Shimon Cohen – Insurance

What’s New in the Insurance Market?

1) Cyber Cover
Does your business run on computers, internet and e-mail? Of course! Are you kidding!? Read on.

Third party liabilty has long been part and parcel of any business policy. This covers any damage to person or property of a Third Party. This type of cover is essential for any business. In the new world, however, there are other dangers lurking. You enter your office, make a cup of coffee and start up your computer. You’ve been hacked! Instead of a list of your clients, a grinning face stares back at you with some inane message.

How do you start to get going again, and, even more importantly, can you cover yourself for any loss of business or damage to a client or Third Party?

The answer is: Cyber Cover.

Cyber cover obviously relates to all large businesses. (Look at the current headlines: Millions of credit card numbers were stolen from Leumi Card and there are many similar stories from US businesses.) It also applies to small and medium business. In short, Cyber Cover applies to anyone who has information systems that collect, store and process data. This includes a cash register, laptop, tablet and even a smartphone. All of these are connected to information systems and are therefore open to cyber attack. Data stored can include:
client details, suppliers and other parties connected to your business. Your stored information may even include Teudat Zehut numbers, credit card numbers and other sensitive information.

What does a Cyber policy cover?
1) Theft of Third Party information from your database and its use for potentially harmful or criminal purposes.
2) Insertion of viruses into the information systems/databases of Third Parties (e.g. your clients, suppliers) through an “invasion” of your database and the resulting damage.
3) Other types of damage — lies, defamation, rumors and any distribution of information that could harm the good name of your suppliers or clients that was spread, unwittingly, by you.
Let me give you an example. We just issued a policy for a furniture business that has a sophisticated computer system. If someone were to hack in, change plans, steal credit card numbers, etc., all this would be covered by the Cyber policy.

Question: What about my cost of cleaning up my system, my time lost, my ruined soft/hardware?
Answer: This is the next stage and within a few months the policy will cover this as well.
Give this some thought and then call us for more details. The premiums are very reasonable.

2) The “Young Ones” (Does anyone remember this song?)
You all know the story. Your son/daughter of 18 gets his/her license. Ecstatically, they hold out a hand for the car keys.
“How much will it cost me to add them on to our policy?” you ask your friendly insurance agent.
After you pick yourself up from the floor, you gasp, ”There must be a cheaper option!”

There is! You can now add young (or any drivers) onto cover for a period of up to four days at a time for an additional premium of 90 NIS. This is perfect for those weekends or vacations from the army or yeshiva. In other words, you don’t have to change your policy to cover young drivers but you can add them on according to need.

Call us for details!
We’re here when you need us!


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