I.M. – I recently had my wallet stolen and among the credit cards was my business credit card. For some time I have been thinking about getting identity theft protection and now will definitely be setting it up (better late than never, right!) However, would it cover my business cards/accounts as well?
Flustered in Florence

Dear Flustered…

First, I am sorry to hear your wallet was stolen and hope everything is getting back to normal. Identity theft is the fastest rising crime in America. There are many identity theft protection services out there and each one has different policies in regards to what is covered and what is not. You will want to ask the prospective companies what they offer that sets them apart from the competition. Some offer services after you have your ID stolen, and some offer services to both prevent and correct issues after ID theft.

Things to look for are:

1) credit monitoring – allows you to see all credit activity to monitor things like accounts open under your name in error, closed accounts still reflecting open, past due reports in error, etc.

2) credit alerts & freezes – in the event of ID theft, there should be a 24/7 number so the company can freeze all credit accounts & credit access with one phone call.

3) Public records monitoring – provides access to anyone who might be associated with your records.

4) Travel/Disaster document replacement – expedites replacement of documents travel so you can enjoy the rest of your vacation.

5) Expense/Loss Reimbursement – this reimburses things such as lost time at work, having to reapply for loans, attorney’s fees, and charges the credit card company refuses to waive.

The average person spends 175 hours to restore their lives after ID Theft. Regardless of what service you utilize to insure against this, it is imperative you also safeguard yourself from the loss in the first place. There are many tips, articles, and links provided at www.farmersidentityshield.com.

Corey Kaster is an award-winning Farmers Insurance agent in the Portland Oregon area, specializing in homeowners, auto, business and life insurance. Corey is vice president of the Portland Area Business Association, Portland’s GLBT Chamber of Commerce, where he is affectionately known as “Corey Kaster, Your Insurance Master.” Corey can be reached through comments here or via his website: CoreyKaster.com.

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