Cyber & Data Breach Coverage

If you have ever stopped to consider the amount of business that is now transacted through computers and other such devices, it’s staggering. Consumers are now using their mobile devices and other technology to transact business in ways we would not have imagined a few short years ago. Credit and debit card transactions are the norm now, and your business’ computers and cloud systems contain countless threads of sensitive information about your clients.

The threats against this data are more and more sophisticated, and seem to grow in number on a daily basis. Threats such as spyware and malware have now given way to ransomware and phishing scams, and the financial and reputational costs add up quickly.

With a program that includes data breach and cyber liability insurance, quick action can be taken to restore systems and to comply with laws and regulations regarding necessary responses to a breach. Perhaps most importantly, a good policy will help you to reestablish the trust of your clients and the general public as you recover.

Hospitality establishments transact a majority of their business on computer and cloud-based systems now. Mason & Mason’s suite of top-rated carriers not only provide the coverage that’s necessary in today’s day and age, but also gives access to services that assist in preparing for a breach. We help you and your business see the entire picture and take a multi-faceted approach to this aspect of risk management.

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Hospitality Industry & Restaurant Insurance Team

"An agency that is communicative and willing to listen is important to us, and we appreciate that about the team at Mason & Mason. When assessing our needs on a yearly basis, everyone at Mason & Mason is patient and helpful."

Virginia Moore, Conway Area Humane Society

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Who’s Your Star?

Small and medium-sized businesses often have employees that are “stars.” Sometimes the star is the CEO or president, other times there is a salesperson who consistently outsells every other sales team member by a two to one margin. Maybe you’re a software company that has a star coder whose ideas led to your product being a number one editor’s choice. The point is that most companies have an employee or two that helps their business thrive. What happens to your business in the short-term if a star employee, referred to by the insurance industry as a “key man,” dies?

According to a study conducted by the National Association of Insurance Commissioners (NAIC), only 22% of small businesses carry this type of coverage.

Death is an issue that most people do not like discussing, so many small and medium-sized businesses do not have detailed succession plans, and key person life insurance remains an unresolved issue. It is a discussion that helps your company survive the difficult times that can follow the death of a key person.

What is Key Person Life Insurance?

Key man life insurance protects a business from economic loss relating to the death of a key employee. The company buys the insurance, owns the policy, and is the beneficiary of the policy in the event of the sudden death of the insured. Payment from the insurance company to the business is a lump sum, and there are no restrictions on how the company can use the money. Most companies use the money to stabilize the business until they find the key person’s replacement.

Types of Key man Life Insurance

Businesses gravitate to two kinds of policies for key employee life insurance.

Term Life Insurance. Startups favor this type of policy. Startups always try to conserve cash, term life insurance is cheaper than any other kind of personal life insurance.

Policies that build cash value. Whole life or universal life insurance builds cash value that increases the cash value of the policy and is an asset on the company’s book. The company can get access to the excess cash value of the policy at any time for any purpose since the money from the cash buildup belongs to them.

Life insurance premiums vary between companies and smart companies comparison shop for the best insurance program.

The discussion is uncomfortable, but if you do not have key man insurance, it’s worth talking about.