Securing Your Family: 10 Steps You Can Take Today

Securing Your Family

10 Steps You Can Take Today

by Scott Kegler, Aon Family Office Practice Leader

The world is changing faster than ever, and new threats to our personal safety and security seem to pop up every day. Keeping up with it all can feel overwhelming and exhausting. Here are ten simple steps that you and your family can take today in order to better protect what you hold dear.

1 Be Savvy with Social Media

•Make your social media accounts private so that you can approve who follows you and remove or block those you don’t want

•Don’t share pictures that include specific location(s) of your home(s)•Don’t “check in” – this lets people know you are away from your home•Wait to post pictures of your travels AFTER you have returned home – never before or during your trip

2 Change Your WiFi Router password

Every 3 months, change the password on your WiFi router. This seems more painful than it actually is – it should only take five minutes. This process helps to ensure that only those people you approve can access your internet connection.

3 Use Two Factor Authentication

Whenever you have the option to choose two factor authentication, use it! This will require someone accessing your account to not only have the password for your account, but also have access to your cell phone to receive a text message with a one-time access code.

4 Don’t Use Public WiFi

Airports, coffee shops, and hotels are rich hunting grounds for hackers. Keep yourself safe and don’t connect to these networks. If you need to access WiFi while traveling, consider a Virtual Private Network (VPN). VPN providers such as Rubica are beginning to partner with insurance companies to offer discounts and higher limits on cyber insurance coverage.

5 Use a Password Management Application

According to Verizon’s Data Breach Investigations Report, more than 80 percent of all hacks are via weak or stolen passwords. We know we are supposed to use different passwords for different accounts, make them hard to guess, change them frequently, and not write them down. That’s hard to do, especially when the passwords are shared with family members (anyone remember our NetFlix password?). Consider using a password management application such as Lastpass.

6 Tailor Your Automobile Insurance

Make the most of your automobile insurance coverage by making the following choices:

Include Uninsured / Underinsured Motorist coverage – this coverage (select $250k / $500k limit) reimburses policyholders in the event of an accident with a hit-and-run driver, a driver without insurance, or a driver with limits of insurance that are not high enough to cover the resulting bodily injury or property damage. According to the Insurance Research Council, about one in eight drivers is uninsured.

Insure all family members with the same insurance company – take advantage of potential price savings and claims support by putting coverage for all generations of your family with the same insurance company.

7 Purchase Umbrella Liability insurance with at least a $5 million limit

Umbrella liability coverage provides higher limits of insurance, and in some cases broader coverage, in excess of your homeowners policy and automobile policies (and possibly boat / yacht insurance policies). This coverage is relatively inexpensive – choose a limit of at least $5 million.

8 Purchase Flood Coverage

Most homeowners’ policies do not cover flooding. Ask your broker for a proposal for flood insurance, even if you aren’t in a flood zone, where coverage will be required by the mortgage company if you have a mortgage. A basic policy can help protect you and your valuables where a normal homeowner’s policy might not respond.

9 Update Appraisals on your Collections

Ask for updated appraisals on your collections at least every two years. Don’t wait. Always select a USPAP certified appraiser. Reputable appraisers never charge a fee that is tied to the appraised value of an item.

10 Research Third Parties

Carefully vet potential investment partners, nannies, gardeners, contractors and others you allow to access your homes, family and business(es). There are many background check options available, including a free National Sex Offender search. More detailed background checks start at roughly $2,000, which include a target search of:

•Watch Lists •Connection to Sanctioned Jurisdictions •Political Exposure •Derogatory Media •Criminal Records •Litigation

CONCLUSION

Creating a more secure environment for your family and your assets can feel overwhelming at times. There are so many things you could focus on, it’s hard to know where to start. I encourage you to take thirty minutes today and get started on the ten items in this list. You’ll be making significant progress towards substantially improving your family’s personal safety and security.

All descriptions, summaries or highlights of coverage are for general informational purposes only and do not amend, alter or modify the actual terms or conditions of any insurance policy. Coverage is governed only by the terms and conditions of the relevant policy.