THE BENEFITS OF CYBER LIABILITY INSURANCE

When cyber attacks occur, they can result in devastating damages. Businesses have to deal with business disruptions, lost revenue and litigation costs. It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program.

Cyber liability insurance policies are tailored to meet your company’s specific needs and can offer a number of important benefits, including the following:

  1. Data breach coverage: In the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs, particularly as they relate to security fixes, identity theft protection for those impacted by the breach and protection from possible legal action. Cyber liability policies include coverage for these exposures, thus safeguarding your data from cyber crimes;

  2. Business interruption loss reimbursement: A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. In addition, increased costs to your business operations in the aftermath of a cyber attack may also be covered;

  3. Cyber extortion defense: Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid. As these types of attacks increase in frequency and severity, it’s critical that organizations seek cyber liability insurance, which can help recoup losses related to cyber extortion;

  4. Forensic support: Following a cyber attack, your organization will have to investigate to determine the extent of the breach and what caused the system to be vulnerable. The right policy can reimburse the insured for costs related to forensics and seeking out expert advice. Additionally, some policies can provide 24/7 support from cyber specialists, which is especially useful following a hack or data breach;

  5. Legal Support. In the wake of a cyber incident, businesses often seek legal counsel. Cyber liability insurance can help your business afford the proper legal representation following a cyber attack;

  6. Coverage beyond a general liability policy. General liability policies do not always protect organizations from losses related to data breaches. Supplementing your insurance with cyber insurance can provide you with peace of mind that, in the event of an attack, your business’ financial status and reputation will be protected.

Apron Agencies wants you to be informed and for your business to be prepared in the event that a cyber attack occurs. Call us today at (504) 416-0237 to get more information on how to protect your livelihood.

computer-hacker-and-cyber-crime-PY4BZPC (1).jpg

WHAT IS AN UMBRELLA INSURANCE POLICY?

bright-green-umbrella-PTM644D.jpg

 As an insurance professional, our clients may ask if they need any other insurance policies.  Most often, the answer is yes.  Not because we necessarily want to sell the client more insurance but because we see a possible “hole” in the coverage that may exist. Most people who consider themselves middle-class citizens need an umbrella policy.  This is because the cost of housing has inflated and the cost of replacing automobiles has risen dramatically.

So, what is an Umbrella policy?  An Umbrella policy is one that covers losses over and above your basic policies, such as your homeowners, auto insurance, etc.  We can describe this best by giving you an example.

Mr. Smith is married and has three children.  He has a homeowner’s policy for his home that is worth $450,000 and has liability insurance for $500,000 in coverage.  His automobile insurance policy has coverage of $250,000/$500,000 for liability and $250,000 for property damage.  The limits on these two policies are higher than the average person carries, but because of the value of Mr. Smith’s home and the fact that he has three teenage children driving, his agent and he have discussed that his limits should be higher than the average individual.

One night during Mardi Gras season, Johnny, his 17-year-old son, goes out and drives while under the influence and hits another vehicle and seriously injures four people in the adverse vehicle.  All the passengers in the adverse vehicle end up in the hospital and remain there for a week to ten days.  Johnny has been deemed at fault and was arrested for DUI.  The hospital bills for the adverse passengers totaled 1 million dollars.  Mr. Smith’s auto policy will only pay up to $500,000 for all medical bills.  The remaining $500,000 will be charged directly to Mr. Smith as he is responsible for the overage not paid for by the auto carrier. 

However, Mr. Smith’s insurance agent recognized that he was vulnerable to this kind of issue.  So, he made Mr. Smith take out an Umbrella policy that will pay over and above his auto policy and homeowners liability coverage in the event of a situation like that described above.  When the accident occurred, and the agent realized the extent of the injuries, she contacted the Umbrella carrier and notified them there might be a claim filed on their policy.  After the Umbrella carrier is provided with a Notice of Potential Loss, Mr. Smith can begin to send copies of all the invoices and reports related to the accident. Since the bills amounted to $1,000,000 and the auto carrier spent $500,000 and the Umbrella carrier spent $500,000, there is still $500,000 left to cover any additional costs for this accident.  There may be lawsuits filed and legal costs may incur as a result.  In this instance, Mr. Smith will have left the additional $500,000 left to cover these expenses.  However, it must be noted that anything over that $500,000 will have to be paid for by Mr. Smith.

So, what occurred here?  Without the Umbrella policy, Mr. Smith would have been responsible for the $500,000 in medical bills and anything over that amount would bedecided in the courts.  His assets could be at risk and possibly seized to cover  the remainder of the accident costs.  Without the Umbrella policy, Mr. Smith could have been looking at a significant decrease to his net worth. 

An Umbrella policy will cost anywhere between $350 to approximately $2000 depending on the worth of your assets.  The premium is calculated based on the number of assets you have, the type of assets, and the value of those assets.  The more “toys” a family has, the more expensive the policy becomes.  Also, swimming pools, Four Wheelers, ski jets, boats, etc. will make the price inflate because there is more likelihood of someone getting injured on these types of assets. 

One other important aspect of an Umbrella policy is that you must have an underlying policy in order for an Umbrella policy to be effective for that asset.  For example, if you have a ski jet that has no individual policy, it will not be covered by the Umbrella policy.  Upon completing applications for an Umbrella policy, the agent must show proof of coverage for every asset listed on the application.  If there is no primary coverage, then there can be no Umbrella coverage.  Any good agent should recognize and advise their client when they feel that a client has assets that should be protected over and above their primary policies.  If your agent has not suggested this, you may want to inquire about it or call another agent that should take an interest in this coverage. 

Above all, independent insurance agents provide their clients with peace of mind. You can know that your agent will do the work to find you the best policies that not only fit your needs but also save you money. Mel Leveque, with Apron Agencies, will put your interests first and help you feel confident in the protection you choose for your home, business, and family. “Like momma in the kitchen, we got you covered.” Call (504) 416-0237 or visit us online at apronagencies.com to learn more!

4 BENEFITS OF WORKING WITH AN INDEPENDENT INSURANCE AGENT

Money photo.jpg

Many insurance companies promise to save you a certain percentage on your insurance when you get a quote from them. But working with an independent insurance agent can offer more than just saving you 15% on your policy. Here are top 4 reasons to work with an independent insurance agent:

1. Personalized Customer Service – Most major insurance companies have an automated directory that you must first go through when you call their customer service line. This can add on the time and effort it takes to do things like reporting a claim, making a payment, or simply asking a question. Working with an independent insurance agent will provide you with personalized, direct service. You will always be able to directly reach your agent. Instead of talking to a different person every time you call, you will get help from the same person who knows your policies and knows you.

 2. Personalized Options – An independent insurance agent is able to review many different insurance companies for the best policies that will meet your needs for the right price. Your insurance agent will be able to handle your coverage, assist you with claims and any concerns you may have. At no additional cost, an independent insurance agent will personally shop policies for you and advocate on your behalf.

 3. “All in One Pot” – Independent insurance agents can take care of all your insurance needs at once. Rather than dealing with multiple agents and multiple agencies, you can save time by having your auto, flood, home and health insurance policies all handled by the same agent. And if you are a business owner, you can also opt for commercial insurance coverage from the same place that insures your personal policies.

 4. Working with a Local – Typically, an independent insurance agent is local to the area you are in. Not only can it be rewarding to see your agent support your community, but they also have valuable knowledge about the city you live in. They can use their expertise to help you protect your assets by reducing certain risks.

 Above all, independent insurance agents provide their clients with peace of mind. You can know that your agent will do the work to find you the best policies that not only fit your needs but also save you money. Mel Leveque, with Apron Agencies, will put your interests first and help you feel confident in the protection you choose for your home, business, and family. “Like momma in the kitchen, we got you covered.” Call (504) 416-0237 or visit us online at apronagenices.com to learn more!

DO YOU UNDERSTAND HOW HOME INSURANCE PREMIUMS ARE CALCULATED?

36905823_1085694898253899_8915049150857347072_o.jpg

How insurance premiums are determined can vary from insurance company to insurance company, however, most companies will implement the following when deciding what to charge you for your home insurance.

  1. Location - Insurance companies will take into consideration the crime rate in your

  2. Neighborhood, how near your house is to the fire station, and the chance for "act of God “claims.

  3. Type of construction - whether your house is made of wood, stucco siding, brick, or stone.

  4. When your home was built - new homes usually qualify for reduced cost.

  5. Amount of coverage - the amount of coverage you purchase on your home, the contents of the home, and the liability limit will be factors in the price of your policy.

  6. How is your Homeowners Premium Determined?

  7. Loss assessment - how your policy will pay for your home in the occurrence of a claim, whether it will pay the actual cash value or the amount it costs to replace the contents lost.

  8. Deductible - how much of a loss you are willing to pay before your coverage starts. If you have a mortgage on your home, the maximum amount of your deductible will often be set by your lender.

Click here to receive your homeowners quote!

It’s more important than ever to prepare for any risks from hurricanes, floods and other disasters. Here are some ways to prepare in advance:

- Learn what types of disaster are most likely to affect your business. 
- Look over your insurance policies to see if there are any gaps in coverage. For example, some policies only provide coverage if a business is physically damaged.
- Plan ahead for what your business will do if a disaster forces it to close for an extended period.

Call us today at (504) 416-0237 or visit www.apronagencies.com.

Apron Agencies, "Like momma in the kitchen, we've got you covered."

APRON AGENCIES HAS TEAMED UP WITH CAM’S AUTOMOTIVE SERVICES TO OFFER YOU SAVINGS!

autos-3291379_1920.jpg

Save up to $75 on your next auto repair!

Call for a quote today on your automotive or household insurance and receive a coupon for up to $75 towards automotive repair services at Cams Automotive. $25 towards services if you receive a quote auto insurance and an additional $ 50 towards repair services if you receive a Household Insurance Check Up. Call Apron Agencies today at (504) 416-0237.

Mel+Photo+.jpg

It is my # 1 goal to give you the best insurance for the best price!

download2.png

CAM’S AUTOMOTIVE

For 25 years we have been repairing automobiles from brakes to paint. Call us today for a free estimate 504-461-9838 or email us at shop@CAMSAutomotive.com

Apron Agencies.jpg