Three Trends that Frighten Small Businesses

Topics: Small Business

Halloween is synonymous with scary costumes, spooky decorations and terrifying tales of things that go “bump” in the night. When it comes to your small business, however, nothing is quite as chilling as these three trends we’ve seen affecting the insurance industry.

scary small business trends


1. Cyber Crime Continues to Rise

We recently discussed that cyberattacks continue to become more common, with big names like Citrix and Marriott Starwood succumbing to data breaches as recently as 2019. Cybriant, a cybersecurity service provider for small and mid-size organizations, reported that the total global cost of all the data breaches in 2019 thus far amounts to $2.1 trillion.  
 
A report from 4iq, an identity intelligence company, states that small businesses, in particular, have been targeted for cyber attacks, resulting in a 424% increase from 2017 in new security breaches.
A cyber liability insurance policy from AmTrust can help safeguard your company against loss and damage in a cyber attack. We can show you how you can benefit from a policy, and how to protect your organization from cybersecurity attacks and other data breach threats. For more information on cybersecurity, check out these blog posts:


2. Trouble in the workplace

Employee lawsuits continue to be an unnerving trend among businesses. Workplace sexual harassment cases have been an issue, with an increase of 13.6 percent from 2017 to 2018 according to the U.S. Equal Employment Opportunity Commission (EEOC). The EEOC reports that it obtained $56.6 million in monetary benefits for alleged victims of workplace sexual harassment.

Preventing workplace issues, like sexual harassment cases, starts with having both policies and employee training programs in place, but issues can still arise within your small business. AmTrust can help by offering you our Employment Practices Liability Insurance (EPLI) coverage to help protect your company. Our product offers comprehensive coverage and provides free risk and employee management services.


3. Property damage

The National Centers for Environmental Information reported that as of July 9 of this year, there have been six weather and climate disaster events with losses exceeding $1 billion each across the U.S. Mother Nature can wreak havoc on your commercial property – heavy rain and high winds can severely damage or destroy your roof, gutters, roof-mounted equipment, exterior signage and other objects kept outside like display racks or trash cans. Being proactive with your emergency preparedness is a key to helping to avoid, or at the very least, reduce the amount of loss suffered to your commercial property during severe weather.

Check out our businessowners policy coverage as well as our other loss control resources for more information on how to protect your small business. Winter weather is right around the corner, so be sure to read our blog post on preparing your business for extreme weather conditions .

AmTrust Can Help Protect Your Small Business

AmTrust can help ease the fears small businesses face. For more information about our small business insurance solutions, please contact us today.

This material is for informational purposes only, summarizes coverages and services that may be available in a policy, and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors. Contact your local RSM for more information.
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