipment Register and National Insurance Crime Bureau found that “construction companies face losses between $300 million and $1 billion annually due to equipment theft.” The report also discusses the expenses of project downtime and time spent filing a claim/report to their insurance company and police department can have significant impacts on productivity in addition the value of the materials that were stolen. Frederick Mutual wants our contractors to avoid these pitfalls and offers the following solutions recommended by https://lnkd.in/eNgEDM8:

Business Risk Protection

Since 2022 Frederick Mutual has provided businessowners Business Risk Protection (BRP) – an online service that provides businessowners vital contracts and agreements for their business to become compliant and reduce risk. Services include construction agreements, subcontractor agreements, consultancy agreements, NDAs, invoices, event related documents and leases. To learn more about our valuable service visit www.frederickmutal.com/business-risk-protection and watch the video below!

Keeping Habitational Risks Healthy

To ensure that Apartment, Condominium, and Townhome policyholders remain adequately protected, particularly in a hard market, it is critical to ensure property values and pricing are adequate. Conducting regular property inspections, maintaining current tenant contracts and lease agreements; as well as reinforcing the following tips to our respective insureds to promote business continuity:

  • Require all tenants to submit their tenant policies annually and conduct routine audits to ensure policies are current.

  • Make sure there are strict rules in place to limit grilling, smoking, candles, and incense.

  • Make sure property managers/landlords are educating and reminding tenants about the importance of being always present when the oven and stove are in use.

  • Have a policy that forbids unregistered or abandoned vehicles or vehicles in disrepair on the property.

  • Have a policy that forbids the tenants from operating certain types of businesses (e.g., welding) on the premises.

  • Make sure properties are inspected and maintained regularly to reduce any potential. maintenance issues relating to roofing, electrical, plumbing, HVAC, sprinklers, elevators, etc.

  • Reduce and preferably eliminate vacancies.

  • Building exteriors should be routinely painted and power washed to limit the growth of mold and mildew.

  • Trim trees and landscape so that the trees do not touch the building.

  • Unhealthy trees should be removed so they do not fall into the building or neighboring properties.

  • Interior building temperatures should be maintained at levels such that pipes will not freeze in the winter.

  • Ensure the premises are inspected and repairs are made to any uneven surfaces to eliminate tripping hazards, as well as for stairs that do not meet local building codes.

  • Properties should be selected that demonstrate pride of ownership.

 In addition, Frederick Mutual provides Business Risk Protection by epoq. This service provides property owners and landlords with vital contract and agreement templates for their business needs to become compliant and reduce risk. With BRP, habitational owners can create lease agreements, contracts, and deposit notices that can be easily shared with their client through the software database.

To learn more about Frederick Mutual’s successful habitational program please contact [email protected] or to learn more about Business Risk Protection please read here.

Tips for Landlords!

As a landlord, it is vital to protect your property with landlord's insurance. For years Frederick Mutual has been insuring landlords and their properties. Our landlord coverage now includes Business Risk Protection which provides lease templates you can use for your renters! Check out our top tips for Landlord's in the video below.

Hurricane Season: Safety and Preparation Tips!

The 2023 Hurricane Season is almost upon us! The official Atlantic hurricane season begins June 1st through November 30th, but in recent years significant storms have hit the East Coast before and after the official season. According to predictions released by The Weather Company and Atmospheric G2, the 2023 hurricane season is predicted to have 15 named storms, 7 of which could become hurricanes, and 3 of those predicted to become major hurricanes. Prepare this hurricane season with the tips below from Frederick Mutual. 

Spring Winds - How to Protect Your Home

With a windy start to March and wind being one of the most destructive forces in nature, even moderate storm gusts may cause damage to your property and belongings. In anticipation of strong Spring winds Frederick Mutual wants to remind you of tips to keep wind from damaging your home.  

Wind Damage Prevention:

  • Make sure roofs are properly inspected and maintained.

  • Move patio furniture, children's toys, and potted planters inside a shed or garage.

  • Secure gutters and downspouts around the home.

  • Hire a professional to cut or trim loose tree branches.

  • Caulk siding and windows to prevent strong drafts.

  • Close and bolt-lock exterior doors, shed doors and other detached structure doors.

  • For commercial properties, be sure to secure or anchor overhead and dumpster doors, outdoor lighting, and signs as well as inventory, equipment, or supplies.  

  • Park vehicles away from trees or large branches. 

  • Close and lock windows.

Service Line Protection: Why Your Home Needs It!

Service Line Protection: Why Your Home Needs It!

Frederick Mutual has offered service line protection for its homeowners for years. Why? Because of stories like this: Recently a family friend, who doesn’t have a Frederick Mutual Insurance policy, had nearly $100,000 in property damage related to a burst utility line. The damage and costs were catastrophic for this couple as their insurance policy didn’t include Service Line coverage. The local municipality will only cover damage to underground sewer or water lines that aren’t on homeowner’s property. The homeowner is responsible for all other underground lines. Frederick Mutual’s Service Line Coverage protects homeowners from costly repairs. See our coverage highlights below and ask us about our Service Line endorsement today! 301-663-9522

2023 Insurance Policy Tips

As you start the new year with resolutions and set your goals, don’t forget to include evaluating your insurance products! Staying on top of your policies prevents any lapses in coverage that could be costly for your home or business. Frederick Mutual suggests the following tips to keep your assets fully covered, so you can continue to have peace of mind. Outside of insurance what are some of your goals for 2023?

Fire Prevention Week: Avoiding Halloween Fires

On National Fire Prevention Week the NFPA offers these tips and recommendations to help ensure a fire-safe Halloween:

Costumes: Choose costume material that is flame resistant and avoid costumes that billow or have long-trailing fabric.

  • Flammable decorations: Halloween decorations can be highly flammable. Keep these decorations away from all open flames and heat sources, including light bulbs and heaters.

  • Candles/jack-o-lanterns: Instead of using open candles, it is recommended to use glow sticks or battery-operated candle in a jack-o-lantern or on your property. If you choose to use candle decorations, make sure to keep them well attended at all times. Do not leave candles near flammable objects or where trick-or-treaters may walk. Remind children to avoid open flames and supervise children near open flames.

  • Exits: Remember to keep exits clear of decorations, so nothing blocks escape routes.

Protect Your Home from High Hurricane Winds

Early September marks the peak of climatological activity during hurricane season. Frederick Mutual wants to help protect you, your home, and your business during the remainder of hurricane season with the below safety and preparation tips!

1. Maintain Your Roof
2. Maintain Trees Around Your Home
3. Secure Outdoor Items
4. Prevent Wind or Water from Vulnerable Areas
5. Make an Emergency Plan

(301) 663-9522 | (800) 544-8737

 57 Thomas Johnson Drive | Frederick, MD 21702-4301

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