Electronic Funds Transfer Insurance Coverage

What is Electronic Funds Transfer Insurance Coverage and How it Works?

The fraudulently communicated instructions from a nonemployee that cause funds to be mistakenly transferred to or from a customer’s checking or savings account are covered by the electronic funds transfer insurance coverage, which is a financial institution’s criminal coverage. Further Details The Surety & Fidelity Association of America (SFAA) financial institution bond for banks includes…

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Electronic Medical Billing

Streamlining Healthcare Revenue: The Power of Electronic Medical Billing

The capacity to remain financially viable is a problem for many hospitals and healthcare institutions. Health systems are “face[ing] a margin cliff as the aging of the US population combined with lower reimbursement from government payers put pressure on traditional revenue sources,” according to Deloitte. Nearly $360 billion is spent on administrative costs by American…

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What Insurance Does a Social Media Influencer Need

What Insurance Does a Social Media Influencer Need?

According to Influencer Marketing Hub, there are more than 3 billion social media users globally, and this year alone, social media influencer marketing is expected to be worth over $14 billion. As this trend gains traction, more and more companies are forming alliances with micro to mega-influencers on social media to spread brand awareness, create…

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Errors and Omissions Insurance

Errors and Omissions Insurance (E&O)

Errors and Omissions in Electronics When electronic items malfunction or do not perform as intended, insurance is used to cover claims that result in a financial loss rather than bodily harm (BI) or property damage. (PD). Let’s say an accounting program has a “bug” that results in a firm utilizing it understating its receivables by…

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