What is a Ransomware Attack? – Lubbock TX

Hi, this is Jeff Shropshire with Shropshire Insurance Today I’m going to talk to you about ransomware and the world of cyber crime. Ransomware is still a very prevalent risk and very damaging to our industry.
Ransomware is when an individual or syndicate breaks into your system or puts a virus into your system that actually locks down your access to your data. In so particular to where they can go in and watch you over a period of time to find out what data on your system is the most valuable to you. And once they determine that, that is the information that they’ll capture and restrict from your access. Unless, of course, you’re willing to pay a ransom through monetary means, whether it’s cash or Bitcoin or any other type of cryptocurrency. These schemes are very devious, they happen through emails and basically looking for any situation that can get into your system to find out this information to keep you from it.
I found out that just since 2018, the amount of ransomware crimes that have taken place have increased by over 350%. Then in last year, 2021 alone damages ranged in the upwards of $20 billion from the effects of ransomware. And that’s not only just paying the ransoms, that’s the damages to your computers, your hardware, the work you have to do to make sure to prevent another attack from happening. So listen, you need cyber insurance, but you also need a partner who can help give you other solutions other than just cyber insurance. And that’s what the Shropshire Agency can do. Please call us and let us help protect your business and your data from crimes such as ransomware.

Call Shropshire Insurance Agency in Lubbock TX at 806-763-7311

What is Social Engineering? – Lubbock TX



Hi, this is Jeff Shropshire with Shropshire Insurance. I have been asked today to explain to you about what social engineering is the threat in regards to Cyber Insurance. Social engineering is right now one of the biggest threats to every single business because it involves emails and misdirection. Social engineering means when an employee or a person is misled into basically transferring or paying monies or paying a bill that looks really real, but the money doesn’t go where it’s supposed to go.
An example of that that we see happening around here in our world is people are getting in offices, bogus emails that look like they’re coming from management or owners of businesses, and they look legit. The sender’s email looks good, everything looks good. It says, “Hey, this bill hadn’t been paid,” or, “Please pay this invoice.” The employee looks at it, clicks on it, pays the invoice, money’s disappearing, going places that it shouldn’t go. It’s a horrible exposure. It’s happening to so many people right now. You need to make sure you have proper procedures in place to make sure that you’re paying your invoices correctly. I always recommend never pay off of an email. Log on directly if you’re used to paying bills directly. Call, verify the email, make sure everything’s right, but also you need cyber insurance and you need a specialist who can help you with that and Shropshire Insurance is here to do that for you. So give us a call today.

Call Shropshire Insurance Agency in Lubbock TX at 806-763-7311

Why Do Auto Insurance Premiums Increase? – Lubbock TX



Hi, this is Jeff Shropshire with Shropshire Insurance. And in the economy that we have today, being August of 2022, we get a lot of questions from people wondering Why are their insurance premiums going up, especially when they haven’t had claims or many changes on their policies?
Well, there’s two reasons. One is going to be because of the past weather claims that the State of Texas has had. Over the last three to five years have been extraordinary, billion-dollar storms. And then also, it’s the economy. The storm history has taken a lot of monies out of the insurance companies, out of claims paying. There’s been a ton of claims over the last three to five years, particularly all over the state. We’ve had anything from hail thunderstorms to major freeze events to hurricanes and floodings. It’s just been a rampant of claims. So therefore, insurance premiums are all pooled into one pool, and sometimes we have to pay more premiums because more people are using their insurance. And we might not individually be using ours, but it’s a pooled product.
Also, the economy is having a lot to do with it. We see the price of the materials of replacing roofs, the price of labor going up. That makes claims more expensive. So between materials and labor availability, due to shortages that we see in the supply chain, increased cost of fuel, that really bottom lines affects all the issues of how claims become more expensive.
And the increase in technology in our automobiles. A bumper is not a $300 replacement any more of one vehicle. It used to be when I was younger, you hit a bumper, it would be $150 to $300. Now, with all the technology that’s in our automobiles, it doesn’t take a lot, just like a bumper being crashed, for the claim dollars to go up, if we have to replace that, due to a claim.
So right now is a difficult time in insurance, with prices going up for everybody, whether you’ve had claims or not. But the good news is
Insurance is a commodity-based product. It will go down, so hang in there. Call the Shropshire Agency. Let us review all of your stuff. Maybe we can find some opportunities, to even in this market, save you and your family some money but make sure that you’re still covered.

Call Shropshire Insurance Agency in Lubbock TX at 806-763-7311

High Point Village: This Quarter’s Featured Community Cause – Lubbock TX



Hi, I’m Jeff Shropshire. I’d like to introduce you to High Point Village. High Point Village is our community partner for this quarter. High Point Village is a nonprofit that serves Lubbock and the surrounding areas. They do amazing things with amazing families. You can check out information about them on our website or their website directly.
How we’re supporting them is simple. For this quarter, for anybody who lets us quote their home and auto, or their business, we’re going to be donating $10 in your name to High Point Village. Refer somebody to us, we quote their insurance, we’re going to be donating $10 to High Point Village.
You can also donate directly to them through our website by going to shropshireinsurance.com, going to our community partner’s page, and there’s a button to click directly to High Point Village. Let’s raise a lot of money this quarter for High Point Village.

Call Shropshire Insurance Agency in Lubbock TX at 806-763-7311

CHURCHES ARE DIFFERENT!

When it comes to protecting and insuring churches, pastors and committees face many unique challenges.  Ornate Buildings, Children’s Ministries, Events and Fundraisers, Volunteers and Visitor and Specialized Ministries, are just a few of the items that must be addressed. In additional to these exposures, today’s world has opened risk that were never thought of or imagined more than 5 years ago.

How do you know what to look for?  The below questionnaire might give you an indication of the risk your congregation has addressed and those risk that might need further evaluation.

Loss Control Questionnaire

Shropshire is your strategic partner; our focus is on your success and the protection of the ministries of your church.

HOW TO CONTROL YOUR WORKERS COMPENSATION COST

Workers compensation insurance has a higher “Controllability Factor” than other lines of coverage such as Property and Automobile insurance.

“Controllability factor” means that a large portion your workers compensation premium is directly tied to your church’s loss experience. It presents itself on your insurance policy in the form of you NCCI Experience Modifier (mod) and the scheduled credits your insurance carrier applies to your account.”

       

WE HAVE THE SOLUTION!

 

First, we analyze your current NCCI Experience Modifier and claim data. We will provide a report to you, please Click Here for an example of a Mod Analysis Report.

  • Helps you understand what the NCCI Experience Modifier is, how your loss history affects the mod and how the mod impacts your bottom line
  • Identify and analyze problem areas
  • Develop targeted solutions to improve problem areas and reduce premium and claims costs
  • Make the mod part of your total risk management strategy

Second, we can provide you with additional workers compensation quotes.

  • We will utilize the information that we learn about your church to negotiate the most competitive premiums.
  •  We have multiple carriers who, many times, offer dividends to their clients who have good claims history.

 

Shropshire Insurance is your strategic partner; our focus is on your success and protecting the profitability of your business. Contact us today to get started on evaluating your “controllability” factor.

WHAT IS YOUR CYBER EXPOSURE?

When you think about what usually causes a business interruption, natural disasters such as fires, earthquakes and floods probably come to mind first. These events can physically damage your property and equipment, making your workspace unusable for a time. While natural disasters are still the main reason for an interruption, another cause is quickly moving up the ranks: cyber attacks. As businesses continue to rely on computers and digital storage of essential data, cyber attacks will continue to be a potential exposure.

A common saying in the cyber security world is, “It’s not if you’ll be a victim of a data breach, but when.” How can you check that your business has minimal exposure? The below Cyber Risk Exposure Scorecard indicates your exposure levels.

Cyber Risk Exposure Scorecard

Remember traditional commercial general liability (CGL) policies will not cover business interruption, liability losses or criminal breaches due to a cyber event. Luckily, cyber liability coverages can fill that void.

Contact The Shropshire Agency today so we can help protect your business from the financial impact of a cyber breach.

HOW TO PROTECT YOUR HOME FROM WATER DAMAGE

Water damage from leaking appliances, such as a hot water heater, is one of the most common insurance claims. The water damage can damage multiple rooms in your home creating a huge mess and high dollar claim which can then lead to higher insurance premiums. Thankfully, there is a simple solution that could save you time and thousands of dollars in unexpected costs.

By installing water sensors near common water sources (i.e.: dishwasher, sinks, hot water tank) in your house can be a big money saver in the long run.

A water sensor is a self detecting alarm that alerts you when there is a water leak. Many home security systems are also connected to these alarms being able to alert you via text when you are away. Another bonus is that some insurance carriers give discounts for installing water sensors.

Do you already have water sensor installed? Call us so we can make sure you are getting the best coverage and price for you

EVERY BUSINESS NEEDS A CYBER INSURANCE POLICY

EVERY business needs a Cyber Insurance Policy —- Hiring IT company support, having virus protection software, firewalls, and multi-factor authentication are all excellent strategies in preventing a cyber breach.  However, none can guarantee 100% protection.

 

The landscape of business exposure has changed dramatically in the last few years and unfortunately, we can’t seem to escape these words (hacking, phishing, cyber threat, and cyber-attack). You might think that cybercriminals are too busy targeting big corporations but you are wrong.   Over 43% of cyberattacks target small businesses.    Are you up to date on how these words affect you and your business?  Don’t be caught off guard -Schedule an appointment with Shropshire today, we’ll evaluate your risk and guide you in the management of your exposures to cybercrimes.