When creating an insurance program for your company, one of the last things you may be thinking about is crime prevention and protection inside your business. However, cybercrimes are up, staff theft is on the rise, and employees stealing inventory is a growing problem around the world. You can protect yourself with an insurance crime endorsement as part of a business insurance package, or as standalone coverage. It is always best to be prepared before crime strikes.
According to industry experts at NorthStar Insurance, having commercial crime endorsements in one of the best ways for any business to address the known risk linked to property theft. The policy can provide protection against forgery, embezzlement, robbery, misrepresentation, and fraud. Depending on the type of coverage you secure, other business-related protection is also available.
If you are a small business owner, you have more to lose when an employee commits a crime than when employees execute fraud against a huge corporation. In fact, as business crime grew last year alone, the estimates were that United States companies suffered more than $420 billion in losses from internal crimes, system abuse, and fraud.
You do not have to wait until after crime strikes your company to guard against internal misconducts. Instead, protect yourself by purchasing a commercial crime endorsement.