CLIENT SPOTLIGHT: Grillo's Pickles

If you haven't been to the Grillo's Pickles website, you should. There, you'll find the fantastic story of how this company began. We've copied part of it here to save you a click.

Grillo's Pickles began with a pickle cart, just a small wooden stand in downtown Boston, where Travis Grillo and his friends would sell two spears for one dollar. Travis would make the pickles by night using his family's 100-year old recipe - one he'd memorized from making pickles every summer as a kid. In the morning, Travis would bike to the Boston Common and set up the cart with his buddies. They'd hang out all day, urging people to try the simple Grillo family pickle. It was a small business but Travis worked hard for it. He made more pickles, biked more miles, and slept less hours than he ever had before.
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CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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CLIENT SPOTLIGHT: Luca + Danni

Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        Bringing Your Business Online: Cyber Insurance

        The current COVID-19 pandemic has forced many businesses online in order to survive. In many cases, businesses had no plans to be online. Others were forced to move online more quickly than planned. In order to assist these businesses, we have prepared a series of articles discussing some of the more important legal issues to address when moving your business online. Website Terms discusses online terms and conditions to protect your business. Privacy Policy discusses how your business collects, uses and discloses personal information of others. Third Party Content discusses the risks of copying photos, music, videos, and other content created by third parties onto your website. E-Commerce Policies discusses e-commerce policies that a website selling products or services should have in place. Creating Enforceable Contracts discusses the safest method to ensure that you can enforce your online terms and conditions protecting your business. Written Information Security Programs (WISPs) discusses several reasons why it is important for all businesses to prepare a WISP and to keep it updated. Protecting Your Brand discusses the process of selecting and protecting your brand.
        Cyber Insurance
        Bringing your business online introduces new risks, including the need to have more digital data about your customers, such as credit card information, names, addresses, contact information, and purchase history. Some of that data may be stored on your company’s computers, and some may be stored with a third party vendor in the “cloud.”

        All of this digital data is vulnerable to attacks by third parties who want to access it. Cyber attacks can cause harm to your business in a number of different ways. You will incur costs to investigate the cause of the attack and to recover data and systems, and may be forced to pay a ransom fee to “unlock” your company’s data. In addition, after a cyber attack occurs, your business also may incur costs to investigate the breach, to notify customers and other third parties (such as regulators and attorneys general) if sensitive information is involved, and to defend and settle lawsuits involving claims that your company did not act properly in protecting the data.

        A common misconception is that these cyber attacks only happen to large companies. In reality, attackers frequently target medium and small businesses, but you are less likely to hear about them on the news. A recent study reports that over 40 percent of all attacks occur at businesses with 100 or fewer employees. Small businesses are particularly at risk because they typically do not have access to the same level of resources as a large business to protect themselves.

        Many companies are surprised to discover that their general commercial liability policies do not cover most types of cyber risks. Commercial general liability policies typically only cover bodily injury and property damage, not monetary losses, ransom costs, or regulatory fees and expenses. In addition, coverage is often limited to losses caused by “tangible” means. Insurance companies typically consider data breaches to be “intangible” causes not covered by the policy. Most commercial general liability policies also include an exclusion for access to or disclosure of confidential information, and the resulting liability.

        One important tool to reduce the risk is a cyber insurance policy. There are many differences among policies, so it is important to discuss coverage with an insurance broker or agent with experience in this area.

        Here are some questions to ask when you are investigating cyber insurance policies:

        • What data does your business have, and where are you at risk for a cyber attack? Most businesses have some data, such as credit card data or employee information, that can be compromised.
        • Does your policy have first party and third party coverage? First party coverage pays for damages resulting from a breach of your company’s computer system. Third party coverage pays for damages resulting from a breach of data you have given to a third party vendor. It is important that most businesses have both types of coverage.
        • What risks are covered and what risks are not covered? Are these risks for which your business needs coverage?
        • What are the policy limits? All policies will have limits on coverage and many will have sublimits on certain payments (for example, the costs of forensic investigations). Are the sublimits reasonable in light of the likely average cost to your business if a cyber attack occurs?
        • What are the policy retention (deductibles) amounts? If the retention amount is very high, the insurance may not be of much benefit to your business except in extreme cases.
        Defending against cyber attacks has become a cost of doing business for all businesses, not just large companies. The first defense is to have consistent policies and procedures in place that are followed by all employees and others who have access to confidential data. As a backstop, cyber insurance can be an important part of that defense for many businesses.

        If your company would like assistance with cyber insurance, we would be happy to discuss your requirements and assist you. Partridge Snow & Hahn Partner John Ottaviani has over 25 years of experience bringing businesses online and can provide the guidance needed to make the transition as painless as possible. He can be reached at jottaviani@psh.com or 401-861-8253.
        To download a PDF with the entire Building Your Business Online series of articles, please complete the form below.
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