With the substantial number of breaches and data compromises being announced every day, it’s time for us, as individuals, to ensure our identities are protected—just as we protect our homes, cars, and health. Having identity theft protection in today’s world should not be viewed as a luxury or optional, but rather, completely necessary.
Identity theft can be extremely costly for you as an individual, and the same is true for your employees and customers. Without identity theft insurance—which is included along with the more proactive components of IdentityForce’s identity theft protection services—the cost of cleaning up the mess that identity theft fraudsters leave behind can be astronomical. The loss of productivity from your employees and the negative impact that it can have on your organization’s reputation can leave a lasting impact on your business. According to a report from the Identity Theft Research Center, 6% of identity theft victims have even contemplated suicide.
IdentityForce’s members can relax, knowing that we’re monitoring their identities 24/7 and will alert them if we observe any suspicious activity. No one can guarantee, however, that you, your employees, or your customers will never have their identity compromised. . If this happens, ID theft insurance is included in your membership and provides the expertise you’ll need to restore your good name.
There are certain out-of-pocket expenses that may arise —like legal fees and lost wages—that the average person would have to pay on their own. This is where identity theft insurance comes in to play. IdentityForce customers are covered by our nationwide $1 million identity theft insurance policy. Additionally, IdentityForce also covers stolen fund replacement, tax fraud, eldercare, and childcare reimbursements, along with medical identity theft, for up to $1,000,000.00 Whether you’re offering IdentityForce’s identity theft protection services to your employees or customers, our added identity theft insurance coverage serves as critical support in the unfortunate event any of their personally identifiable information is compromised.
Identity Theft Insurance: An Added Benefit for IdentityForce Members
In 2016, Javelin Strategy & Research found that identity thieves stole $16 billion from consumers. And that $16 billion does not include any additional costs these individuals incurred because of the theft, or trying to restore their identities. Some insurance companies are beginning to realize the importance of identity theft insurance and are enabling their customers to add it into their homeowner policies for an additional charge.
Typically, standalone identity theft insurance will be an additional $25 or so each month, it caps out around $25,000 in coverage, and there will be a deductible to pay before coverage kicks in. With IdentityForce, identity theft insurance is not an additional monthly cost—it’s included in our full suite of identity theft protection services. Our coverage will also often extend to $1 million and there’s no deductible.
It’s encouraging that insurance providers are acknowledging the potential cost and devastation of identity theft, but keep in mind, you’ll want to ensure that these companies are partnering with a provider, like IdentityForce, to provide a robust and proactive identity theft protection service that goes as deep as Dark Web monitoring to keep personal information safe.
What Losses Can Identity Theft Insurance Help Cover?
If one of your employees is a victim of identity theft, they may suffer various emotional and financial hardships. These hardships can affect focus and performance on the job, which is to be expected—but it’s still costly for employers. Here’s how our added identity theft insurance can assist your employees and help them bounce back faster.
Again, depending on your company’s specific IdentityForce identity theft protection membership plan, the amount of insurance coverage may vary. The aggregate limit of insurance under our Master Policy, however, is $1 million.
- Lost Wages: Up to $1,500 per week, for five weeks maximum
- Initial Legal Consultation: Up to $1,000 per policy period
- Travel Expenses: Up to $2,000 per policy period
- Elder Care and Child Care Expenses: Up to $2,000 per policy period
- Certified Public Accountant Costs: Up to $1,000 per policy period
Other “reasonable and necessary” covered costs may include:
- Re-filing applications for loans, grants, or other credit instruments that are rejected solely because of a stolen identity event
- Ordering medical records for amending and/or rectifying these documents because of a stolen identity event
- Legal defense fees and expenses incurred in the United States
Read IdentityForce’s full summary of benefits to see everything that our identity theft insurance covers.
We know how challenging it can be to get employees, customers, and business partners to take the time to sign up for voluntary benefits—even when you know how much they stand to gain if they have 24/7 identity theft protection. That’s why even if the individuals you’re providing identity theft protection services to don’t complete their registration, they will still be covered by our $1 million identity theft insurance policy.
Wondering how IdentityForce can help protect your employees or customers? Learn more about how we’ve helped businesses like yours by reviewing our case studies.