Crime is always a threat whether you have a home or a business. In a place of business, a crime similar to what could take place in a home is a possibility, however, there are other kinds of crimes a business is vulnerable to as well. Things like property damage, fraud, forgery, embezzlement and theft can lead to lawsuits and heavy losses.
Crime is a fast-growing problem in a place of business. The worst part of this is, it isn’t coming from total strangers but from people within the organization. Here are some reasons why a business must consider getting crime insurance.
1. Coverage For Staff Dishonesty
This particular crime insurance helps the business protect itself from employees who steal from the business. This theft can be in the form of stealing money or property owned by the business. It can also protect from theft of securities.
Many employees will feel that a company is treating them unfairly and will get angry. Disgruntled employees feel as if they are getting their own back when they steal from the company. It may be money or it could even be stock, such as cans of food, fruits and vegetables and just about anything.
They are also less likely to report theft if they see a colleague doing it as well, since they are angry. Done daily, this can lead to huge losses. Dishonesty coverage helps to hedge against this kind of behaviour from some staff members and give the business some protection.
2. Robbery & Burglary
Not all businesses will be the target of robbery and burglary. The businesses that are vulnerable to this are, for example, a bank, a jewelry store and others that have assets that are highly valuable.
Not every business will need this kind of coverage but if it has valuable assets, then it is important that it considers burglary and robbery coverage. However, certain businesses, despite not having hundreds and thousands of dollars worth of assets, are still targets.
As an example, a gas station tends to be a target, as are small convenience stores. So, understanding the nature of your business and the risks involved will help to decide whether insurance for robbery and burglary makes sense. You may want to consult with a professional insurance broker to learn more about this type of insurance.
3. Coverage For Computer Fraud
Computers play an integral part of any company all over the world. Unfortunately, hackers are also a very real thing and some companies will be targeted by these hackers.
There are companies who can oversee security issues for organizations and there may be software and systems put in place to enhance security. However, hackers may still be able to get in. These hackers can steal information, assets and even money as they milk a company’s account dry.
Computer fraud coverage can help protect the business from these hackers and also from other ways computers are used to commit criminal activities against the business.
4. Alteration & Forgery
An employee may tamper with documents or see a cancelled check that fell on the floor. They can then write themselves a check for thousands and forge the signature. However, if you have forgery and alteration coverage, you can make back these losses.
Crimes do happen to businesses, leading to big losses. Having crimes insurance will at least give your business a great deal of protection so that you can carry on with business as usual.