If you own a business, having something stolen from your company may be an unfortunate reality someday. But is there a difference in how it is covered based on how it is stolen? There may indeed be differences depending on your policy. Let’s review what you may find as you understand these coverages.
Insurance for theft typically covers any stolen property, regardless of where it was stolen. Insurance for a burglary may only cover property that was stolen when a forced entry into a building or structure was involved. If you have commercial property insurance, you may think theft is covered. But that isn’t always the case, especially for crime-related losses.
However, if you have a commercial crime policy, there is a good chance you are protected from losses occurring from business-related crimes, including:
Employee Theft
Protects you against dishonest acts committed by your employees, including theft of money or property.
Robbery and Premises Theft
Protects your property inside your premises while you’re open for business. You’re even covered if you or your employees are ever robbed while doing business offsite.
Computer Fraud
May help cover losses when employees or hackers commit fraud or theft via computers. As an important note, crime insurance will typically not cover losses as a result of data breaches. This type of loss would need to be covered by cyber liability coverage.
Forgery
Helps protect you if documents are forged or altered in schemes that typically involve the false acquisition of your funds.
Theft of Money or Securities
Protection for physical theft of money or securities and may help protect you even if this theft occurs off premises of your business.
As you can see, there is more than one may realize when it comes to protecting your business from theft, burglary, or crime. Contact Brandon Patterson on our team at brandon@ownbyinsurance.com or call 865.453.1414 and he’ll help you understand these risks and your options.