The constant threats of commercial crime come from many different sources. Consider these statistics:
- Over 2.1 million business burglaries were reported in the U.S. in 2020
- 61 million people were victims of financial data breaches in the U.S. in 2023
- 22% of small business owners have had their employees steal from them
- 30% of all business failures are due to employee theft
Thankfully, there is some good news. You have the power to protect your business against these risks by investing in commercial crime insurance. Taking proactive steps now can save you time and money while protecting your company from financial harm or, worse yet, complete failure.
The Threat Outlook for Businesses
Safeguarding your business from financial losses caused by criminal activities requires being proactive and vigilant. Business crime insurance, also known as commercial crime insurance, provides the safety net you need. This type of coverage protects companies from various crimes, such as:
- Employee theft (embezzlement, fraud, etc.)
- Forgery and counterfeiting
- Computer and data breaches
- Robbery and burglary
- Vandalism
Any one of these crimes can disrupt operations, damage your reputation, and cause financial losses that could cause a business to lose everything.
Is Traditional Insurance Enough?
When it comes to safeguarding your business, don’t take any chances. Business crime insurance isn’t automatically included in a commercial business package policy unless specifically stated, so be sure to talk with your agent or broker to understand what’s covered.
Business crime insurance serves as a protective shield for companies of all sizes, safeguarding their assets, income, and reputation. It is especially crucial for companies that handle cash or online payment systems. These policies typically offer different coverage limits for losses incurred on and off the business’s property, providing a comprehensive safety net.
From cash theft and embezzlement to stolen merchandise and forged checks, business crime insurance has got your back in a variety of crime-related loss situations.
Benefits of Commercial Crime Insurance
Commercial crime insurance helps businesses recover their financial losses and keep their operations running smoothly in the event of a crime. There are many different types of policies available that come with a variety of valuable protections:
- Employee dishonesty insurance covers losses caused by fraudulent acts by staff, such as theft, forgery, or embezzlement.
- Computer fraud insurance covers losses caused by cyber crimes such as hacking or data breaches.
- Outside the premises theft covers criminal losses that occur away from the insured’s premises (for instance, when an employee is robbed while making a bank deposit).
- Inside the premises theft protects businesses from money or property stolen inside the insured’s facility (such as when a location is burglarized).
Custom Insurance the Smart Way
It’s important to create a personalized insurance policy that suits your business’s unique risks without paying for protection you may not need. Factors such as your industry, business size, and location can influence coverage options and premiums. Here are some choices to consider:
Financial Coverage
Recover financial losses caused by crime and protect your inventory investment with crime insurance. This allows your doors to remain open and prevent long-term delays in the recovery process.
Smooth Operation
Keep your operations running smoothly in the event of a crime. The right policy can allow your business to thrive after an incident even while navigating the recovery process.
Peace of Mind
Safeguarding your business with the proper crime insurance will relieve stress from both you and your staff.
Regulation Compliance
Some organizations are required to invest in crime insurance. Eber & Associates can evaluate your business’ obligations so you can have the coverage you need and stay within budget.
When it comes to custom insurance solutions, you need a team you can trust to help you find the perfect fit. Eber & Associates can guide you to a more secure tomorrow with the care, coverage, and confidence you deserve.
Get Commercial Crime Insurance With Eber & Associates
Crime knows no bounds when it comes to targeting companies, big or small. Securing the right coverage at the best price is no easy feat, yet Eber & Associates has a proven track record of tailoring insurance solutions to protect any business against crime.
Safeguard your company’s financial well-being and take the proactive step towards risk management with Eber’s expert guidance. Contact Eber today for a complimentary consultation and a custom quote.
