Commercial Crime Insurance
Protect your business with the right commercial crime insuranceYour business needs commercial crime insurance. Criminal employees cost U.S. organizations more than $400 billion each year. The average business looses over $9 a day per employee and 6% of its yearly revenue to fraud committed by employees. Out of every ten crimes made against businesses, nine are committed by employees. Frequently, it's long-standing, trusted employees who commit such crimes.
Although most large businesses and corporations automatically buy a global crime insurance policy, many small and medium-sized businesses neglect it--which puts them at higher risk of loss. With employee crime on the rise, now is not the time to cut corners by eliminating your commercial crime liability insurance. Still, as you check out commercial crime insurance rates, you may ask what insurance is best for you. Consider these types of commercial crime insurance:
1. Business Owner's Policies with crime insurance coverage
2. Commercial crime liability insurance for smaller businesses
3. Crime insurance coverage for larger businesses
Buy BOP insurance with crime insurance coverage
Select a comprehensive commercial crime insurance policy for smaller businessesEven if your small to medium-sized business has a BOP, its crime coverage is probably insufficient. Limits are generally lower with BOPs, which is a problem primarily because employees tend to steal a little at a time; you may not notice discrepancies until the theft has cost your business a great deal. Therefore, speaking to commercial crime insurance providers is an excellent idea.
Find crime insurance coverage for larger businessesLarge businesses and corporations absolutely must have comprehensive crime coverage. Remembering that theft usually occurs over time and involves great sums of money, seek out commercial crime insurance brokers offering policies that are realistic in their coverage and allow for thefts to be discovered a year--or more--after the actual crime.
- Only some commercial crime insurance policies cover cybercrime, so read your policy carefully. Some business crime insurance providers consider cybercrime like any other theft, while others do not.
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