Fraud Insurance

Post featured image

Dental Insurance Fraud: When Your Teeth and Money are at Stake

A slowly but steadily growing average expenditure on dental care insurance leaves no doubt that oral health will remain the top health-related priority among Americans, followed by mental health, exercise, and diet. At the same time, as much as 3% of the total spending on health care is caused by fraud, including dental fraud. Billions […]

Read More

Post featured image

Insurance Twisting, Churning, and Sliding: How to Not Let Cunning Agents Twist You Around

Insurance twisting is when an insurance agent intentionally convinces you to switch to an allegedly better insurance policy, although it would only benefit one party – the agent. Simply put, you are deliberately tricked into buying insurance policies that you don’t need.

Read More

Post featured image

3 Risk Strategies to Consider When Purchasing an E&O Policy for Your Firm

The errors and omissions (E&O) insurance policy covered the professional’s financial liability.

Read More

Post featured image

E&O Insurance 101: Why Real Estate Professionals Need Insurance Coverage

Taking out professional liability insurance is not uncommon for businesses. And while it is only occasionally required, some choose to purchase it anyway. Why? This type of coverage can come in handy if anything goes wrong with a printing press, financial advice, organized event, or a recently sold real estate property. And while issues like […]

Read More

Post featured image

Insurance Sliding: How Do You Know That You Haven’t Been Overcharged?

When it comes to illegal or deceptive practices in the insurance industry, it is not hard to identify them. Overcharging clients, making misleading statements, stalling, or minimizing claims — those are examples of unfair tactics. Naturally, federal law prohibits such fraudulent practices as sliding. For instance, the OIR in Florida issued a memorandum back in […]

Read More

Post featured image

Navigating Homeowners Associations: Understanding How HOAs Work and Ways They Can Impact Your Insurance Needs

HOAs are generally created by and within the neighborhoods of privately owned houses or condominiums. As mentioned before, HOA is a type of community association, which is a general term for various union forms.

Read More

Post featured image

Analysis of “Pay or Play”Initiatives

Prepared by: Beverley Brakeman – for C-E-O.net Over 61% of Americans get their health insurance from their employers. In CT, it is estimated that 2/3 of residents get their health insurance from their employers (OHCA 2004 Small Employer Health Insurance Survey, 2004). Additionally, the majority of the uninsured in CT today have at least one person […]

Read More

Post featured image

How Renters Insurance Can Help You Deal With Theft

If you ever experienced a theft or larceny, you are familiar with the feeling. Such experience often triggers regret and anger. And as a result, people feel the need to enhance the protection of their property.  With 6.92 million property crime cases reported countrywide back in 2019, it is only fair for people to feel […]

Read More

Post featured image

Insurance Hoax Explained: What You Need to Know About Auto Insurance Fraud

Slowing down the review of insurance claims, increasing premium payments, and putting drivers at risk — these are the typical consequences of insurance fraud. While it might seem that insurance scam cannot hurt anyone, rapidly increasing auto insurance rates prove otherwise.  With fraudsters regularly practicing their schemes, even cautious drivers are at risk. For instance, […]

Read More

What Is Fraud Insurance?

Even though many processes and decisions are glued with trust in the business world, humans remain the weakest link. Not only does fraud damage the business relationship, but it can also lead to the outright insolvency of the enterprise. Luckily, though, fraud insurance can help one to mitigate the consequences of fraud.

Fraud insurance compensates for the fraud-inflicted financial damage caused by third parties and employees. Whether this is forgery, dishonesty, theft, embezzlement, or any other form of third-party fraud, fraud insurance can be a savior for employers and business owners.

What Does Fraud Insurance Cover?

The most popular benefits of fraud insurance cover financial losses caused by robbery, theft, forgery, fraudulent orders, and embezzlement. Even though employees are usually considered to be trusted third parties, anyone from temporary workers to top-tier managers can commit fraud, including conspiring with other employees.

Fraud insurance helps business owners to get the required level of protection, reliability, peace of mind, as well as equip their business with the wanted custom protection measures. From intervention in the IT system to unauthorized access to data through spyware and fishing, insurance fraud covers every possible fraud case that has ever taken place with business.

How Much Is Fraud Insurance?

While the total cost of insurance fraud in the U.S. exceeds $40 billion, it’s not possible to give even a ballpark figure for the cost of fraud insurance as it depends on the type and size of the business as well as the multiple case-specific factors.