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Identity Theft Insurance

Protect your identity. Make tomorrow more certain.

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Spotlight on: Identity Theft Coverage

According to the Federal Trade Commission (FTC), there were more than 650,000 cases of identity theft in 2020 alone. 

Designed to cover the financial risks created by the unauthorized use of personal data with the intent of committing a financial crime, identity theft insurance can help cover the costs you may incur as a result.

Identity theft occurs when an unauthorized party uses your personally identifying information (PII), such as your name, address, Social Security number (SSN), credit card or bank account information, to commit fraud or other criminal acts.

 

The Higginbotham Difference: When Your Business Insurance Broker Is Your Partner

As a place that leads with values, we make caring for you our business. With the FTC reporting that cases of identity theft more than doubled in the last year, we’ve doubled our efforts to advocate in your best interest. 

By beginning with listening and ending with customized solutions, we help pinpoint your risk of being an identity theft victim. Then we help get you the most competitive prices on identity theft insurance today so you have peace of mind tomorrow. 

Because while insurance is our something, protecting our customers is our everything.

To learn more about how our values-based approach drives value for you, click here

Or visit our Insights page to learn about preventing identity theft.

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Ready to work with a partner who works as hard as you do?

Doing the work to design an identity theft insurance plan that fits your needs can seem like a tall order. Not with us in your corner. With our nationwide network of insurance carriers and deep industry experience, we’ll get you the custom coverage you need.

Talk to a seasoned identity theft insurance specialist.

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When we do have a claim, they are very responsive and quick to take action and I have always received top notch service from Higginbotham.

Debbie S.
Director of Administrative Services, Office Systems Industry

What is identity theft insurance?

Identity theft insurance helps cover costs incurred by a victim of identity theft in the recovery period following a data breach. 

While this insurance coverage can’t stop a criminal from stealing and misusing your personal information, it can help limit your financial liability in the aftermath of an incident.  

These policies work by reimbursing you for financial loss resulting from having your identity stolen to commit fraud.

Identity thieves can obtain your personal identifiable information (PII) in several ways, including data breaches, phishing, mail theft, unsafe internet connections and more. While most identity theft crimes involve stealing money using credit card numbers or bank account information, some of the more sophisticated operations may attempt to open an account or make a large purchase in a victim’s name. 

Considering the massive financial damage that can be inflicted by a fraud perpetrated using PII, identity theft protection is becoming more critical than ever before.  

What does identity theft insurance cover?

Identity theft coverage reimburses you for the cost of recovering financially from fraud.

While many costs related to recovering from identity fraud are eligible for coverage under an identity theft policy, this coverage does not reimburse you for direct financial losses suffered from fraud. 

In most cases, money stolen from a bank account and fraudulent charges on credit cards are handled directly by the issuing financial institution.

An identity theft insurance policy can help pay for: 

  • Consumer Fraud Specialist Services 
  • Reputational Recovery Services 
  • Legal Costs and Attorney Fees 
  • Identification Replacement 
  • Credit Monitoring Services
  • Notary Fees 
  • Lost Wages

Do I need identity theft insurance? 

If your PII is stored online or on unsecured physical documents, you should consider identity theft insurance. 

Comparing the policy’s relatively low cost with the devastating effect that identity theft can have on a victim, identity protection is a sound investment.

Before you purchase a policy, make sure you understand the coverage it will provide. 

 Ask yourself these questions: 

  • What is the deductible?
  • What are the policy limits?
  • Does the policy cover lost wages?
  • How about legal fees?
  • What are the coverage triggers?
  • Are there any exclusions I should know about?

Tips for Preventing Identity Theft

In many cases, identity theft is achieved by stealing sensitive information like your Social Security, credit card or bank account numbers.

Identity thieves can find this information in a variety of ways, from cyber-attacks and phishing schemes to stealing physical documents with sensitive information by dumpster diving or intercepting mail. This is why you should be careful where you enter personal information online, make efforts to use strong passwords, have a neighbor get your mail when you’re out of town and shred personal documents before disposing of them.

These scammers often pose as legitimate organizations like the Internal Revenue Service (IRS) or credit bureaus to get you to divulge credit card or bank account information. Another popular identity fraud tactic involves trying to trick victims into thinking they’ve won a giveaway and asking for bank account information in order to deposit the prize money.

If you receive a call that seems suspicious in any way, do some research to confirm its legitimacy. Legitimate organizations like the IRS or a credit bureau will not ask you for personal information over the phone. When in doubt, call the publicly listed number on the organization’s official website and ask to speak to a verified representative before divulging any personal information.

Here are some other tactics identity thieves may use:

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Theft of Hardware

Laptops, cell phones, thumb drives and other devices with electronic storage are all common targets for identity thieves. Because these devices often store sensitive information like credit card numbers and account passwords, you should secure your devices when traveling and avoid storing any unnecessary personal data on your phone and laptop.

Phone Scams 

If you live in the U.S. and have a cell phone, you’ve probably received a phone call from scammers looking to steal your information. 

These scammers often pose as legitimate organizations like the Internal Revenue Service (IRS) or credit bureaus to get you to divulge credit card or bank account information. Another popular identity fraud tactic involves trying to trick victims into thinking they’ve won a giveaway and asking for bank account information in order to deposit the prize money.

If you receive a call that seems suspicious in any way, do some research to confirm its legitimacy. Legitimate organizations like the IRS or a credit bureau will not ask you for personal information over the phone. When in doubt, call the publicly listed number on the organization’s official website and ask to speak to a verified representative before divulging any personal information. 

How much does identity theft insurance cost?

While the cost of an identity theft policy varies, this coverage is often quite affordable.

In fact, identity theft coverage added to homeowners’ or renters’ insurance policies can cost as little as $100 a year.

If you have questions about identity theft coverage, we’re here to help.

Risk Management Services

At Higginbotham, we take a consultative approach to customer service and risk management.

Whether you have a single policy, a commercial package or many insurance policies covering multiple locations and risks, we take the time to understand your unique needs so we deliver the best coverage at the best price available.

But we don’t stop there.

Our work continues 365 days a year. We have a Day Two Services® team that works in tandem with our risk management specialists to deliver year-round value.

From help with compliance to safety audits and claims advocacy, our Day Two Services® team helps you mitigate risks, avoid costly claims and better position your operations so you can focus on what matters most: growing your business.

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Not sure where to start? Talk to someone who wants to listen.

A great plan starts with a conversation. Let’s talk about what you need

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