Insure Against Identity Theft
While only a handful of carriers offer identity theft insurance, the coverage is poised to move into the mainstream much as long term care insurance did more than a decade ago.
Why? Simply because there is a growing need for it, as both employees and employers find that dealing with identity theft is taking a toll on productivity.
Virtually everyone has seen the statistics. Identity theft has affected 1 out of every 8 adults or a family member. There were 10 million victims in the United States in the last year alone.
Depending on which studies you read, it takes a person from 6 to 24 months and from 150 to 300 hours to recover from a stolen identity. Hours are spent getting and reviewing credit histories, closing accounts, talking to credit card companies work that almost always has to be done during business hours.
The first corporations to offer identity theft insurance were banks. Banks sell coverage that protects customers’ credit and debit cards.