As a business owner, you understand that your business needs and deserves the right insurance protection, but have you considered more than just the protection of your building structure and its contents? Every day your business may be losing money due to business crimes, which is why you need to consider business crime insurance TODAY.
Businesses, whether big or small, are targets of crimes from outside sources as well as from your own employees. However, small businesses seem to be bigger targets for embezzlement than larger businesses. Smaller businesses can be deemed “one big happy family” until you find out that someone in the “family” has been embezzling money right under your nose. In fact, data from the Hiscox Embezzlement Study found that small businesses with fewer than 150 employees were 10 times more likely to be victimized by inside crime than those with 250-500 employees.
Business crime is a prevalent problem that can totally devastate any business if there isn’t crime insurance protection in place. Recognizing the prevalent risk issues associated with your business and assessing which business crimes are most likely to invade your business is essential in protecting what is rightfully yours.
What is Business Crime Insurance?
Business crime insurance is a separate type of insurance policy designed to protect businesses, like yours, from business related crimes such as forgery, embezzlement or any other illegal act that exposes your cash, merchandise, and assets to theft. Business owners need to be aware that crime insurance is not typically covered under a N.C. commercial business policy unless it is specifically included. Below are some of the most typical types of business crimes you may encounter as a N.C. business owner, but not limited to:
Employee Dishonesty- This coverage protects your business from dishonest acts by your employees such as stealing money and/or merchandise, forgery, fraud, and embezzlement.
Forgery or Alteration- This is protection for your business that applies to scenarios involving forgery and/or alteration on checks, promissory notes, or other written instructions from a third party that would illegally transfer money.
Theft of Money and Securities- This type of coverage protects your N.C. business from situations involving theft from inside sources along with outside sources.
Computer Fraud- This coverage provides protection for situations involving fraudulent computer activity, from a third party, in an effort to steal money/securities from your business.
Robbery or Safe Burglary- This is coverage designed to protect your business from losses associated with burglary of goods or of a commercial safe with bodily injury or the threat of bodily injury.
Funds Transfer Fraud- Coverage designed to protect your business from the fraudulent transfer of funds from a third party in an attempt to transfer money from your business account.
Fraudulent Impersonation- Coverage that provides protection against losses to your business involving an imposter who is fraudulently transferring money.
There are many other crime insurance coverage options that are available to optimize your business protection. By contacting us at Twin City Insurance Agency, we can assist you in determining the most common types of risk exposures your business is subject to and we can provide the right type of crime insurance protection you need and deserve. Call us TODAY at 828-464-2643 for all your N.C. business insurance needs.