In the age of social media and online access to personal and corporate information, it’s not surprising that identity theft is increasing at an alarming rate. In 2022, the Federal Trade Commission reported 1.1 million cases. No individual or business is immune from this threat. However, several tech-enabled tools exist to help companies combat these risks. One solid solution is identity recovery coverage.

eMaxx, an industry leader in commercial captive insurance and risk management offers various programs that can bolster a company’s protection and tackle these threats before they wield financial and reputational consequences. In fact, the eMaxx Group prides itself on maximizing insurance through technology and risk management.

For most managers and corporate decision-makers, identity recovery coverage meaning can be cloudy because it covers such a broad spectrum of situations. Consequently, when considering this type of policy, it is wise to think of the depth and breadth of the information that is at risk. Companies house an enormous amount of confidential records. From licensures to proprietary software programs, third-party data, driver’s licenses, Social Security numbers and birthdates, this data can be hacked or sold unscrupulously. Many managers and employees have access to these records. Account takeover has dramatically increased in recent years. Cybercriminals can not only destroy a company’s bottom line; they can also permanently damage a reputation.

Most experts advise identity recovery coverage as an add-on for employees. Forbes Advisor advocates including it in a comprehensive commercial policy because of its varied benefits: It protects identity, privacy and finances and it also helps pay for costs related to restoring credit. Many programs also alert employees about wireless carriers, unauthorized account access, fund transfers and password resets. Some programs even monitor social media accounts.

What further steps can a company take to better protect its financial future, its reputation and its employees? After proactively researching identity recovery coverage and insurance, providing ongoing comprehensive education is an excellent follow-through offering. Making sure to inform employees about new or changing risks and teaching them about new cybersecurity standards or regulations can be part of an online training program. As part of its tech-enabled risk management program, eMaxx/eRisk offers webinars, online continuing education programs and other training sessions to better serve clients.

Don’t wait for your company and employees to be an identity theft statistic. Partner with the best in the business of commercial insurance and risk management and loss prevention. Contact eMaxx to learn more about the steps you can take to safeguard your assets and your reputation through various wholesale program options.