When you are a business owner, you must evaluate your potential risks and from there, assess the type of business insurance protection you need, but have you considered other insurance options outside of the most obvious? It is clear you need business property protection along with general liability insurance, but does your business need crime insurance too?
Protecting Your Business “Inside” And Out
When you contemplate losses that may pose a hazard to your business, you may consider situations like fire, water damage, lightning and other obvious risks, but what about losses that happen from the “inside” by your employees, such as embezzlement?
According to the 2018 Hiscox Embezzlement Study, the average loss a business like yours experiences, due to embezzlement, is estimated at over $350,000. Business crimes, like embezzlement, are a widespread issue and can wreak havoc on your business success if you fail to have adequate crime insurance protection.
Typical Coverage Options Available Under Business Crime Insurance, but Not Limited to:
Business crime insurance is a separate coverage provided for a nominal fee that is designed to protect businesses from crime related losses. Below are some of the most typical types of potential loss situations that your Alabama business may face, but not limited to:
Employee Dishonesty- This coverage protects businesses against property thefts committee by employees such as money and securities.
Forgery/Alteration- This coverage pertains to incidents where checks, promissory notes, or written instructions are forged or altered.
Fraudulent Impersonation- This type of coverage is for protection against losses where someone is fraudulently impersonating someone, providing false transfer instructions, and subsequently trying to obtain/steal money from the business account.
Theft of Money and Securities- Businesses lose money/securities from theft from their own employees along with theft from outside persons. This coverage is written to include protection from both scenarios.
Computer Fraud- This coverage provides protection against losses encountered as a result of fraudulent computer activity by a third party in an effort to steal money/securities.
Robbery/Safe Burglary- This provides protection against losses from burglary of a business safe with injury or the threat of injury.
Clients’ Property- Protection designed for losses when an employee steals your clients’ property, money, or securities.
Let Us Assess Your Risk Potential
There are many other available crime insurance coverage options that may be beneficial to your specific Alabama business needs. It is recommended that you contact your local Alabama independent insurance agent to discuss your business and potential risk hazards in an effort to establish the right type of crime insurance protection to safeguard what is rightfully yours.
Burkett & Associates Insurance Agency understands that business crimes are on the rise and continue to pose real threats, especially to smaller businesses, and we can provide the right type of crime protection that will protect your Alabama business and assets. Call us TODAY at 256-704-7400 with any questions you may have regarding crime insurance protection or for any of your Alabama business insurance needs.
