Small business owners, watch out. Insurance frauds are zeroing in on your business.
The nation’s small businesses are under siege by crooks hawking phony insurance to owners desperate to make ends meet, reports the Coalition Against Insurance Fraud. Promises of lower premiums and generous benefits suck business owners into a quagmire that ends up costing them hundreds of millions of dollars.
Workers comp swindlers draw in small businesses by promising affordable coverage but are actually worthless. Fake group health plans have become a national epidemic in the last two years. And bogus malpractice insurance policies have spread across the country.
Rising premiums and a tight economy have spawned a host of frauds that target small businesses. The coalition’s website is www.insurancefraud.org. It has more details on these scams.