Employee Theft and Crime Coverage Insurance

Businesses have exposures to all types of crime. Some have to contend with robbery; others with employee theft, and others still have concerns related to cyber crimes. Some companies may be threatened by all three. Regardless of where the threats to your business may exist, the solution is to carry business crime coverage insurance to help pay the losses associated with being a victim of loss cash, property and personal information.

Regardless of the type of business you own, or the size of the company you operate, all organizations are vulnerable to fraud, theft and embezzlement. Yet this type of insurance coverage is sometimes overlooked, particularly by small to medium-sized enterprises that underestimate the amount of loss these crimes can manifest.

Employee theft a common concern for many businesses

Companies large and small often catch employees stealing from them. Most companies buy crime insurance to help combat the new and creative ways that employees operate when it comes to stealing cash and inventory unnoticed. They purchase insurance, either as stand-alone coverage or an add-on to other policies.

Unfortunately, crime and employee dishonesty are an unfortunate side effect of doing business. And as a business owner, it’s somewhat difficult to know whether the employees you’ve hired are as honest as they may just pretend to be, and unfortunately, by the time you discover the truth, the damages incurred can be rather costly.

You’re going to need to develop a plan that keeps your assets protected in the event of specific circumstances. With crime insurance, your policy can include coverage for different exposures, including:

  • Robbery or burglary
  • Computer fraud
  • Employee dishonesty
  • Theft of business property, and
  • Forgery

Depending on where you purchase your coverage, there may be limitations to your commercial crime policy, so you should carefully discuss your options with an agent to determine exactly what kind of insurance your business needs based on your current situation and any potential risks.

Cyber crime is on the rise and can come from outside forces or can be carried out internally by once-trusted employees as well. These crimes often involve personal data and credit card information and can have a devastating effect on your company. Make sure that your crime coverage insurance includes a cyber liability policy or rider for these concerns as well.