“To whom much is given, much is expected.” Your mother’s words echo in your head as a friend calls to ask you to join the board of a well-respected organization. Maybe it’s the local Y. The board of trustees of your kids’ school. A hospital. Your town’s chapter of a medically-focused fundraising organization. Your alma mater’s board of governors. “Hmmm… maybe it is time to give back,” you think to yourself.
Serving on a board of directors, while both personally rewarding and with great benefits to our communities, is not something that should be taken lightly – or without due diligence – to be sure that as you give your time and talent, you are not unwittingly putting your personal assets at risk for the actions of the board. Good to serve the greater good; better to serve without risking your family’s security.
As we all rely on electronic communication, our risks increase. Your personal information can be taken, and you may have identity theft. In many cases, you may not suffer a substantial loss. But you could, and many do. You may have personal protection in your home insurance for that. But what about the business whose information is taken? They have legal obligations after a breach is discovered.
Cyber Threats are everywhere these days.
If you’re thinking hackers only go after large businesses – most recently Home Depot, Target, and Neiman Marcus – think again. Small businesses – nonprofits included – can no longer ignore the pressing need to protect against cyber threats. According to Verizon’s 2012 Data Breach Investigation Report , 72% of data breaches worldwide were at companies with 100 employees or fewer. Let’s face it: hackers will find the weakest link. If they conclude that the big guys have tightened up, they’re just going to go after easier targets, like small businesses. Hackers aren’t your only concern. While hackers make the headlines, almost half of data breach incidents as reported by the Ponemon Institute result from “insider negligence.”
Many conversations about insurance focus on what is not usually covered. How about a “glass half full” approach instead? Read on to discover some pleasant surprises about typical homeowners insurance policy coverages you may have.
Coverage for your Personal Property is more than you think
The contents coverage on your homeowners policy insures your possessions not only in your home but beyond! What if your golf clubs are stolen from your rental car while in Hawaii? They would be covered under your homeowners policy (deductibles still apply).
Vacation, business travel or move-in weekend at your child’s college may find you behind the wheel of a rental car. If so, you may also find yourself at the rental counter wondering whether you really need the rental insurance coverage that is offered. You may not. You might also assume your credit card coverage will fully meet your needs. It may not. Too many travelers have no idea what is covered in a rental situation and may make a costly mistake.
Are you now thinking: Am I covered for damage, theft and loss of use of the rental? Liability for injury to others while in the rental car? What if my personal effects are stolen or damaged?
“I don’t live in a flood plain. I don’t need flood insurance.” Perhaps, this is what you’ve always said. Many in Colorado may have said the same thing – until last week. As you are aware, floods have ravaged Colorado and on Thursday, Colorado’s Governor John Hickenlooper signed a disaster declaration and said, “This could easily be a 50 to 100-year-flood.” A few days later, reports declare that it could be the magnitude of a 500-year-flood. Monday morning on the TODAY Show, Al Roker declared it could be a 1000-year storm!
The last box miraculously fit, and as you point the SUV toward Dream University, you have the nagging feeling you forgot something. You may have if you haven’t reviewed your insurance needs for your college-bound child.
Despite the vulnerability to the value of collections of jewelry and art, many collectors spend little or no time protecting their investment versus the time spent with their highly managed stock and bond portfolios.