Commercial crime insurance coverage is something businesses should consider when evaluating their options for security. Running a business involves many risks, including the potential for financial losses and a litany of liabilities. Among these liabilities is the possibility of commercial crime. It includes instances of theft, robbery, forgery, and fraud. When criminals target a business, these crimes can be costly, but commercial crime coverage protects you from potential expenses.
The Commercial Crime Insurance Policy
Find out how a policy can benefit your business and determine what kind of coverage you need to stay protected.
Understand the Risk of Commercial Crime
Corporate crimes allegedly cost the public trillions of dollars every year. Also, the cost is much smaller for individual businesses. But the cumulative impact can be even more significant. Indeed, commercial crime poses a major risk to businesses of all sizes. However, small enterprises are disproportionately at risk. One study estimates that the average small business loses more than $9,000 per year to crime. Thus, it’s imperative for companies need to invest in protection. Losses can stem from a range of criminal activity, and in some cases, it’s even perpetrated by employees — not outside criminals, as business owners often assume.
What Commercial Crime Insurance Covers
Finding the right commercial crime insurance is essential. There are many kinds of policies to choose from, but you can narrow down the options by considering what each type of policy covers. For example, if you operate a retail business, you should ensure that your policy includes coverage for losses sustained from theft. Conversely, if you operate a consultancy firm, you shouldn’t pay for a policy that extends to retail theft coverage.
Who Needs a Commercial Crime Insurance Policy
You might wonder whether you need to invest in a commercial crime policy. Every business’s needs are different, but it’s better to have protection than not in most cases. Even if your company does not face substantial daily risk, a single fraudulent transaction can be financially devastating if you don’t have an insurance policy to shield you from commercial crime liability. Commercial crime insurance can protect your profits — no matter what business you run.
Preventing Commercial Crime From Happening
The best way to shield your businesses from losses caused by commercial crime is to prevent commercial crime in the first place. Additionally, you can do this in many ways, and you should ultimately formulate a plan uniquely tailored to your business. You can consult with a security expert or crime prevention analyst to identify your vulnerabilities and develop ways to minimize those risks. When used together, a prevention plan and an insurance policy can shield you from costly losses resulting from commercial crime.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.