Crime Insurance Helps Stem Losses

crime insurance

Businesses can be quite vulnerable to crime, particularly during the holidays when the number of people out shopping tends to swell to much larger numbers. This in turn, creates more opportunities for thieves. In addition to shoppers and criminals entering your place of business you may also have to deal with internal threats (employees) looking for a way to steal items in the hopes that they go missing undetected. Thieves are also very adept at seizing the chance to steal merchandise or cash while employees are tending to other customers, or simply not paying attention.

Unfortunately, businesses of all sizes are vulnerable to these acts and you can only help to mitigate those losses by purchasing crime insurance. This can provide your company with coverage that is designed to protect your business from losses that result when employees or other parties commit these types of acts.

Security measures can reduce losses

Criminals are much more likely to invade a store or business not having sufficient security officers and devices in place. Given an easy opportunity, those bent on stealing will do so, which is why security cameras are in nearly every store and even placed outside. Thieves come in many forms, from transients to dissatisfied customers, unhappy stockholders, and of even employees, both long-term and temporary positions, especially during peak seasons.

A business having a rather large inventory in their stockroom is often targeted. That’s because someone on the inside may have the ability to change the numbers on the inventory sheet in order to hide the shortages. Any store properly managed can detect this and the guilty party is often brought to justice. If your business were infiltrated in this way, only crime insurance coverage would allow for your loss to be recoverable whereas a GL policy would not.

Any business, large or small can be targeted, and petty crime is just one aspect of the situation. Fraud and embezzlement are equally severe issues since they are also crimes that tend to cost employers millions annually. This, coupled with shoplifting and employee theft, costs well over 60 million annually to businesses in the US. Speak to an agent and discuss your need to carry crime insurance.