Is your business bank account protected?

Video Transcript:

"This is Daniel Schwartz with Design I.T. Solutions, back again this week with another Tech Tip for you. Today we're going to talk about your bank.

"Did you know that business bank accounts are not protected the same way as individual bank accounts? You are not protected if a hacker gets in and takes money out of your business account the same way that an individual would be.

"Many people think that the FDIC protects you from that, but it doesn't. The only thing the FDIC does for business accounts is protect you from bank insolvency.

"We recommend that you reach out to your insurance provider, whoever that is, for your business liability insurance, and ask for fraud insurance that covers your bank account.

"It's not expensive, but it can save you a lot of money if somebody a disgruntled employee that still had access after they were terminated, or a hacker got in to withdraw funds from your account.

"That's your security tip for this week."