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Is Your Business Safe from Fraud?


quarta-feira, 20 de junho de 2012I grew up in South Africa and married an American that I met while on vacation in New York City. We moved to a suburb of the city where I opened up a great little African imports store. While I was getting ready to open my business, my investor told me that I should look to getting fraud insurance. The business angel was looking out for me and told me that if my business was not covered for fraud then I could be held responsible and stuck out any money that I did not have coverage for. The idea of someone giving me fraudulent money or a stolen card scared me so I got insurance for the case of fraud, specifically. My business insurance had an addendum added to it that said that I would be covered for up to one hundred thousand dollars in fraud. My business was never going to sell anything more than one thousand dollars so I was happy to see that I had all that added coverage.

If you are going to open up a business or are thinking of investing in a business you will want to make sure that you have all of your money covered with insurance. You are taking a risk with an investment and if something were to happen to that money and you were not covered with the right policy then you would never forgive yourself. I ended up getting a fake hundred dollar bill during the first month that I was open for business. My insurance covered the hundred dollars and all the fees that were charged by the bank for giving them a fake bill. The federal government was called and they are now doing an investigation as to where the bill came from and who passed it to me.

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