Unlike an insurance agent, an insurance broker doesn’t work for one particular company. Instead, they offer many different insurance products so you can find the right plan for you, your family or your business.

An insurance broker also provides comprehensive services related to your insurance policies. Brokers often offer the following services in addition to finding you the right insurance policy. (Not all brokers offer all of the following. Check with your broker for specifics.)

1. Conducting risk assessments

A risk assessment looks at all the possible scenarios in which you may need insurance. For instance, your business may need insurance against theft and fraud. Your home may need protection against floods or hurricanes.

An insurance broker will take the time to get to know you and your business. They will understand your needs and can run a risk assessment to identify any risks.

2. Evaluating policies to match your needs

A broker can help you find an insurance policy that meets all your coverage needs. They will help you identify the right policy and attach any necessary riders to ensure you’re fully protected.

3. Looking for the best prices

Your broker wants to help you get the right product for the right price. They can help you get the best rates on coverage.

4. Comparison shopping

In addition to policy discounts, your broker will compare plans from different companies to get you the best policy at the lowest price. This saves you time and helps you feel confident that you have the right products.

5. Monitoring coverage

Your coverage needs can change over time. Additionally, insurance companies sometimes introduce new products that could be helpful to you. Your broker will monitor your coverage and the available products on the market, so you always have what you need to protect your family and/or your business.

6. Finding ways to lower your risks

Your insurance broker can also help track insurance usage patterns or behaviours that may put you at risk of needing to file an insurance claim. By tracking these patterns, they can help you develop ways to reduce your risk and get the right coverage at the best price.

For instance, you may be able to lower the cost of car insurance by proving that you drive safely, or tracking your mileage to show you don’t drive much. Your insurance broker will work with you on this process.

7. Helping with claims

Filing an insurance claim can mean a lot of paperwork and a lot of hoops. Your insurance broker can help you file these claims correctly so you can get paid quickly.

8. Explaining the fine points of your coverage

If you’ve ever tried to sit down and read an insurance policy, your eyes probably glazed over! Your insurance broker can explain in plain English what is and isn’t covered and any other important points you need to be aware of. And if you have any questions, they are always available to help.

Whether you need home insurance, car insurance or any other type of insurance, your broker can help you find the right product for the right price. With these services and many more, your broker can relieve the stress of finding and enrolling in coverage.

If you want to protect your business from losses associated with employee crime, you’ll have to go outside your standard commercial property policy.

While theft of items from your business is usually covered under commercial property insurance, employee dishonesty and illicit removal of money and securities aren’t. To insure against these potentially staggering losses, you need commercial crime insurance.

Commercial crime coverage is a broad term. It refers to insurance or bonds that protect companies against dishonest employee actions, computer and fund transfer fraud, forgery and alterations, theft and destruction of money and securities, and employee theft of client property.

Computer fraud is a growing problem

The computer fraud angle is particularly important for small and midsize companies because criminals are heavily targeting this sector with phishing emails. These so-called social engineering efforts include impersonation of financial managers and other attempts to fool employees into transferring funds to unauthorized people. Financial losses stemming from these attacks are not covered by standard commercial property insurance.

Commercial crime policy versus fidelity bond

Though the terms “commercial crime policy” and “fidelity bond” are used interchangeably, there may be important differences. A commercial crime policy can help if your funds are stolen by someone outside of your company, such as an embezzler, a burglar, a hacker or a counterfeiter who passes your company bogus currency.

Fidelity bonds focus primarily on your employees. There are multiple types of fidelity bonds that make up commercial crime coverage, and some depend on the type of business you run. For example, financial institutions should obtain bonds specially designed for the banking or investment sector.

Companies that are not in the financial sector might be interested in a business services fidelity bond. This type of bond insures against employee theft of customer property. A company that has employees who go to client work sites or handle client assets would most likely be well-served by a fidelity bond that covers those workers. Imagine a case where a home therapist is accused of stealing jewellery or an accountant is charged with embezzling client funds.

If your employees stay on your business premises, you might want an employee dishonesty bond, which covers internal employee malfeasance.

Fidelity bonds can be written to cover all your employees (called blanket coverage) or just th feew with access to your financial accounts. Talk to your insurance broker about the number of personnel you wish to cover, because this will affect your cost. It might not be necessary to cover all, or even many, employees. Note that owners, partners, directors and officers of a company are generally prohibited from being insured under a fidelity bond.

A fidelity bond is normally written to cover a set of named perils, such as those mentioned above: embezzlement, forgery, etc. You will typically be given a choice of how your coverage is triggered: when the loss is discovered or when the loss is sustained. Your policy must be in force at the time of the discovery (or the actual occurrence of loss in the latter case) for coverage to apply.

When to report a loss

Understanding the term “discovery” is important. You don’t need to have all the facts or be able to prove a crime to trigger your coverage. If you become aware of facts that reasonably suggest a loss has happened, that is the time to report it. If legal action is taken against your company or a named insured for actions included in your policy, that is also a trigger for coverage, so you should report it. If you delay and further crimes are committed, you could forfeit protection.

Keep in mind that a conviction is usually necessary to validate a claim against a crime bond. Without that, the loss might not be covered since the perpetrator won’t have been proven to be a person insured by the bond or policy. Under a commercial crime policy, you may be able to secure coverage to help pay for forensic experts who can build a body of proof supporting the loss you are claiming. That is a very beneficial component of a policy.

How do you get commercial crime insurance?

Your company can purchase a commercial crime policy or fidelity bond as a stand-alone product or as an addition to a commercial insurance package. Some business owners policies include some crime insurance, while others allow you to add crime as a tailored option.

Your insurance broker will help you decide which insurer or surety (a company that provides fidelity bonds) can best meet your particular needs. They will also help you secure the right product from a reliable institution.

You will need to consider how a new policy will dovetail with your other commercial coverages. For instance, you may also need an Employee Retirement Income Security Act (ERISA) bond or a fiduciary bond. These protect your company against failures in benefits administration or the handling of financial accounts. You will also want to see how much coverage your commercial property insurance provides for lost, stolen or destroyed financial instruments, such as cash, checks or other securities. It is usually minimal, so building that protection out may be advisable.

In the end, successfully protecting your assets will depend on a combination of high-quality insurance and robust monitoring of your financial accounts. While not every crime can be prevented, you can train your employees and institute custody protocols to avoid internal dishonesty.

Ensuring that your company complies with the latest privacy regulations starts with understanding the risks, creating a policy for your employees to follow, and taking a smart approach to data collection, retention and security. You should also review your insurance policies for data breaches and cyber liability coverage.

Here are 10 points to consider:

1. Understand your risks. One data breach may be all it takes to ruin your reputation and shut down your business. Conduct a thorough assessment of your company’s data vulnerabilities. What types of sensitive personal information do you collect and store? Who has access to your systems? What controls are in place?
2. Create a privacy policy. Your written guidelines should spell out how you will handle privacy issues, such as the types of sensitive data you will collect, what the data will be used for, and how long you will keep it. Include how you share data and the rights consumers have to their data. Consider issues like consent, notification, social media and third-party use of data.
3. Get management buy-in. Make data security a top priority for your management team. Then, back up your commitment with the resources and training to execute your policy effectively. Appoint a data privacy officer with authority to implement your policies across the enterprise. Create a culture that values privacy and integrates it into all aspects of your operation.
4. Be aware of the changing regulatory landscape. Privacy has become a global concern. Stay informed about new regulations, including those in other countries. You may be required to maintain certain documents and records, prepare impact assessments or file notices with a regulator. Assign someone on your staff to take the lead on privacy compliance or use an outside attorney. Your insurance professional may also be able to help. Many liability insurers provide legal services to their clients.
5. Limit and protect the data you collect. Data minimization is a key concept in digital privacy, and it’s required by the European Union’s General Data Protection Regulation (GDPR). Collect only the personal data you need for a specific purpose, use it for that purpose only, and then safely discard it when it is no longer needed. Have strict safeguards for data storage and limit employee access to personal data.
6. Authenticate users and protect their data. Ensure that only authorized users can log into systems and that data remains secure. Multifactor authentication, biometrics, and encryption are just a few ways to do this. Pay attention to mobile devices, cloud-sharing, off-site networks, and routers. With employees working remotely, maintaining privacy can be a real challenge.
7. Educate your staff. Your employees are your best defence against cyber intrusions and data breaches. Make sure your staff members are trained properly. Do they understand your policies and know how to handle sensitive data? Do they know how to report suspicious activity? Are they aware of phishing email scams and other hacks? Have you created a culture of awareness, transparency, and cooperation?
8. Keep your software systems up to date. Your IT team should regularly update your systems. It’s especially important to download security patches and new software versions. Turn on firewalls and spam filters, and run software security programs. Cybercriminals prey on businesses that leave themselves vulnerable to the latest viruses and malware.
9. Be transparent and accountable. New laws like GDPR require you to keep consumers informed and give them control over their personal data. Customers have the right to know what is being collected and how it is used. They also have the right to opt in, opt-out, and be “forgotten” (meaning you may not collect certain data without their permission and must erase their data if they request it).
10. Make data security a continual process. Bad guys will always try to steal your data, so it’s important to continuously assess your risks and update your responses. Keep your staff informed through regular meetings and training, and alert them to the latest social engineering scams and other cyber threats.

Finally, review your insurance needs. Ask your insurance broker about data breach and cyber liability insurance. These types of policies can help cover the cost of a breach and other cyber risks. You should also check if your director’s and officers’ insurance covers cyber liability.

With support from management and staff, a well-executed privacy plan, and continual awareness and training, compliance should not be a burden. The rewards are increased brand trust, customer loyalty, goodwill, and sales for your company.