Identity Theft Insurance Program from Preferred Concepts LLC
Preferred Concepts LLC, through Mercator Risk Services, offers a specialized identity theft insurance program tailored for small businesses across all 50 states. With the rise in data breaches, phishing scams, and cyber fraud, identity theft has become a critical exposure for many organizations. This program provides brokers and agents with access to markets that can address both direct and indirect losses related to identity theft incidents.
Ideal Accounts and Appetite
This program is designed for small businesses that handle sensitive customer or employee information, including but not limited to:
- Retail businesses with customer databases
- Healthcare providers managing patient records
- Financial services firms and tax preparers
- Professional services such as legal, accounting, and consulting firms
Mercator Risk Services also works with hard-to-place accounts, including businesses with prior claims or those considered financially impaired. If you have clients with unusual risk profiles, they can help evaluate and potentially place the account.
Coverage Highlights and Advantages
There are three types of identity theft coverage available through this program:
- Personal Coverage – Designed for individual insureds, often packaged with other coverages.
- Group Coverage – Ideal for organizations offering identity theft protection as an employee benefit.
- Corporate Coverage – Addresses the business’s liability and response in the event of a data breach.
Corporate liability coverage for third-party claims arising from identity theft is available on a limited basis. Coverage may include costs related to customer notification, credit monitoring, forensic investigation, and legal defense.
Underwriting Notes and Application Process
Mercator Risk Services can typically begin with a completed application you already have on hand (excluding renewals). Alternatively, they can provide a specialized application suited for your client’s risk profile.
The team is equipped to review distressed or unusual accounts and will work with you to determine the best possible coverage approach. They do not require a minimum premium for all risks, but pricing will vary depending on the complexity and exposure of the business.
Territories and Availability
Coverage is available in all 50 states, including the District of Columbia. Whether your client is based in a major metro area or a rural community, you can access this program to find appropriate identity theft protection.
Why Work With Preferred Concepts LLC
As a wholesale broker, Preferred Concepts LLC connects you with Mercator Risk Services, a provider known for specialty lines and hard-to-place risks. Their extensive market access and underwriting expertise allow them to tailor coverage solutions for a wide range of small business clients. Their responsive service model and hands-on approach make them a valuable partner for agents and brokers navigating complex risk scenarios.
For more information, please call (860) 527-9717 or email [email protected]. You can also review additional insurance products and specialty lines at www.mercatorpro.com.