All About Voluntary Benefits (Part 2) - Identity Theft Insurance
Last week, we kicked off our voluntary benefits blog series by highlighting accident coverage. Today, we’re switching gears to a different type of insurance – identity theft coverage. Here’s everything you need to know in terms of what it covers and why it matters to both you as the employer as well as your employees.
What It Covers
Identity theft insurance helps to reimburse costs associated with recovering a lost identity, including phone call charges, photocopying costs, postage fees for mailing documents, uncompensated time off work and legal fees.
Why It Matters to Employees
Over 13.1 million Americans are victims of identity theft each year. With an average loss of $1,343 per victim, it’s more important than ever to stay protected. If an employee’s identity is stolen, they’ll be unable to use credit cards, obtain new loans, and in some cases, be arrested for crimes not committed.
Becoming a victim of identity theft is also more than an inconvenience – it’s a major life stressor. According to a recent survey by the Identity Theft Resource Center, 75% of victims reported feeling severely distressed by the misuse of their information and 22% took time off work.
Though identify theft coverage does not protect against the cost of the actual theft, it’s a relatively inexpensive option that reimburses for all the costs associated with reclaiming an identity.
Why It Matters to Organizations
Identify theft can be incredibly time-consuming, stressful and expensive to repair and restore, often causing lost productivity and time off from work. Providing this coverage assures employees that they’ll have considerably less to worry about should they ever become a victim of identity theft, so they can reclaim their life and get back to business as usual.
As we continue to discuss these various offerings, keep in mind that it’s perfectly fine to start small with adding two or three coverages that best fit the needs of your employees. To learn more about our EnrollSMART approach and how to create a customized benefits plan that gives your employees the freedom to choose, contact a member of the ‘A’ Team!
- All About Voluntary Benefits (Part 1) – Accident Coverage
- How to Increase Your Employee Value Prop With Voluntary Benefits
- Voluntary Benefits Are a Win-Win
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