The new year is an optimal time to look at reviewing your business insurance regarding risk management and IT controls. It is recommended to review annually, preferably before policy renewal and definitely when significant operational changes occur. Key times include expanding, hiring, buying equipment, launching new products or changing locations. Regular checkups ensure coverage keeps pace with growth, prevents gaps, and helps avoid paying for unnecessary coverage.
Selecting the right business insurance requires identifying specific risks, with most businesses needing General Liability (GL) for third-party injuries/property damage, Workers’ Compensation for employees, and Commercial Property for assets. A Business Owner’s Policy (BOP) often combines GL and property coverage for cost-effective protection, while industry-specific coverage like Professional Liability (E&O) or Cyber Insurance handles unique risks.
An IT Controls Review is necessary when obtaining Cyber insurance. Insurance requires robust IT security measures to mitigate risks. Key requirements include Multi-Factor Authentication (MFA) for all remote access and administrative accounts, Endpoint Detection and Response (EDR) tools, regular data backups (encrypted/immutable) and mandatory employee phishing training. Email filtering and security is also necessary in protecting agains phishing and malware. Insurers also mandate patch management, vulnerability scanning, and documented incident response plans.
For exceptional risk management advice and the certainty that you have the right coverage to protect your company, we recommend Trident Risk Advisors. They are led by a skilled team of industry professionals, averaging more than 20 years of insurance and risk management experience. Call Trident at (484) 582-6044.
For unwavering dedication to our clients and to ensuring that our clients have the controls to protect their business and to support their risk management, Waytek focuses on securing data and maintaining operational integrity through five key areas: user access management, change management, backup/recovery, data security, and physical security. Key actions include enforcing least-privilege access, reviewing admin privileges, tracking system changes, regular backups, and third-party risk management.
Call us at (856) 346-9310 or email us at info@waytek.com
