Establishing a business involves many responsibilities, including protecting employees and property in the event of various dangers, including theft. Failing to have coverage for the latter could lead to financial setbacks and possible shutdowns. Therefore, it would be best to learn about the types of commercial insurance your company can take advantage of and why, including those mentioned below.
With crime insurance, you can protect your employees, clients, guests, and office space if criminals break into your commercial property and steal or forge documents. Crime insurance also protects your company in case of stolen property, damaged products, the misuse of funds such as illegal transfers, and other criminal acts. Without this type of coverage, it could be difficult to recoup your business losses, cause you to lose customers, and devastate your company’s bottom line.
Employee Theft Coverage
Financial loss due to employees may occur, from wage theft to removing business products and office equipment. These are surprisingly common issues, and even after terminating a worker, retrieving the loss is almost always unachievable. Therefore, having an employee theft coverage policy could be beneficial to your business.
Although you don’t want to believe your workers would steal from your establishment, it’s best to be prepared in the event they do. Employee theft insurance can provide coverage for financial loss due to fraudulent activities conducted by one worker or a group of employees. This generally applies to third parties as well, such as clients.
Cybercrime is one of the most dangerous types of business theft in today’s society. With the internet and other forms of communication, it’s less challenging for hackers to steal business information, such as financial details about the company or its clients and employees. For example, suppose a computer thief hacks into your business’s system. The individual could gather information pertaining to clients’ banking and credit card details and use that knowledge to make illegal purchases or wire bank transfers. However, having crime insurance could protect you from cyber theft and give your business a positive reputation among current and future clients.
In addition to covering wage losses and damaged property, business insurance can protect your establishment against lawsuits. For example, if thieves are injured while breaking into your office space, having criminal insurance could protect you if these individuals try to file a lawsuit against your business due to wet floors, broken stairs, unremoved trash such as sharp objects, and more. Crime insurance can give your business the coverage you need to handle these potential lawsuits, whether that involves covering legal representation fees or potential financial claims.
It’s vital to protect your business from dangers, and commercial insurance is one of the most valuable tools you can buy to safeguard your business’s financial health. When it comes to commercial insurance, look to the professionals at Altra Insurance Services for sound advice based on years of experience in the insurance industry. We also offer reliable homeowners, renters, and car insurance, San Diego residents can call one of our knowledgeable agents today at (619) 404-6311 to discuss their insurance needs.