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It may seem like filing a bogus insurance claim is a victimless crime but it hurts everyone —driving up the cost to the insurance companies who in turn must raise policyholder rates. It may seem like filing a bogus insurance claim is a victimless crime but it hurts everyone —driving up the cost to the insurance companies who in turn must raise policyholder rates. (Photo: Shutterstock)

All forms of insurance — from health to workers’ compensation to homeowners — provide security and protection to individuals and companies in case of injury, illness, theft or damage. Most businesses carry several types of insurance to protect their assets and their people. One of the most common types of coverage is business interruption insurance, which provides compensation to an insured if its operations are interrupted due to damage or theft. Fire, floods, earthquakes and other unanticipated natural disasters can quickly destroy thriving companies and having business interruption insurance can help cover costs during a period of rebuilding.

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