Tom's Blog

As a business owner, you know that your business needs and deserves the right insurance protection. But have you considered more than just protecting your building structure and its contents? Every day, your business might be losing money due to business crimes, which is why you need to consider business crime insurance today.

Businesses, whether big or small, are targets of crimes from both outside sources and their own employees. However, small businesses seem to be bigger targets for embezzlement than larger ones. Smaller businesses often operate like “one big happy family” until you discover that someone in the “family” has been embezzling money right under your nose. In fact, data from the Hiscox Embezzlement Study shows that small businesses with fewer than 150 employees are 10 times more likely to be victimized by inside crime than those with 250-500 employees.

Business crime is a prevalent problem that can devastate any business without proper crime insurance protection. It’s crucial to recognize the risks associated with your business and assess which business crimes are most likely to occur to protect what is rightfully yours.

What is Business Crime Insurance?

Business crime insurance is a specific type of policy designed to protect businesses like yours from crimes such as forgery, embezzlement, or any other illegal acts that expose your cash, merchandise, and assets to theft. Business owners should be aware that crime insurance is not typically covered under a standard North Carolina commercial business policy unless specifically included. Below are some common types of business crimes you may encounter as a North Carolina business owner:

• Employee Dishonesty: This coverage protects your business from dishonest acts by your employees, such as stealing money or merchandise, forgery, fraud, and embezzlement.
• Forgery or Alteration: This coverage applies to scenarios involving forgery or alteration of checks, promissory notes, or other written instructions from a third party that would illegally transfer money.
• Theft of Money and Securities: This coverage protects your business from theft by both internal and external sources.
• Computer Fraud: This coverage protects against fraudulent computer activities by a third party attempting to steal money or securities from your business.
• Robbery or Safe Burglary: This coverage protects your business from losses due to the burglary of goods or a commercial safe, with or without the threat of bodily injury.
• Funds Transfer Fraud: This coverage protects your business from fraudulent transfers of funds by a third party trying to withdraw money from your business account.
• Fraudulent Impersonation: This coverage protects your business from losses involving an imposter fraudulently transferring money.

There are many other crime insurance coverage options available to optimize your business protection. By contacting us at Paramount Insurance Agency, we can help you determine the most common types of risk your business faces and provide the right type of crime insurance protection you need and deserve. Call us today at 336-869-3335 for all your North Carolina business insurance needs.