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Did you know that 44% of small businesses reported being a victim of a Cyber Attack?

Written by Timothy Shannon on . Posted in Uncategorized

Cyber attacks on small business have an average cost of $9,000.00 per attack according to a National Small Business Association survey and

NSBA also estimates that nearly 59% of small to medium size companies don’t have a plan in place to respond and report data breaches, and everyone is a potential target.

Studies show Cyber Criminals target vulnerable computer systems and networks, regardless of whether it’s a Fortune 500 company, a small business, or an individual mobile device. Criminals are looking for any valuable information-employee and customer information, bank account numbers, financial information, or access to a larger network.

October is National Cyber Security Awareness Month. This annual campaign to Stop|Think|Connect is sponsored by the Department of Homeland Security.

Basic tips to help prevent your business from falling victim to a Cyber Attack include:

* Run scheduled back-ups of critical data

* Use and regularly update antivirus software

* Secure internet connections with firewalls

* Use encryption, and secured Wi-Fi networks

* Establish and enforce security practices, including strong, frequently changed passwords

* Ensure business continuity plans include cyber incidents

Call us for  a review of your business insurance so that we can ensure you have very important coverage that will protect you from this risk!

You, disabled? What are your chances?

Written by Timothy Shannon on . Posted in Uncategorized

Higher than you probably think. You can ignore the problem, but it’s hard to ignore the facts:

Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.

Accidents are NOT usually the culprit. Back injuries, cancer, heart disease and other illnesses cause the majority of long-term absences.

Are you prepared if it happens to you? Probably not. If you’re like most Americans, you don’t have disability insurance (Social Security Administration states that 67% of Americans working in the private sector do not have long term disability insurance), or enough emergency savings to last 34.6 months. Yes, that’s the duration of the average long-term disability claim.

Call or e-mail us for a quick, convenient outline of Disability Insurance coverage and cost. It may be one of the most important calls you can make!

Americans and Retirement Savings

Written by Timothy Shannon on . Posted in Uncategorized

Recent research conducted by the Transamerica Center for Retirement Studies revealed that 77% of 4,200 Americans surveyed are saving for their retirement, either through pre – tax retirement plan or through personal after – tax accounts. Which group do you fall in? If you are part of the 77%, are you putting enough away to provide for a worry free retirement. If part of the 23% or not putting enough away it is never too late to start. Call me today for some ideas that you can put in place today to start saving.

Start Saving Now!

Written by Timothy Shannon on . Posted in Uncategorized

A child born in 2016 that begins kindergarten in the fall of 2021 would attend college between the years of 2034 and 2038. If that child attended an average public in-state 4-year college and if the annual price increases for public colleges experienced over the last 30 years continued into the future, the aggregate 4-year cost of the child’s college education (including tuition, fees, room & board) would be $227,984 or $56,996 per year (source: College Board). If you are a young family starting out, proper prior planning is key to providing your children with the tools they will need to prosper in tomorrow’s environment. Please feel free to call me for ideas that will bring solutions to this for you and your family!

Umbrella Insurance – Is it for YOU?

Written by Timothy Shannon on . Posted in Uncategorized

I get many questions concerning Umbrella Liability Insurance coverage and wondering whether it is something that one should add to their insurance portfolio. The easiest way to answer that question is with a question; “Is protecting your assets in the event of a catastrophic loss something that is important to you?”

Many think “Well something like this will never happen to me”. The fact is that for a catastrophic loss to occur really doesn’t take much and unfortunately it happens all too often. Below is an actual case that occurred that I share only to illustrate the simple things that can add up to a major event.

Real-World Case Study: Drowsy Driver Put Lives in Peril

Tired of the unrelenting snowfall, best couple friends, Lori and Scott and Kim and Jay, decided it was the perfect time for a road trip to Las Vegas. After a busy weekend with good memories made, the four headed home with Scott at the wheel. A short while later, Scott dozed off, awoke suddenly and over-corrected, hitting two oncoming cars. All of those involved sustained serious trauma, including head injuries, lung collapse and multiple major fractures. Two of the injured were airlifted to the hospital for immediate treatment. In addition to hospital stays, recovery would include physical and cognitive therapy and Jay needed extensive reconstructive surgery.

After Scott’s auto liability limits were exhausted, his standalone personal umbrella policy responded to cover their care. The umbrella carrier ended up paying a claim in the amount of $750,000.

In most cases for under $300 per year you can have a $1,000,000 extra layer of protection over your auto, home and other underlying liability exposures.  Well worth looking into if you have assets worth more than your underlying liability coverage.  Amounts available in one million increments to $5,000,000 and excess is available over that amount.

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The Shannon Agency
Timothy G. Shannon, CLF, AIM, LUTCF

Phone: (800) 999-5729
Fax: (877) 625-9370