The Truth about Cyber Risks

In 2008, IT security company Panda Security conducted an assessment of the remittances sent from US companies to international banks. They found that 30 percent of the 1,500 computers they monitored that were involved in these transactions had virus software that was outdated. Even more alarming was the fact that 60 percent of these computers were actively infected by a virus that could have been stealing valuable information from them. That means that only 10 percent of the monitored computers were both free of viruses and protected from potential virus and malware attacks.

Cyber Theft and Your Business

Every business, even one with active anti-virus software, is exposed to cyber risks such as:

• Interception of wire transfers
• Credit card fraud
• Identity theft

You owe it to your clients to protect their data and sensitive information as you would any tangible asset that you had in your possession. But with technology changing so rapidly, it’s almost impossible to guarantee complete protection against cyber theft or fraud. That’s why a cyber theft insurance policy means so much to the success of your business—it can protect you when you are unable to protect your clients.

Hidden Risks

And while you might think your business doesn't have anything of value for a cyber thief to steal, you could be incorrect. For example consider how vital your prospect list is to your company. Without that list of would-be clients to tap into, you would have little opportunity for success in the immediate future and instead, would need to spend your time building up another list. Should a thief decide to breach your computer's security system and take this list, it could result in your prospects’ information being distributed which could erode trust between your company and your prospects and severely limit your future success. Meanwhile that prospect list could be sold to another company who could benefit from your work.

Cyber risk insurance can protect you from risks you didn't even know you faced, which is important because you don't have to be able to imagine the value of the digital information you hold in order for someone to try to steal it from you. When you are ready to protect your business and begin shopping for cyber risk insurance give us a call at Alexander & Strunk Insurance. We can help you understand exactly how this important benefit would protect your company and create a policy with an Oklahoma City Insurance premium you can afford.

Insurance: The Secret Weapon of an Effective Savings Plan

For many individuals and families, it is difficult to find the financial footing to start saving for emergencies, vacations, and retirement. With the cost of living rising and paychecks not always keeping pace, savings have become an even more precious asset to protect.

While you might think of insurance as a product that protects “things”, it actually protects your savings because it prevents you from needing to use your personal assets to pay for lost or damaged possessions and liability claims.

Your Property as an Investment

When you buy small ticket items like clothes, accessories and certain electronics, you might not think of them as investments but they are. Often, discretionary dollars are used to make the purchases, which is money that could have been used for savings instead of spending.

Whenever you spend money, you are making an investment. You are trading long hours of work for a product meant to improve your life in some way. By having the proper insurance on the item, whether through home insurance, flood insurance or auto insurance, you give yourself protection like other investors dream of. With your insurance, you’ll be made whole after a loss; and that means you won’t need to tap into your savings.

Liability Protection

Everyone is exposed to potential liabilities. From having a loose walkway stone that causes a neighbor to trip, to running a stoplight and hitting someone, to damaging your neighbor’s mailbox while backing out of your driveway. These are just a few examples of how you face many situations each day that could result in a liability claim.

Liability insurance coverage and umbrella policies help ensure that if you are sued, you won’t suffer financial damages beyond your deductible and those that exceed your limits.

For Your Heirs

Life insurance offers a great way to preserve your savings for your loved ones. Death benefit proceeds can help pay for estate tax liabilities and other expenses after you’re gone. This will ensure that the money you worked hard to save goes to your heirs after death.

When creating your savings plan, you’ll spend a lot of time on your budget. You’ll figure out what expenses to cut and how much to put into certain savings accounts. One of the biggest mistakes you can make though, is to ignore potential shortfalls in your insurance policies. With too little, or nonexistent coverage, you may find that your savings doesn’t stand a chance at accumulating.

Contact an agent at Strunk Insurance to make sure your Oklahoma City Insurance policy is going to protect you in the event of a loss.

The Importance of Cyber Liability Insurance

If you run an online business, then you have a responsibility to keep all your customers’ information private and protected. But even the best laid plans for the protection of private data can be impacted by aggressive cyber criminals who break down your security defenses and distribute customer name, address, credit card number and other data.


Because data is intangible, many business owners overlook it when developing plans to protect themselves from liabilities. But the damage that can be done when your client’s personal records are stolen is vast, and as the keeper of this data, it is your company that will be on the line for losses they experience as the result of a security breach.

Cyber liability insurance protects your business from the losses associated with hackers stealing client data, but its wide range of digital age protection doesn’t end there. It can also protect your business against:

• Copyright infringement claims
• Damages that result from a virus accidentally distributed by you or one of your employees
• Accusations of slander
• Various other problems introduced by digital business platforms.

Some policies even provide benefits that pay for public relations expenses while you recover the image of your company after accusations of slander or security breaches.

Preventing Cyber Liability Claims

Of course, cyber liability insurance policies don’t protect you against the events behind the claims—that is something you need to handle on your own. Some ways that you can reduce the likelihood of a claim are:

• Completely destroy hard drives with unused client data stored on them.
• Limit the amount of sensitive data you collect from clients to that which is vital to your business operations.
• Utilize plagiarism checking software before posting web content.
• Keep the virus protection software up-to-date on all company computers.
• Avoid making negative statements about clients or competitors in email or on company blogs.

The internet has opened up a whole new world of business opportunity, and a new world of business liabilities has quickly followed. Protect your business and employees by taking preventative measures to stop cyber liability claims before they happen. And because you can’t control every situation, invest in a cyber liability policy that covers your potential risks so that you can protect your business if one of these claims gets through.

Make sure your customers and your business are safe with Oklahoma City Insurance from Strunk Insurance today.

Why do I need Motorcycle insurance?

Many states require motorcycle owners to have liability insurance. Liability insurance compensates the other party if the policyholder is held accountable in an accident and as a result, causes injury to someone else or damages their property. Usually, because motorcycles cause less damage than a car, liability for a motorcycle is moderately priced. 

Other policy coverage to take into account is comprehensive and collision coverage, which includes damage to the vehicle, but does not cover mechanical breakdown. Collision covers accidents with other objects, such as trees, signs, or another vehicle. Comprehensive, also referred to as Other Than Collision, provides coverage for dangers such as vandalism, theft, flood, fire.  Most policies would pay up to the actual cash value of the bike.

Medical coverage for injuries to your passengers should be contemplated. This coverage is referred to as Guest Liability. This can be highly valuable on the occasion that you are the cause of an accident and your passenger is hurt. Coverage can also be purchased to cover your injuries. 

To guard against injury caused by uninsured drivers, Uninsured or Underinsured Motorist coverage can be obtained. In some states uninsured motorist coverage is restricted to only covering your medical payments, while in other states you can also purchase coverage to pay for damages to the motorcycle in the instance it is damaged by uninsured driver.

Learn more about Motorcyle Insurance from Alexander & Strunk today!

Oklahoma City Insurance

Some lawyers deem reform measure unfair

Some lawyers question fairness of reform measure

Some lawyers say a lawsuit reform measure pending in the Senate is unfair to those who carry insurance.

Senate Bill 864 would require compensation from sources independent of a defendant, such as a plaintiff’s insurance, to be subtracted from the amount of damages recovered from the defendant.

Oklahoma City attorney James Dunn called the proposal “totally egregious.”

When a person pays for life, disability or health insurance, it should not be deducted from the amount of monetary damages that a defendant is required to pay, he said.

“Why should a drunk driver or negligent person get credit?” Dunn said.
Clark Brewster, a Tulsa attorney, said Senate Bill 864 makes no sense.

“Say you have an insurance policy that you are paying $1,500 a month to make sure you have medical insurance and another person is poor and doesn’t have the same policy,” Brewster said.

“You get into the same accident. All the money you get from the insurance company offsets their liability to you so they don’t owe you anything because you are covered by insurance, even though you paid it.

BY BARBARA HOBEROCK - Tulsa World

Make sure you know all there is to know about your Oklahoma City Insurance from the agents at Strunk Insurance!