Could Your Company Withstand A Complete Loss Of Your Business Bank Account?

If you came to work tomorrow morning and found out someone had electronically emptied your business account. What would you do? What are your options? Would the bank reimburse you fully? Do you know if you have cyber crime protection on your business accounts.

The new and increased use of computers to do our banking and transferring of funds has spawned a new way for criminals to take your money. As a private person we are afforded more safety by the banking rules and laws but this same coverage does not apply to the new and growing exposures of cyber crimes that are connected to your business bank accounts. Many business are not even aware of these new exposures they face.

As the use of online banking transactions increase even small and medium sized business are becoming more and more at risk. Over 50% of business transferred funds last year as part of their business routine. A majority of those business were not sure if their computer was safe to use for these transactions. This was brought to light by the 2012 Business Banking Trust Study. The banking study also found that almost $ 1billion per year is being stolen from small business bank accounts each year. The shocking part is only about 25% of the time are the companies being fully reimbursed. The business account has a higher risk of fraud occurring than personal account. The business account usually has significantly less protection than a personal account.

Most businesses would have a hard time recovering or even surviving a cyber crime attack that emptied their bank accounts without proper coverage to fully reimburse them. To protect your business against a disaster like this, let Shipman Insurance help you set up Longview Business Insurance. There are many lines of business insurance that we can set up to protect your business against any risks you may face. Give us a call at 866-515-7007.

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