“Cyber liability is a major concern and there are two major factors---a data breach and the cyber risk associated with an outside hack with some of the vehicles,” said Ken Deason of Federated Insurance, as he gave an overview of different insurance auto glass companies need in an industry webinar.
“Our cyber insurance coverage covers if your information is held for random and more."
The webinar, "Assessing Your Shop Insurance Needs," was hosted by the Automotive Service Association (ASA) and took a closer look at different scenarios auto service companies, including auto glass business owners, could find themselves in and how insurance has changed since the pandemic’s onset.
Deason said his goal was to provide an overview of what shop owners often overlook, may not think about or forget to ask as far as meeting their insurance needs.
“The property and liability side, including some specialized coverages that are specific to your industry, are things we are good at,” explained Deason.
An example of this can be seen with the rise in cyber safety. According to Deason, many businesses have probably dealt with cyber and data compromising in some fashion within the last five plus years. To combat the issue, Federated updated several of its available policies when instances started arising years ago.
“Another [insurance-related] topic that has moved to the forefront in many areas is employment-related practices liability. You really have to look no further than the COVID pandemic and all that came with it involving employee safety,” said Deason. “What should you or shouldn’t you be doing as a business owner to mitigate the spread? Masks, hand sanitizers, closing down your shop, reopening, all of those types of things.
"And that is really something that has taken on a life of its own and it’s something that we could have never forecasted a few years ago that this would happen.”
He noted new coverage options, including employee tools, pollutant cleanup and faulty work, were added as a result of...