As a business owner, you are susceptible to crime. For example, someone could shoplift your products during business hours or break onto your premises when your building is closed. Sometimes, however, the perpetrator of the crime is a person who works for you. Not only is this a devastating breach of trust, but it could severely impact you financially. You may not be able to prevent theft, but you can protect yourself with crime insurance.
What Does Crime Insurance Cover?
As World Wide Specialty Programs explains, crime insurance covers a wide category of business-related crimes committed by employees. These can range from relatively minor offenses, such as stealing from the cash register to more serious violations, such as embezzlement. Crime insurance also protects you in the event that an employee steals the property of one of your clients.
Doesn’t Commercial Property Insurance Provide Enough Coverage?
Not necessarily. Commercial property insurance covers property damage but may not cover damages related to violent crimes, like kidnapping or willful bodily injury. It also will not protect you in cases of theft of intangibles, such as trade secrets. Compared to other types of coverage, like property insurance, there are fewer restrictions on how crime insurance can apply.
When it comes to insuring your business, you have many options available. It is important to sort out your priorities to receive the most protection for the lowest price.