03 Oct 2017

43% of Phishing attacks target businesses

60% of businesses closed within 6 months of a breach

Does your business need Cyber Protection?

If your business has any of the following characteristics, you are vulnerable to a Cyber Breach.

  • Use of  mobile  technology  (smartphones,  tablets, laptops, PC)
  • Employees
  • Do you engage external partners or vendors?
  • Do you accept credit cards or other online forms of payment?
  • Do you store confidential customer, partner, or other digital information?

What happens if your company gets hacked and you do not carry Cyber Insurance?

Your business insurance policy probably does not protect your company from damages caused by being hacked.

What kind of insurance is needed to cover damages caused by a hack?

A business needs to obtain Cyber Insurance that covers First Party Cyber Coverage and Third Party Cyber Coverage. Below are the  exposures  of  First-Party Cyber Coverage and Third Party Cyber  Coverage.

First-Party Cyber Coverage covers the policyholder from losses to their business that occur as a result of a data breach.  It will cover things like:

  • Data Loss
  • Customer Notification
  • Credit Monitoring
  • Regulatory Counsel

Third-Party Cyber Coverage covers the policyholder from losses suffered by third parties, such as customers and clients, in the event that the policyholder unintentionally fails to protect the third parties’ sensitive information. It  will include:

  • Litigation Defense Costs
  • Settlement Costs

Please feel free to call my office at 201-460-8400 ext. 302. We would be happy to discuss your company’s insurance needs and provide a competitive solution.


Michael J. Merwin, CIC, CPCU, CRM, CRIS President

03 Oct 2017

Even if you are a good driver your automobile rates are still going up

What is happening with Auto Insurance costs?

The Consumer Price Index (CPI) for  Auto Insurance  is up 21.5% since 2012.  It  is the largest 5 year growth of Auto Insurance  cost in the last  24 years.

The driving force in the upward march in premiums is the Auto Industry is finding it difficult to sustain a profit. In 2016, the average combined loss ratio for the nation’s 10 largest personal auto insurers increased to 107.1%. meaning the major insurers lost 7% for the year ending 2016.

Why are the costs for Auto Insurance  increasing?

The major Personal Auto Insurance Carriers are unprofitable due to increases in cost of frequency losses as well as increases in cost severity. The frequency cost is being impacted by driver error from the increased misuse of electronic devices such as Cell Phones, Texting, Laptops, IPad or any other electronic devise while operating their vehicle causing the operator to take their eyes off the road. The increase in the severity of the auto claims has to do with the increased cost to repair a vehicle due to all the new censors and safety equipment to make cars more Self Autonomous. In today’s auto body repair world, not only is the body shop repairing the physical damage to the car, there is the additional cost to  repair the electronics and program the computer in the car.

What can you do to control you Auto Insurance cost?

Contact our insurance agency and let us review your current program and provide solutions and recommendations to control your insurance costs for your personal insurance needs.

Call my  office  at  201-460-8400  ext.  302


Michael J. Merwin, CPCU, CIC, CRM, CRIS