Defeat fraud, insurance-style

Identity theft and computer-based scams are on the rise.  And thanks to the Internet, more of our private data has become much easier for criminals to find.

The 2017 Insurance Fraud Study  found that $16 billion was stolen from 15.4 million U.S. Consumers in 2016. Over the past six years, identity thieves have stolen over $107 billion.

You cannot always catch these criminals in the act, but you can help reduce the financial impact if you should ever become a fraud victim yourself.

Did you know that insurance carriers offer Identity Theft protection as an endorsement to your homeowner’s policy? Some even include it in their base package premium.

Coverage limits can range from $10,000 to $1 million to help you recover faster and easier.  You can also purchase Identity Theft insurance as a stand-alone policy.

As an actual victim of identity theft, I spent more than $10,000 (in 1998 dollars) on lawyers, documentation, fees, and postage – not to mention lost billable work hours.

Business owners can also protect their business and themselves from fraudulent and other criminal activity through their business and commercial liability coverages.

The Employee Dishonesty endorsement provides coverage for employee theft of money, securities, or property. Other Commercial Crime coverages are available for fraudulent acts including (but not limited to):

  • Forgery or alteration of checks, drafts, promissory notes, or other monetary instruments.
  • Theft of money and securities on and off premises
  • Robbery or safe burglary for loss or damage to property other than money or securities.
  • Computer and funds transfer fraud (Cyber Crime)
  • Money orders and counterfeit money received as payment

These commercial coverage endorsements are fairly inexpensive to add to your policy, but they can be a life and/or business saver when needed.

Talk to your insurance agent today and make sure you have the tools you need to protect what matters most to you!

#insurancefraud  #cyberliabilityinsurance  #insurelocal  #HudsonValleyAgents

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