Workplace crime costs businesses in the United States around $50 billion per year. No matter how large or small your business is, there is a good chance that you’ve experienced some form of crime. Fortunately, this is where a crime insurance policy comes into play.
What It Covers
Crime insurance covers almost any crime committed by employees, customers, cyber and traditional thieves, and transit workers. Although each policy is different, a good policy covers:
- Inventory theft
Although some policies cover any theft or fraud, many only provide coverage when the theft or fraud is so great that it is catastrophic. You must know what a policy covers before you purchase it.
What You Need to Know
Essentially this insurance picks up where your business insurance leaves off. Most standard insurance policies do not cover theft. It is extremely important that you read the fine print when you are purchasing crime-related insurance. Not all crime packages cover theft by employees or circumstances where you cannot prove beyond a shadow of a doubt who committed the crime.
Unfortunately, not everyone is honest, and as a business owner, you should protect yourself from all forms of theft. Crime related insurance helps you recover from large losses that would otherwise force you to close your doors.