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.
There have been many amazing advancements made in recent years in regards to technology. Unfortunately, with each stride made forward there have been an equal number of risks created. Nowadays, businesses have to be prepared for both physical crimes as well as theft that can occur on the internet. The right crime insurance will be able to help you and your business survive a tough financial situation.
The right insurance plan will do more than just protect you in case of theft, it will help you plan the proper security measures. Your insurance policy will be able to guide you through the necessary precautions that you must take in order to protect your assets. This will include digital security measures that can keep out potential thieves looking to steal valuable information.
Designed for Your Business
One insurance plan is not right for all establishments. In order to find the right crime insurance, it is important to speak with an insurance representative. When you sit down with an agent, you will be able to weigh out each option that is available for you. This will allow you to design an insurance plan that will fit the unique needs of your business. Don’t let a small opening in your digital defenses result in financial ruin for your business. Do your research, and learn how you can design an insurance policy that will best protect you and your assets.
Any insurance policy needs to be reviewed thoroughly so that you know exactly what you are getting and what you are protected against. The same is true for crime insurance, and you should make sure you have coverages against the crimes that pose the greatest risk for your company.
Alteration and Forgery
If your business regularly uses checks, you should ensure you are protected against people using your personal checks for their own gain. Alteration is another risk where a person changes the amount you wrote on a check.
Most employees are trustworthy and will benefit your organization greatly, but if you hire someone who ends up stealing something, either goods or money, then you could suffer some big losses. You may not even discover that something has been taken for months or even years. Having a good insurance policy can allow you to recover some or all of what was stolen.
Some of the other crimes you should look into getting include:
- Destruction of securities or money
- Identity theft
- Counterfeit money
- Computer fraud
There are numerous insurance companies out there that can help you get the crime insurance policy that works best for you. Rates and coverages will vary from one company to the next, so look at the policy you are getting carefully before signing so that you know exactly what you will get in the event of a criminal offense.