Business

All articles about business insurance or related to business insurance from Consumer Insurance Guide.

Watch out for cyber scams during online shopping

By Consumer Insurance Guide Staff
Watch out for cyber scams during online shopping

It’s expected that 70 percent of Americans will shop online this holiday season. While technology might be convenient for them, it’s an opportunity for scammers as well. Cyber Scrooges will be working overtime and online shoppers face new threats on their mobile devices, email and the Internet itself, according to McAfee, the technology security company. It warns consumers to be wary of the most common “12 Scams of Christmas.” “Using multiple devices provides the bad…

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Storm losses covered by business interruption policy

By Consumer Insurance Guide Staff
Storm losses covered by business interruption policy

As the East Coast recovers from the aftermath of Hurricane Sandy, even businesses that suffered no physical damage are still facing a loss from being unable to reopen. Those that have business interruption insurance will be facing much less of a financial hit as their policies cover the impact of a hurricane, according to the Insurance Information Institute. “After a major disaster, it can take more time than many people anticipate getting a business back…

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Avoiding fraud after the storm

By Consumer Insurance Guide Staff
Avoiding fraud after the storm

After a major disaster homeowners are likely to be approached with contractors offering help, with some of them looking to take advantage of the situation. Homeowners must be alert to storm-chasing contractors who try to exploit the confusion after Hurricane Sandy by making shoddy repairs or stealing down payments, according to the Coalition Against Insurance Fraud. The coalition indicated that while most contractors are honest, shady contractors typically descend on disaster areas such as those caused…

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Identity theft is on the rise

By Consumer Insurance Guide Staff
Identity theft is on the rise

Criminals continue to find innovative ways to steal personal information, causing consumers to look for ways to prevent and insure against it, according to the Insurance Information Institute. According to Javelin Strategy & Research, there was a 13 percent increase in this type of illegal activity in 2011. To protect against identity theft, it’s a good idea to review bank balances and credit card bills to confirm that all the transactions listed are legitimate. Consumers…

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Weather events pushing insurance costs higher

By Consumer Insurance Guide Staff
Weather events pushing insurance costs higher

The increasing severity of storms, floods and droughts the U.S. not only keeps forecasters busy, it also has an impact on American wallets. A new study by Munich Re shows that North America has been most affected by weather-related extreme events in recent decades. The publication “Severe weather in North America” analyzes all kinds of weather perils and their trends. It reports and shows that the continent has experienced the largest increases in weather-related loss…

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Insurance fraud impact greater than estimated

By Consumer Insurance Guide Staff
Insurance fraud impact greater than estimated

The cost of insurance fraud is greater than previously estimated and is expected to grow in the future, according to a recent survey by the Property Casualty Insurers Association of America and FICO, a provider of predictive analytics and decision management technology. Forty-five percent of insurers estimated that insurance fraud costs represent 5-10 percent of their claims volume, while 32 percent said the ratio is as high as 20 percent. More than half (54 percent)…

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Technology key to fight against insurance fraud

By Consumer Insurance Guide Staff
Technology key to fight against insurance fraud

Using anti-fraud technology could be an important part of combating insurance scams that are increasing in both numbers and organization. Predictive modeling and text mining will be the primary anti-fraud technology investments anticipated by insurers over the next two years, according to a survey by the Coalition Against Insurance Fraud. The coalition polled 74 U.S. insurance executives to understand how and to what extent insurers are using anti-fraud technologies. “The State of Insurance Fraud Technology” was…

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Hurricane Isaac raises supply chain & risk coverage issues

By Consumer Insurance Guide Staff
Hurricane Isaac raises supply chain & risk coverage issues

When Hurricane Isaac hit the Gulf Coast, along with the torrential rain and winds came the potential for business disruptions and not just in the region itself. The storm serves as a reminder of the need for businesses to engage in risk management, including the purchase of supply chain coverage, according to the Insurance Information Institute.  The Gulf accounts for 30 percent of the nation’s oil production and 20 percent of natural gas production. It…

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Beware of debt cutting scams

By Consumer Insurance Guide Staff
Beware of debt cutting scams

At a time when large numbers of Americans are struggling with debt, it’s no surprise they’d become targeted by scammers claiming to offer relief. Companies offering debt removal solutions and credit guidance are on the rise, but so are debt scams as well. Today there are a variety of debt-related scams that include debt counselors, identity theft  and credit cards. 1st Financial Center is offering information for consumers about recent deceptive debt scams and tips…

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Small business owners are targeted by hackers but think data breach unlikely

By Consumer Insurance Guide Staff
Small business owners are targeted by hackers but think data breach unlikely

Although the number of data breaches continues to rise among small businesses, 85 percent of small business owners were convinced they’re unlikely to take a cyber hit, according to a survey by The Hartford. Many of those surveyed indicted they weren’t taking security measures to protect their customer or employee data. “Most of the business owners surveyed believe they are not at risk, when in fact smaller businesses are increasingly being targeted,” Lynn LaGram, assistant vice…

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