Commercial property insurance is a standard policy for businesses who own or lease property. While you may be under the impression that any theft or vandalism occurring on the property is covered, you may be wrong. Commercial crime insurance works with your commercial property insurance to fully cover your theft risks.
Unfortunately, employees are the number one culprits of theft for businesses. Employees have access to high-value property and money that outsiders do not. Many commercial property insurance policies have a low limit for cash and high-value property. This means if a substantial amount is stolen, you may not recover it. Some policies also have riders for certain types of employee theft but not cover all instances.
Digital theft is on the rise allowing employees and others to steal substantial amounts of money without ever stealing physical objects. Funds transfer fraud and computer fraud are on the rise and require a commercial crime insurance plan to cover them. The risk is on the rise.
Look over your commercial property insurance policy to see if you need to add a commercial crime insurance policy to your insurance package. The cost of the premium is less than recovering a substantial loss due to employee theft. With so many ways to steal in the digital age, protect your business with the right insurance policies and an effective risk management plan.