FAIA MEMBER SERVICES ADVISOR • NOVEMBER 1, 2013

QUICK LINKS

Cyber Liability

E&O Defense

RLI Coverage

Value of Membership

Disaster Plan Review

Data breach insurance protects you and your customers
Only 35 percent of companies invest in cyber liability insurance, even though studies show that more than 72 percent of data breaches occur in small-to-medium-sized businesses. The average cost of a data breach? A whopping $5 million. Data breach insurance, available through FMS, can reduce your E&O exposure and provide greater protection for your customers. Contact FAIA Member Services for a quote.
Does your professional liability coverage provide defense outside the limits?
If it doesn’t, you may be in for an unpleasant surprise should a customer file a claim. Agent E&O cases can drag on for years. If you have a $1 million policy with claims defense inside the limits, it won’t take long for your policy to be eroded by legal fees, leaving little, if anything, to pay the claims should you lose the case. Review your E&O coverage, and if your policy includes defense inside the limits, contact FAIA Member Services and let us help better protect one of your most valuable assets—your agency—with a policy that provides defense OUTSIDE the limits.
RLI adds new classes and coverage options to In-Home Business policy 
Effective today, RLI is offering new business classes—including barbers, pet sitters, and genealogists, just to name a few—and additional coverage options, including additional business personal property coverage with maximum limits of $100,000, to its Florida policyholders. See a summary of changes to RLI’s In-Home Business Policy.
You know the cost of FAIA membership, but do you know the real value?
During the Sept. 2012–Aug. 2013 fiscal year, FAIA Member Services (FMS), paid out more than $9 million in commissions to FAIA member agents from the insurance programs sold through FAIA’s preferred partners. Contrast that to the roughly $1.9 million in dues that were paid and you can quickly see the true value of membership. And we’re not done yet! In the coming weeks, the FMS Utilization Bonus Program will pay back more than $170,000 to 631 agencies that qualified by using FMS products and services. Please renew your FAIA membership today to continue enjoying the benefits of FAIA membership!
Time to retool your disaster recovery plan
An agency should update its disaster recovery plan on a regular basis. FAIA preferred partner Agility Recovery can help agencies review and update their plans in as little as 15 minutes. If you need help updating your records and reviewing your current plan, or if you're looking to get the most out of your ReadySuite membership, contact Grayson Smith at Agility.
 
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the prior written permission of FAIA Member Services, Inc. FAIA Member Services, Inc.
PO Box 16579
Tallahassee, FL 32317-6579
Telephone: 850-893-4156
www.faiams.com