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This article is being written to address the most common claim that I see in the industry, crime. I will touch on some common coverages below. Further on, I will give you some helpful tips on how to prevent these claims from happening or at least mitigate them if they do.
" style="font-size:medium;text-decoration:underline">Types of Crime Coverage
Coverage for employee theft of money, securities, or property, written with a per loss limit, a per employee limit or a per position limit. Employee dishonesty is one of the key coverages provided in a commercial crime policy. Ask your insurance broker for different forms offered by insurers.
This will cover a loss where a third party has stolen cash from inside your premises during or after hours.
Covers a third party stealing your businesses cash outside the premises. Example; on the way to the bank to make a deposit.
Covers loss due to the acceptance of a money order that was issued (or is purported to have been issued) by a post office or express company and loss due to acceptance of counterfeit paper currency of the United States or Canada.
Insurance that protects the insured against forged or altered financial instruments, for example checks or promissory notes, made in the insured's name or supposedly signed by the insured.
Generally most insurers give a $5k limit per occurrence, on a basic extension package, on a plus or deluxe extension package you may see $10k per occurrence. With specialty markets or high risk insurers your broker may have to specify a limit. Consult with your preferred insurance expert and plan for the worst case scenario.
Here are some tips on how to prevent or deter would be thieves:
Losing a customer today due to the inconvenience of an insurance claim, doesn’t mean they will come back tomorrow. Prevention will help your business flourish and keep your insurance costs manageable.
Protect your business! Protect your money!
The above article was meant for educational purposes only. Wordings, coverage, and exclusions vary by Insurance Company and should be carefully reviewed with your Insurance Advisor.