Businesses suffer losses every year due to theft and criminal activity. Small businesses represent 68% of commercial crime cases. Purchasing commercial crime insurance coverage is an essential insurance step that every business should take to protect itself.
What Is Commercial Crime Insurance?
A thief could break into your business and steal goods from the shelves. A dishonest employee could steal inventory or money out of the register.
Commercial Crime Insurance provides protection for the assets of your business. This includes merchandise for sale, real property, money, and securities. It is considered a property insurance line.
Based on the crime coverage that you purchase, it is possible to be covered for the following causes of loss: robbery, burglary, larceny, forgery, and embezzlement. Subsequently, you can add specialty coverage parts based on need and exposure to loss such as:
- Burglary insurance
- Mercantile open-stock
- Robbery insurance
- Safe burglary insurance
- Money and securities broad form policy
- Office burglary and robbery insurance
- Storekeepers burglary and robbery insurance
How Does It Work?
Most business owners purchase this supplemental coverage because their commercial property and business property policies do not cover losses resulting from criminal activity.
Additional business crime coverage can be purchased as part of an industrial package policy, also known as “special multi-peril insurance.” In any case, this coverage can be purchased as a standalone policy or you can add this coverage to an insurance bundle already purchased.
For instance, this additional policy provides protection in the following situations:
- Your business doesn’t have a security system in place
- You are a small business that engages in regular transactions that use cash, credit, checks, or electronic transactions
- You store valuables in a safe inside your business
- Inventory on-site
- Your employees handle financial records and customer data
- You’ve hired part-time or volunteers employees
Are you looking for a commercial crime insurance policy to protect your business from losses? Contact your Hertvik Insurance agent today to help you find an affordable policy that meets the needs of your business.