Cyber Security Insurance: Protecting yourself from another heartbleed virus

Posted by Rachel Auerbach on Tue, Apr 22, 2014

With the Heartbleed virus causing heartburn, it’s worth taking a second look at our review of how to insure against your exposure to cyber liability. But what is cyber security insurance and why do you need it?

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Sandia Labs - Creative Commons

Cyber security policies cover hacked computers, virus attacks, denial-of-service attacks and web content liability. A Ponemon Institute study found that the average financial impact to respondent companies for one or more incidents of data breach was $9.4 million, and most suffered a loss of condifential business information. 

If your company uses the Internet or keeps digital records with personal information, cyber security insurance is for you! Not to mention, 62 percent of respondents from the Ponemon Institute survey said premiums for cyber security insurance are fairly priced. 

Although cybersecurity insurance does not cover you for damage done to your brand and physical harm caused by equipment failures, you do need cyber security insurance for these important reasons: 

1. Costs you would incur to make the proper mandatory notifications to your customers if your system is breached.

2. Misuse of any confidential or restricted information.

3. Defamation if false information comes to light (including emails).

4. If a third party sues you because of a transmitted virus due to the breach.

5. Legal fees for defending yourself against other individuals and companies who sue because of harm or loss of revenue due to your system's breach.

According to Professional Insurance Agents, cyber security insurance policies typically cover: legal liability for damages to third parties, breach of privacy coverage for damages resulting from alleged violations of HIPAA, state and federal privacy protecion laws and regulations, public relations expense coverages, comprehensive business interruption expense coverages and cyber extortion reimbursement coverages.

E & K Insurance Agency, Inc. has many insurance markets available to protect against these threats. Call 732-389-6000 or email to set up an appointment to discuss cyber security insurance.

Tags: E&K Insurance, cyber security insurance, cyber security policies, data breach, defamation, confidential information, personal information, heartbleed virus

Happy Passover and Easter!

Posted by Rachel Auerbach on Tue, Apr 15, 2014


Have a happy and SAFE holiday!

Screen Shot 2014 04 10 at 4.14.08 PMdescribe the image        Image: Jean Pichot - Flickr Creative Commons                                                   Image: Solo Traveler - Creative Commons

 -From all of us here at E&K Insurance

Tags: E&K Insurance, Easter, Passover, Safe, Holiday

Car accident? What you need to know about your insurance!

Posted by Rachel Auerbach on Mon, Apr 14, 2014

Do you know about your auto coverages?

Liability is one of the basic types of coverages and is needed for accidents that you cause. It does not pay for medical expenses. But, it will pay for the other person's damages and it will also pay for a lawyer in case you are sued.

Bodily Injury Liability is a type of basic liability coverage that helps pay for another person's physical injuries acquired in an accident you caused. This will cover what you are legally obligated to pay such as medical bills, rehab costs, lost wages, long-term care and funeral costs. The minimum bodily injury liability coverage in New Jersey is $15,000 per person and $30,000 per accident.

Property Damage Liability is another type of basic liability coverage that is coupled with your bodily injury liability. This covers any property damages in an accident you caused. If you chose a $10,000 limit, you will be covered up to $10,000 worth of property damages, which includes the other person's vehicle, a fence or mailbox. The minimum property damage liability in New Jersey is $5,000 per accident.

describe the imageAngelo Young - Creative Commons

Personal Injury Protection (PIP) pays for your medical coverage if you're injured in an accident AND it covers other people who may have also been injured in the accident.  Another important feature: it does not matter who caused the accident, your medical expenses will still be covered. PIP, or the "no fault" protection, could cover medical bills, lost wages, rehabilitation costs, funeral costs, child care/lawn maintenance/extra help if you can no longer do certain things due to injury. The minimum PIP coverage in New Jersey is $15,000.


Tags: Liability, auto insurance, Car insurance, injury, coverage, accident

Ocean County Flood Insurance Rate Maps Released by FEMA

Posted by Rachel Auerbach on Thu, Apr 03, 2014


Even before Hurricane Sandy, the Federal Emergency Management Agency has been working to improve its analysis of flood risk areas. Last week, FEMA released another set of Preliminary Flood Insurance Rate Maps (FIRMS) for Ocean County, NJ.

"The new maps are extremely important as FEMA, the New Jersey Department of Environmental Protection (NJDEP) and Ocean County communities continue to work in partnership to support resilient communities, and to avoid or reduce the loss of life and property, and the financial impacts of flooding," FEMA said in its press release.


Screen Shot 2014 04 02 at 9.09.54 PM       Greg Thompson/Creative Commons

The release of the maps marks the first step in the review process. Then, expected this spring, a 90-day appeal and comment period will begin. Once this period begins, you can appeal the flood insurance rate maps by submitting technical documentation to the local Floodplain Administrators.

Tags: flood insurance rate maps, Ocean County, NJ