As unfortunate as it may be, the rate of crime is higher as it’s ever been before, and it’s very prevalent in the business world. While some small thefts may be covered under commercial or business insurance plans, most crimes are not, which is why so many business owners are choosing to purchase crime insurance. When we think of insurance, what usually comes to mind are life insurance, health insurance or auto insurance. However, crime insurance has become very familiar words in the business world.
Crime insurance policies generally cover a business in the following areas.
• Employee theft or dishonest acts – This covers the business against theft of property, theft of money and any other dishonest acts that can cost the business a loss.
• Premises theft and robbery – This covers your business against robberies and thefts any time your business is open. It also covers you and your employees if there is robbery when you’d doing business away from the business premises.
• Theft of money and securities – This protects you and your business from theft, destruction or disappearance of money or securities located inside your business. It also protects you and your employees when working offsite.
When you’re dealing with a business, crime can happen in many shapes and forms, and most insurance companies realize this and offer additional coverage as part of their commercial crime insurance. These types of coverage are commonly found with crime insurance.
• Forgery or alteration coverage
• Employee dishonesty coverage
• Burglary or robbery coverage
• Theft of money or securities coverage
• Computer fraud coverage
Crime insurance does not cover things like you or your employees’ dishonesty, accounting errors, liabilities stemming from crime-related activities or specific occupations.
Crime insurance works in much the same way as other insurance policies. You purchase a certain dollar amount of insurance and pay a monthly premium. Depending on the policy, you may or may not have a deductible to pay before the insurance company pays. Regardless of how much the business has to pay, having crime insurance is still beneficial because thousands of dollars can be lost in a business crime.