On a list of things you want to hear from an employee, that’s way below “I brought doughnuts.”
Unfortunately, it’s not uncommon.
Let’s say your employee Megan knocks out a brilliant presentation on her work laptop one night then hits the health club in the morning. Not fully caffeinated, she leaves her bag in the back of her car and neglects to lock up. When she comes back, her laptop has gone missing … brilliant presentation and all.
In the life of every laptop, there’s a 1 in 10 chance that it will be stolen. Count to 53, and someone just stole another one. If you’re a business owner, a work laptop should be high on the list of property you’re thinking about when you consider business insurance.
Though nothing makes this situation fun, you can lower your stress by knowing you have the right insurance. Property and (depending on your business) Cyber coverage can keep your business on track.
How Property coverage helps …
• Hardware: You can purchase coverage for the actual laptop (though it may be subject to a deductible and limitations if your loss is off premises – so check with your agent).
• Software: You can also include coverage for the software on it. Make sure you have enough coverage for expensive industry or specialty software. (Again, may be subject to deductible and other limitations.)
• Time: You can even cover yourself for the business income you’ll lose because Megan has to create a new presentation to woo your client – or delay other work while’s she’s waiting on replacement tech.
How Cyber coverage helps …
• Non-public personal data: If Megan’s laptop had confidential information about your client, Cyber insurance helps you handle the costs of satisfying state privacy laws, contract requirements and other regulations. That can get super pricey: you may have to send notifications about the breach, investigate what went wrong, and/or pay various fines and costs.
• Personal Health information: Did we mention you own a medical facility? If Megan kept medical records, that’s considered Protected Health Information (PHI) and can trigger a HIPAA (Health Insurance Portability and Accountability Act) violation. Cyber coverage helps you handle the lawsuit and fines that are sometimes in the five figures.
• Reputation: And of course, if you have a data breach, it’s announced to the world. Most states require you to notify anyone whose information may have been involved – and HIPAA posts the details online. Cyber coverage can help you rebuild your lost trust and respect by helping you out with public relations and crisis management.
The good news – both you, Megan and the rest of your team can lessen the risks of this type of situation:
• Don’t leave laptops (in a bag or not) inside a vehicle, especially if it can be seen from the windows. If your car is a rental, make sure you don’t accidentally leave your bag in the trunk.
• If you have private data you need to protect, encrypt it. This thwarts thieves and shows regulators you take privacy seriously – which can decrease any fines you might receive.
• Instead of keeping client data on a laptop, consider securely storing it on the Cloud.
Mylo’s licensed insurance advisors are pros at knowing your business and all of its coverage needs, laptops and beyond. Call us for a custom consultation on the right coverage for you.