Identity theft is a serious and may lead to significant hardship and financial losses. For businesses, identity theft can significantly impact your employees’ personal lives and your company. After all, if an employee’s identity theft is stolen, the perpetrators may be able to use it to access sensitive information about your company or cause reputational harm. Even if the theft of a worker’s identity does not directly impact your business, it may still cause them personal hardship, potentially leading to being distracted at work and decreased productivity.
Understanding Identity Theft as a Threat
Identity theft is a rising threat for both individuals and businesses. As society becomes more dependent on technology and online solutions for various tasks, it may be easier for cyber criminals to access sensitive information that could assist them in stealing someone’s identity. In addition to the initial losses that may arise from identity theft, there are also several ongoing costs that a victim may have to pay to resolve the situation. Fortunately, identity theft insurance can help. 
What Does Identity Theft Insurance Cover?
If an employee’s identity is stolen, the perpetrator may be able to inflict significant damage even before the victim realizes what has happened. While attempting to reclaim their identity, insureds may use their identity theft insurance policy to help with the following expenses:
- Credit monitoring services
What Is the Difference Between Identity Theft Insurance and Identity Theft Protection?
Individuals and businesses should understand that identity theft protection and identity theft insurance are intended to complement each other. While identity theft protection generally refers to services and products that actively monitor potential threats, identity theft insurance exists to provide financial assistance after an incident occurs. When put together, these services can minimize risks of being a victim of identity theft and limit losses.
Who Needs Identity Theft Insurance?
Identity theft insurance can be an invaluable investment for businesses and their employees. This coverage may be particularly important for companies that store, transmit or otherwise handle sensitive information, such as financial institutions, as their employees may be more likely to be targeted by criminals. Furthermore, offering identity theft insurance as an electable benefit for employees may also provide them with a crucial form of financial protection for their personal lives.
Get the Right Coverage
At Bromell Agency Inc., we understand the seriousness of identity theft. Even the most diligent businesses and responsible employees may be victimized by this crime. With that in mind, it’s essential to have measures in place to minimize out-of-pocket costs. Visit our website or call 318-251-1212 today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
Posted Monday, February 27 2023 8:16 AM
Tags : cyber, liability, insurance, commercial, coverage
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