You already know how vulnerable your business is to crime, and you have probably already taken some important steps to address this, such as installing better building security and tightening the controls on your information systems. One further step is vital as well: acquiring commercial crime insurance. If crime should happen, you need to be protected from both loss and liability.
How to Select the Right Insurance
It is important to know that crime insurance is a particular product area within the insurance industry, so you are going to want an insurance company that carries this line as one of their specialties. Once you have determined that, consider asking these questions:
- What kinds of crime are covered? – You want to have a comprehensive approach here, ranging from small crimes, such as petty theft, to larger ones, such as hacking your computer systems.
- What kinds of crimes are not covered? – Most insurance companies exclude certain kinds of crimes, such as ones committed by you or one of your partners. Make sure you’re clear on the details of these exclusions.
- Will the company do a risk assessment? – A detailed look at your current business environment and practices can be an invaluable aid in deterring crimes. Your insurance company should work with you to identify vulnerabilities and develop a plan to address them.
Complete the stability of your business foundation: act today to protect your customers and yourself with the right commercial crime insurance.