Should You Take Steps to Insure Your Identity?

Physician's Money Digest, November 2007, Volume 14, Issue 11

Your practice is considered a small business, yes? Well, according to an article in Entrepreneur magazine, identity thieves like to target business owners. Your access to lines of credit, use of multiple transactions, and your entwined personal and business finances make you vulnerable. And if your practice is reliant on your credit to function, its success could be at risk.

So, how should you protect yourself and your practice? Consider identity theft insurance. This type of insurance pays the costs for recovering losses resulting from identity theft and may even offer services to do all the investigative and recovery work. Some commercial policies already provide identity theft coverage or will add it to an existing package. Homeowner policies also may provide provisions for this kind of theft; however, they may not cover losses to your business. Individual identity theft packages average $30 a year. Consult your financial advisor to see how this type of insurance may help you.