Owning a business means protecting that same business so you may initially focus on the liability aspect of insurance protection along with the physical part of the business itself; but is that all you need to consider when protecting your livelihood? Find out how to invest in crime insurance for your business needs.
Protecting Your Assets Today and Tomorrow
Businesses like yours can be a target for many types of crime, but what about when it comes from “inside” and your own employees are embezzling money? The 2018 Hiscox Embezzlement Study reveals that the average loss a company suffers due to embezzlement is $357,650, which doesn’t even consider thefts from outside sources.
Business crime is a widespread issue that can totally destroy a business without having the right crime insurance protection in place. Therefore, taking preventative measures by assessing your risk is basically protecting what is rightfully yours.
Business Crime Insurance
Business crime insurance is a separate insurance designed to protect businesses from crime related losses and below are some of the most common types of potential loss scenarios that your business may encounter, but not limited to:
Employee Dishonesty- This coverage is protection against losses committed by your employees such as theft of money, securities and other property.
Theft of Money and Securities- This type of coverage is typically written for two separate scenarios; one to include theft of money and securities from “within” and the other to include theft from the outside.
Clients’ Property- This is coverage for the theft of your clients’ property, money/securities from one of your own employees.
Forgery or Alteration- This coverage applies to situations where checks, promissory notes, or written instructions are altered or forged.
Computer Fraud- Coverage for losses sustained by your business resulting from fraudulent computer entry/access by a third party in an effort to steal money/securities.
Funds Transfer Fraud- This provides coverage for losses your business suffers from fraudulent written instructions given to a financial institution by a third party in an effort to wrongfully transfer or deposit money/securities, without your knowledge.
Robbery or Safe Burglary- Coverage designed for the protection against losses sustained from the burglary of a commercial safe, with actual bodily injury or the threat of bodily injury present.
Fraudulent Impersonation- Coverage that provides protection against losses where money/securities are transferred by an imposter who is unlawfully providing transfer instructions.
Keep in mind that there are many other available crime insurance coverage options that may suit your particular N.C. business needs. It is recommended that you contact your local N.C. independent insurance agent to discuss your type of business to include any major areas of risk potential that could raise a red flag.
Because business crimes are on the rise and continue to pose real threats (especially to smaller businesses), it is essential that you invest in the right type of crime protection that will protect your N.C. business and assets. Call us TODAY at 866-869-3335 with any questions you may have regarding crime insurance protection or for any of your N.C. business insurance needs.