Among a highly competitive class of applicants, Dr. Takiyah Dixon was recently selected to participate in the U.S. Chamber of Commerce Foundation’s Business Leads Master Class: Building Business Leadership for High-Quality Curriculum, a competitive, national fellowship experience focused on strengthening the role of business leaders in education and workforce development.

​The U.S. Chamber of Commerce Foundation empowers the business community to serve as champions for education and workforce systems that drive long-term economic prosperity. Through its Business Leads Fellowship network, the Foundation convenes leaders from across the country to engage in deep, issue-focused learning on topics critical to the future of education and the economy. The Master Class is an extension of their efforts, focusing on how business leaders can help advance the adoption and effective implementation of high-quality instructional materials, aligned educator training, and systems-level strategies that improve student outcomes and strengthen the future workforce.  

Dixon's experience included pre-work assigned by the Foundation and a two-day, in-person convening on January 29–30, 2026, in New Orleans, Louisiana. Dixon engaged with peers from throughout the nation to explore best practices, build a community of practice, and contribute to solutions that align education systems with workforce and economic needs. The Master Class will be followed by virtual community-of-practice sessions three and six months after the event. 

"The High-Quality Curriculum Master Class clarified that improving curriculum quality is one of the most cost-effective, long-term investments a community can make in its workforce," said Dixon. "Literacy, numeracy, and aligned career pathways are foundational to economic growth, and sustained collaboration between education, business, and community partners is essential to ensuring students are prepared for what comes next."

On Monday, January 26, 2026, the Lakeland Chamber of Commerce joined communities across Florida to participate in All In for Early Learning Day: a statewide initiative powered by The Children’s Movement of Florida, convening parents, educators, business leaders, local officials, and community partners to highlight the importance of high-quality early learning programs for all Florida children.

“The first five years build the foundation for school success, career readiness, and lifelong health,” said Madeleine Thakur, President & CEO of The Children’s Movement of Florida, in a recorded statement. “Early learning strengthens families, supports today’s workforce, and builds tomorrow’s talent pipeline.”

90% of the brain develops before age five, providing a foundation for all future learning, behavior, and health (Center, n.d.). “What children experience during this time shapes everything that comes next—their confidence, their curiosity, their language development, their ability to form relationships, and their readiness for school,” said Sarah Vespa, General Counsel for GMF Steel Group and a Vice Chair of the Lakeland Chamber of Commerce Board of Directors. “Early learning also strengthens our community. It helps parents work, supports local employers, and builds the future workforce our businesses will rely on… when communities invest in early learning, they see returns in health, education, workforce stability, and long-term economic growth.”

Strong early learning experiences help children show up to kindergarten ready to learn, confident, curious, and on track. In Polk County, only 38% of students are considered “kindergarten ready” by state standards, falling below the state average of 44% (Florida Department of Education, n.d.). Readiness is currently measured by the Florida Assessment of Student Thinking (FAST) Star Early Literacy assessment, a 20-minute, 27-question exam administered within the first 30 days of kindergarten for all kindergarten students (Florida Department of Education, 2025). Yet research by the Early Learning Coalition of Polk County uncovered additional definitions of kindergarten readiness: self-readiness, the ability to follow directions, and kindness. “If children walk into the classroom ready to treat each other with care and empathy, everything else becomes teachable,” according to ELC CEO, Dr. Marc Hutek (Reynolds, 2025).

Citations
Center on the Developing Child at Harvard University. (n.d.). Brain architecture. Retrieved January 26, 2026, from https://developingchild.harvard.edu/key-concept/brain-architecture/

Florida Chamber Foundation & U.S. Chamber of Commerce Foundation. (2023). Untapped Potential in FL: How Florida’s childcare crisis is impacting early learning, workforce productivity, and Florida’s economy [Online flipbook]. Retrieved January 26, 2026, from https://www.flipsnack.com/flchamber/untapped-potential-in-fl/full-view.html

Florida Department of Education. (2025). 2025–26 Florida Assessment of Student Thinking (FAST) K–2 fact sheet [PDF]. Retrieved January 26, 2026, from https://www.fldoe.org/file/20102/2526FASTK2FS.pdf

Florida Department of Education. (n.d.). Kindergarten Readiness. Retrieved January 26, 2026, from https://www.fldoe.org/accountability/assessments/k-12-studen0074-assessment/best/k-ready.stml

Reynolds, L. (2025, November 26). Planting seeds of kindness: A new chapter of kindergarten readiness for the Early Learning Coalition of Polk County, FL. Highlights Early Learning. Retrieved January 26, 2026, from https://earlylearning.highlights.com/blogs/the-confident-classroom/planting-seeds-of-kindness-floridas-elc-polk-county-begins-a-new-chapter-in-kindergarten-readiness?srsltid=AfmBOoo6VxS1Mf1_615SkqL3Xc0eIHt3a5FjR_3l0l_G-OSPSGqbEwF

The Florida Chamber of Commerce (Florida Chamber) recently announced the release of 2026 Where We Stand, its annual jobs and competitiveness agenda developed in collaboration with job creators, local chambers of commerce, key policymakers, leading business trade groups and industry leaders across Florida. The agenda unites the business community around priorities for the 2026 legislative session and reflects the Florida Chamber’s long-term focus on continued national leadership, job creation, economic growth, and global competitiveness.

The 2026 Where We Stand was released during day one of the Florida Chamber’s 2026 Legislative Fly-In held in Tallahassee in conjunction with the start of the legislative session and aligns state policy priorities with the Florida 2030 Blueprint. Together, these priorities provide a roadmap to continue strengthening Florida’s economy while benefiting communities, families and local businesses in every community in Florida. The agenda also reinforces the Florida Chamber’s commitment to making Florida’s tax climate the best in the nation while advocating for further tax reductions and guarding against tax increases or shifts onto local businesses.

“Florida’s continued success is driven by a unified business community that believes in free enterprise and has a long-term vision for Florida’s economic competitiveness,” said David Sweeney, Chairman of the board for RS&H and the Florida Chamber of Commerce. “The Florida Chamber’s 2026 Where We Stand agenda keeps Florida on the path where businesses can continue to grow, families can prosper and opportunity reaches every zip code.”

The agenda draws on data-driven research from the Florida Chamber Foundation and direct input from businesses of every size in every industry from Pensacola to Key West. It focuses on policies that support a strong business climate, prepare Florida’s current and future workforce and position the state for sustained economic success and growth.

“Florida’s growth did not happen by chance, and maintaining our competitive edge requires thoughtful policy choices that put the long-term ahead of the short-term and ensuring we don’t take any steps backward,” said Mark Wilson, President & CEO of the Florida Chamber of Commerce. “With 2026 Where We Stand, the Florida Chamber remains laser-focused on the Florida 2030 Blueprint goal of becoming a top‑10 global economy.”

​Top priorities outlined in the 2026 Where We Stand that advance the Florida 2030 Blueprint goals include:

• Strengthening Florida’s Free Enterprise System: Advancing policies that support job creation, economic growth, and long‑term competitiveness and limit government intrusion in the marketplace.
• Continued Lawsuit Abuse Reforms and Protecting the 2023 Reforms: Continuing Florida’s progress in 2023 by advancing further lawsuit abuse reforms and reducing cost drivers that impact families and businesses.
• Insuring Florida’s Future: Continuing the stabilization of Florida’s insurance markets by protecting the significant reforms already made and encouraging additional competition in the market.
• Expanding Affordable Workforce Housing Options: Supporting policies that continue to increase affordable, attainable workforce housing options at all income levels across Florida.
• Building Florida’s Talent Pipeline: Strengthening Pre-K-post-secondary education, skills training, and work‑based career and technical learning to meet Florida’s current and future workforce demand.
• Investing in Infrastructure for a Growing State: Supporting infrastructure investments that keep pace with the next 2.5 million Floridians, 40 million additional visitors, and 2.1 million new drivers expected by 2030.
• Advancing Wellness and Mental Health Outcomes: Improving outcomes and access to quality healthcare and behavioral health services to support a healthy, productive workforce.
• Protecting Florida’s Long‑Term Competitiveness: Promoting responsible fiscal policy, regulatory certainty, and a stable and competitive business climate.

Through the 2026 Where We Stand, the Florida Chamber continues its work to unite the business community around policies that support job growth, strengthen communities and expand economic opportunity across Florida.

Read 2026 Where We Stand below. (Source: Florida Chamber of Commerce)

Watson Clinic board-certified Podiatric Surgeon Zully A. Calvo, DPM is pleased to offer a new procedure called Arthrex Minimally Invasive Bunionectomy, an advanced surgical approach to treating a common foot deformity that afflicts millions of adults in the United States.
 
A bunion occurs when the first metatarsal in the big toe rotates out of alignment.  This causes the big toe to turn inward against the other toes. The metatarsal at the base of the big toe protrudes outward as a result. This deformity can cause stabbing pain, redness, swelling and difficulty walking and wearing shoes. It’s unlikely that many bunions will reverse on their own without surgical intervention. 

Traditional surgical treatments have involved long incisions, intrusive realignment efforts, and a lengthy period of recovery. “The Arthrex Minimally Invasive Bunionectomy offers a wealth of benefits to patients who wish to reclaim their mobility and quality of life,” Dr. Calvo explains. “These benefits include a much smaller incision that leaves only a tiny, oftentimes imperceptible scar, a correction of the bunion deformity through highly advanced, pin-sized instrumentation, significantly less postoperative pain, swelling and stiffness, and a recovery period that’s up to 8 weeks faster than traditional bunion surgery.”

Dr. Calvo treats patients from Watson Clinic South at 1033 N. Parkway Frontage Rd. in Lakeland. Appointments with Dr. Calvo may be scheduled by calling 863-680-7214 or visiting WatsonClinic.com/Calvo.

Choosing the right insurance coverage is crucial for protecting your commercial construction business. From property damage and workplace injuries to contract disputes and business interruptions, construction projects have inherent risks. Even a minor incident can lead to significant financial setbacks without proper coverage, so business owner’s must understand their insurance options.

Two common insurance solutions for business owners are the business owner’s policy (BOP) and the commercial package policy (CPP). While both provide essential coverages, they cater to different types of businesses and offer varying levels of customization. Understanding the differences between a BOP and a CPP helps contractors and project owners select the best policy for their needs.

What is a business owner’s policy (BOP)?
A business owner’s policy (BOP) is a bundled insurance package designed for small to mid-sized businesses. It combines essential coverages into a cost-effective, straightforward solution for businesses with predictable risks.

A BOP typically includes:
• General liability insurance: Covers bodily injury, property damage, and personal injury claims against your business
• Property insurance: Protects your building, equipment, tools, and inventory from risks like fire, theft, or vandalism
• Business interruption insurance: Provides financial assistance if your business operations are disrupted due to covered perils

BOPs work best for businesses with predictable insurance needs, such as retail stores, wholesalers, and small manufacturing operations. They offer a standardized level of protection, making them easier to quote and purchase, often through online platforms.

What is a commercial package policy (CPP)?
A commercial package policy (CPP) is a highly customizable insurance package designed for businesses with more complex risk exposures. Unlike a business owner’s policy, a CPP allows policyholders to tailor their coverage based on their needs.

Some common coverages included in a CPP are:
• General liability insurance: Similar to a BOP but with customizable limits and endorsements
Business interruption insurance: Can be tailored for extended periods or unique operational risks
• Errors and omissions (E&O) insurance: Provides coverage for professional mistakes, particularly important for contractors providing design or consulting services
• Professional liability insurance: Covers claims of negligence, errors, or omissions in service-based industries
• Auto insurance: Provides coverage for company vehicles used by employees
• Employment practices liability insurance (EPLI): Covers claims related to wrongful termination, discrimination, harassment, and other employment-related issues
A CPP is ideal for businesses that require specialized coverage, such as contractors, transportation companies, and businesses in higher-risk industries. Because CPPs are more complex, they are typically quoted using ACORD applications and placed with insurance companies specializing in different lines of insurance.

Note that not all insurance policies can be bundled into CPPs. Coverages like workers’ compensation, key person insurance, and directors & officers insurance must be purchased separately, if needed.

BOP vs. CPP: Which one is right for you?
To determine whether a business owner’s policy (BOP) or commercial package policy (CPP) is the better fit for your construction business, consider the following factors.

1. Business size and industry
A BOP is best suited for small to mid-sized businesses with relatively straightforward risks, such as retail shops, small manufacturers, restaurants, and office-based businesses. These businesses typically have predictable insurance needs and benefit from the convenience of a pre-packaged policy. Conversely, a CPP is ideal for larger businesses or those in high-risk industries, including general contractors, specialty trades, and transportation companies. These businesses often need customized coverage to address their specific risk exposures.

2. Coverage customization
As stated, a BOP offers a one-size-fits-all package with limited customizations. This makes it an excellent choice for businesses that only need general liability, property, and business interruption insurance. Meanwhile, a CPP provides flexibility to add specialized coverages, like errors and omissions (E&O), professional liability, and employment practices liability insurance (EPLI). This mainly benefits construction contractors who face industry-specific risks, like contract disputes and professional errors.

3. How policies are quoted and placed
BOPs are typically easy to quote online through many insurance providers. They have standardized pricing and limited customization, making them accessible for businesses that prefer a quick and easy purchasing process. In contrast, CPPs require more detailed underwriting. They are generally quoted via ACORD applications and placed with insurance companies specializing in specific industries or coverages. This process allows businesses to get customized coverage, but it often involves a longer application and underwriting process.

4. Cost considerations
Due to their standardized coverage, BOPs generally have lower premiums. They are also cost-effective because they are designed for smaller businesses with predictable risks. CPPs tend to have higher premiums but allow businesses to select only the coverage they need, avoiding unnecessary costs. While the upfront cost may be higher, the flexibility and tailored coverage can save money in the long run by ensuring comprehensive protection.

Why contractors and construction businesses benefit from a CPP
While a business owner’s policy may seem like a simple, cost-effective option, most commercial construction contractors and project owners benefit more from a commercial package policy. Construction work involves higher liability risks, specialized equipment, and contractual obligations that demand tailored coverage options.

For example, a general contractor overseeing multiple projects may need:
• Higher general liability limits to meet contract requirements
• E&O coverage to protect against claims of faulty design recommendations
• EPLI coverage to safeguard against employment-related claims from a growing workforce

These coverage options aren’t typically available in a standard BOP, making a CPP the preferred choice for construction businesses.

Getting the right coverage for your business
Both business owner’s policies (BOPs) and commercial package policies (CPPs) offer valuable insurance protection, but they serve different business needs. Understanding the distinctions between these policies helps contractors and construction project owners make informed decisions about their insurance coverage. Consult with an experienced insurance broker to help ensure your business is protected against potential liabilities and losses.

This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

99% of all businesses in the United States are composed of small businesses, and for the past 20 years, small businesses have accounted for roughly 40% of the United States' GDP--equating to trillions of dollars in economic activity.

Shop Small Saturday began in 2010 when American Express launched Small Business Saturday® to encourage people to support local businesses and the communities they anchor, many of whom at the time were hurting during the economic recession. In 2011, the Senate unanimously passed a resolution in support of Small Business Saturday, and by 2012 officials in all 50 states began to participate; they have every year since.  Since then, U.S. consumers have spent an estimated $184 billion at small businesses on Small Business Saturday® alone. What started as a single day of support has now grown into a year-round global movement, inspiring shoppers everywhere to choose small and strengthen their local economies.

When you support a local business, you’re also supporting your town, city, and neighborhood by way of paying sales tax. The sales tax money is used to support public schools, parks, roads, and sidewalks, as well as fund public service workers, like firefighters. 
​
Small businesses are deeply engaged in their communities, so, supporting a small business supports your local community. According to the U.S. Chamber’s Small Business Index, nearly all small businesses owners agree that community engagement is important for their business—and are actively engaged in giving back in several ways—including hosting or sponsoring community events, donating to local charities, and forming partnerships with other local businesses.  

Small businesses are the backbone of our economy. They create jobs, fuel innovation, and keep our communities strong. By designating a day in their honor, we are reminded that these businesses rely on our patronage during critical consumer shopping seasons as well as year-round.

Read more about Small Business Saturday and its impact on small businesses nationwide from our data & information source: U.S. Chamber of Commerce

#BuyLakeland

If your child is sick or injured, you may need to take them to the emergency room. Lakeland Regional Health has a dedicated Children’s Emergency Department, meaning expert care tailored to children is accessible right in our community.

When to Choose the ER for Your Child
“Our job is to help take care of kids,” explains Dr. Charles Eldridge, a pediatric emergency physician at Lakeland Regional Health. “If a parent is worried their child does not seem well, for example, if they are having difficulty breathing, they are dehydrated, or they are not acting like their normal self, those are all reasons to head straight to the Emergency Room.”
​
Certain emergent conditions require attention at the Emergency Room. Some of these emergent conditions include issues such as severe breathing problems, head injuries, severe cuts or burns, allergic reactions, dehydration, and severe pain. For families in Polk County, Lakeland Regional Health offers the only dedicated Children’s Emergency Department, with specialized staff and resources just for kids.

Expert Care Designed for Children
At LRH’s George W. Jenkins Children’s Emergency Department, care is provided by physicians, nurses, and staff specifically trained in pediatrics. They are skilled in recognizing and treating conditions unique to children and treating them in ways that prioritize comfort and safety.

“We have a fantastic team of pediatric-trained physicians and nurses, along with child life specialists and pediatric subspecialists,” says Dr. Eldridge. “We’re able to treat everything from minor injuries such as bumps and bruises to more severe injuries such as broken bones, concussions, asthma exacerbations, and pediatric trauma. Families can trust their child is in the right place.”

The environment and approach are designed to make children feel more comfortable to ease their pain and fear. Team members use kid-friendly techniques and equipment, from topical numbing gels for stitches to gentle sedation techniques, to make the experience as calm and pain-free as possible.

Fast and Coordinated Care
According to Dr. Eldridge, LRH’s pediatric emergency team works very quickly and efficiently. “We pride ourselves on being fast but thorough and try to get in to see our patients as quickly as we can,” he says.

If a doctor thinks a child needs to be admitted, a discussion includes the care team and the family. The team also coordinates care with pediatricians and subspecialists in areas such as cardiology, neurology, or pediatric orthopedics, to provide seamless, comprehensive care.

Helping Families Prepare for Emergencies
While emergencies can’t always be prevented, Dr. Eldridge encourages families to always be mindful of bicycle safety, car safety, and water safety. Protections such as helmets, seatbelts, pool fencing, and other safety protocols can go a long way in preventing injuries. He also recommends parents keep a list of their child’s current medical conditions, medications, and allergies. This will help the ER team provide the safest care quickly.

At the heart of the Children’s Emergency Department is a commitment to compassionate, specialized care designed for children.

“We have a dedicated team who love what they do,” says Dr. Eldridge. “They work hard, they care deeply about their patients, and they are committed to helping children.”

Visit the LRH website to learn more about LRH’s emergency services, including the Medical Center Emergency Department, the George W. Jenkins Children’s Emergency Department, the Obstetrics Emergency Department, and the Freestanding Emergency Department.

 This holiday season, we're celebrating the spirit of the season by exploring our member boutiques--some of Lakeland’s most unique shops and retail spaces. The Lakeland Chamber of Commerce is proud to host our annual Pink Friday: Boutique Blitz on November 21, 2025.  

Pink Friday is an annual nationwide movement used to support local businesses on the Friday before Thanksgiving. The goal is to encourage shoppers to support small businesses first during the holiday season. In a recent survey of Lakeland Chamber members, only 55% said they intended to shop local this holiday season. We encourage you to expand your horizons and BuyLakeland!

Join us on Pink Friday and shop 'til you drop in one full day of community celebration, relationship building, and refreshments at eight participating local chamber-member boutiques:

• Amelia Page Boutique
• Bungalow Boutique & Gifts
• East of These
• Gaines Jewelers
• Tennessee Jane Boutique 
• The Modern Pearl
• Top Buttons Boutique
• 8.28 Boutique

Shopping locally is extremely important in developing a flourishing community. Economic impacts like supporting local jobs and boosting the local economy, as well as environmental benefits such as reducing your carbon footprint, are just a few of the positives that come from shopping local. 

Pink Friday is inspired by The Shop Small movement—one that supports small, independent businesses and spotlights their valuable contributions to their communities and the economy. The Shop Small movement was developed in participation with Small Business Saturday®, a day founded by American Express in 2010 on the Saturday after Thanksgiving. Now a national holiday, Small Business Saturday is dedicated to celebrating small businesses by helping to drive more customers through the doors of retail stores, restaurants, fitness studios, salons — and everything in between. Since its inception, this initiative has generated an estimated $201 billion in reported spending at small businesses across all 50 states.

As we head into the holiday season, let’s come together to celebrate Lakeland’s vibrant small business community and the people who make it thrive. Join the Lakeland Chamber of Commerce in making this year’s Pink Friday: Boutique Blitz a celebration of community, connection, and local pride.

#BuyLakeland

RSVP here: https://bit.ly/48TZDRQ

In today’s rapidly advancing digital landscape, businesses have an opportunity to harness technology for growth and innovation. However, as digital reliance increases, so does the need to proactively address the evolving risks associated with cyber threats. Cyber liability insurance has become an essential part of a modern risk management strategy, offering valuable protection against financial and reputational challenges stemming from cyber incidents. Determining the right amount of coverage helps ensure your business is prepared for unforeseen events and positioned for resilience.

In this article, we’ll explore the key factors that influence coverage needs, what cyber insurance covers, the various types of coverage, cost and limits, and effective risk mitigation strategies to help safeguard your business’s future.

What factors determine how much cyber coverage is needed?
The amount of cyber insurance coverage you need depends on several factors, including:
Business size and industry: Larger businesses and those in high-risk industries, such as finance and healthcare, may require more robust coverage due to the higher potential for data breaches and cyberattacks.
Data sensitivity: If your business handles sensitive customer information, such as personal identification numbers, financial data, or health records, you may need more coverage to better protect against potential cyber incidents.
Regulatory requirements: Some industries have specific regulatory requirements for data protection and cyber insurance that will dictate the amount of coverage your business needs to help avoid penalties.
Risk exposure: Your business’s risk exposure is determined by evaluating your cybersecurity measures, the number of employees with access to sensitive data, and the potential impact of a cyberattack on your operations.
Previous incidents: Higher coverage may be needed if your business has experienced cyber incidents in the past.

What does cyber insurance cover?
Cyber insurance offers businesses vital financial protection in the event of a cyber incident, covering a broad spectrum of expenses that may arise. One key area of coverage is data breach response, which encompasses costs for notifying affected individuals, providing credit monitoring services, and managing public relations efforts to help protect your company’s reputation. Additionally, cyber insurance often includes the coverage of expenses related to legal defense and settlements in the event of lawsuits stemming from the cyber incident. If regulatory bodies impose penalties due to non-compliance with data protection laws, regulatory fines coverage can help offset these expenses. Businesses can also rely on cyber insurance for business interruption compensation for lost income and unexpected costs incurred when cyberattacks disrupt operations. In the event of a cyber extortion scenario, such as a ransomware attack, cyber insurance may cover ransom payments and related expenses. Finally, businesses benefit from coverage for forensic investigations, allowing them to determine the source and scope of the attack and take steps to prevent future incidents. Together, these elements help equip businesses to respond effectively and mitigate the financial impact of cyber threats.

Types of cyber insurance coverage
There are several types of cyber insurance coverage available, including:
First-party coverage: Covers direct losses to your business, such as data breach response, business interruption, and cyber extortion.
Third-party coverage: Covers claims made against your business by third parties, such as customers or vendors, for damages resulting from a cyber incident.
Technology errors and omissions (E&O) coverage: Covers claims arising from errors or omissions in your technology products or services that result in financial loss to your clients.
Network security liability: Covers claims related to the failure of your network security, leading to data breaches or cyberattacks.
Media liability: Covers claims related to copyright infringement, defamation, or other media-related issues arising from your online content.

How much does cyber insurance cost?
The cost of cyber insurance depends on a variety of factors that reflect the unique needs of each business. Business size and industry play a significant role, as larger organizations and those operating in high-risk industries, such as healthcare or finance, typically face higher premiums due to their increased exposure to cyber threats. Another key factor is coverage limits. Choosing higher limits provides added protection but also results in higher premiums. Deductibles are another consideration; opting for a higher deductible can lower your premium, though it means you’ll need to cover more out-of-pocket expenses in the event of a claim and may delay the process for reporting and managing a cyber incident. On the topic of claims, history can impact your costs; businesses with a record of previous claims for cyber incidents may see higher premiums and fewer quotes as they are perceived to carry greater risk. Finally, insurers also consider your risk management practices, rewarding businesses that have implemented strong cybersecurity measures with reduced premiums. By understanding these factors, businesses can make informed decisions about coverage that align with both their budget and risk management goals.

In some cases, you may be able to add cyber coverage to another insurance policy, such as a business owner’s policy or a general liability policy. This can be a cost-effective way to obtain cyber coverage, but it’s essential to review the terms and limits of the added coverage to ensure it meets your needs. You should also ensure that the insurance company has an experienced and specialized claims team.

Common requirements from insurers
To qualify for cyber insurance, businesses are typically required to meet specific criteria that demonstrate their commitment to cybersecurity and risk mitigation. One key requirement is the implementation of cybersecurity measures, such as multifactor authentication (MFA), managed detection and response (MDR), firewalls, antivirus software, and employee training programs, to help protect against threats and minimize vulnerabilities. Insurers also expect businesses to conduct regular security audits and vulnerability assessments to proactively identify and address potential weaknesses in their systems. Having a documented incident response plan is another essential element, better enabling businesses to respond to cyber incidents more effectively and minimize operational disruptions. Insurers may also require businesses to demonstrate compliance with relevant data protection regulations and industry standards, reflecting their adherence to legal and ethical obligations. These criteria help insurers evaluate risk levels and ensure businesses are taking proactive steps to safeguard against cyber threats.

Conclusion
Cyber insurance provides essential protection against the financial and reputational damage that can be caused by cyber incidents. Work with an experienced insurance advisor to understand how much cyber coverage your business needs, the costs involved, and common insurer requirements, so you can make informed decisions. As cyberattacks continue to become more prevalent and sophisticated in this digital age, it’s critical that your cyber risk mitigation plan keeps up.

This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.