For Subscribers

It's Not You, It's Me What would happen to your business if someone stole your identity?

By Jacquelyn Lynn

Opinions expressed by Entrepreneur contributors are their own.

A sole proprietorship, a partnership or even a closely heldcorporation is usually very dependent on its owner's personalcredit rating. If your credit rating is damaged, even temporarily,the impact on your company could be devastating. What's more,identity-theft victims can spend hundreds of hours getting theirrecords cleared up--hours that should be spent working on theirbusinesses.

One solution is identity-recovery insurance, says Rick Boettner,property and casu-alty underwriting manager with Capitol InsuranceCompanies in Madison, Wisconsin. The coverage is relatively newand varies by carrier, but typically, the insurer works to clearthe victim's credit history and reimburse costs incurred toresolve problems resulting from identity theft.

"We give our insureds an option," says Boettner."We assign a case manager to all of our insureds. We willallow the insureds to handle the process themselves with guidanceprovided by the case manager, or we'll have the case managerwork on their behalf and take over the process, calling creditbureaus, writing letters, rewriting credit reports and keepingrecords."

Adding identity-recovery insurance to an existing businesspolicy will run about $30 per year, Boettner says. It coversbusiness owners, partners and corporate officers who own 50 percentor more of the company.


Jacquelyn Lynn is a freelance business writer in Orlando,Florida.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

After a 12-Year-Old's Side Hustle Made Over $4,000 in 1 Day, He and His Dad Grew the Business to Nearly $50,000 a Month: 'It Takes Commitment'

Madden Forrest and his father, Steven, turned their passion for football into a lucrative business.

Leadership

Lead From the Top: 5 Core Responsibilities of a CEO

Knowing exactly what the chief executive's role entails is critical for steering a company to success.

Business News

Is AI the Reason for Your Layoff? New York Becomes the First State to Require Companies to Disclose If So.

It's the first official statewide move towards understanding AI's effect on the labor market.

Business News

The Overlooked Money Moves That Help Entrepreneurs Build Long-Term Wealth

Without intentionally building personal wealth, you could have a successful business and nothing to show for it.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Growing a Business

'Nobody's Ever Seen This Before': How These 2 NYC Sports Icons Are Infusing Swagger into Next-Gen Eyewear

NYC sports legends Stephon Marbury and José Reyes bring their signature swagger and hands-on creative input to elevate Chamelo's brand and expand its reach.