Theft and vandalism are common concerns for business owners in any industry. Commercial insurance may include a limited amount of coverage for these incidents, but it is wise to invest in crime insurance coverage. This option is the most comprehensive, as it often includes coverage of securities and money theft.
There are usually several types of coverage available if insuring specifically against crime.
1. Fidelity Coverage
Many times a company is robbed by one of their own. Dishonest employees can access money or property, as can third party vendors. Fidelity coverage can address these risks and a company’s liability in cases of theft.
2. Internal or External Premises
With this coverage option, theft that occurs within the physical company location or during transport with the company can be covered. Specific limits may be set depending on the nature or transported cargo or housed goods, and high value items will need to be declared and checked for range of coverage.
3. Digital Theft
Fraud occurring via computer or funds transfer activity has become a real threat with the advent of the technological age. Phishing schemes have created disastrous situations for even the most trustworthy of employees, and more companies are starting to focus on this aspect of commercial crime.
Although a company may work hard to maintain internal control against theft, having crime insurance coverage is an investment that should not be ignored.