Specialty Coverage For Dishonesty In The Workplace
Unfortunately, crime and employee dishonesty can happen. As a business owner, sometimes it’s impossible to know whether the employees you hire are an honest fit for the job, and by the time you discover the truth, the damages can be costly.
At King Insurance Partners, we can help your business develop a plan that keeps your assets protected in the event of such a specific circumstance. With Crime Insurance, your policy can include coverage for various situations, such as:
- Robbery or Burglary
- Computer Fraud
- Employee Dishonesty
- Theft of Business Property
Since there are limitations to commercial crime policy, you should carefully discuss your options with King Insurance Partners to find out what kind of insurance your business needs based on your current situation and potential risks.
Don’t lose important data or finances on the account of a dishonest employee’s actions. Keep your business secure with Crime Insurance from King Insurance Partners.
What Crime Insurance Covers
Crime insurance is a type of business insurance that can provide first- and third-party coverage for your business in a number of situations, such as:
- In transit crime, such as documents or money being stolen while an employee is taking them to another location.
- Credit or debit card fraud;
- Computer fraud, such as fraudulently transferring money;
- Damage to property;
- Forgery or alteration;
- Impersonation fraud;
Many of these situations fall under the category of white-collar crime and employee theft. In a 2017 study, Hiscox, a global specialist insurer, found employee theft cost U.S. businesses an average of $1.13 million in 2016 alone. While this number accounts for businesses of all size, small- to medium-sized businesses had median losses of $289,864. These staggering numbers highlight the need to thoroughly protect your business at all times with crime insurance.
What Type Of Business Should Have Crime Insurance?
Every business, no matter the size, should protect itself with crime insurance. Any type of business transaction, whether done through cash, check, or credit or debit card, is at risk of a crime. Customer records and financial data are just as at risk as monetary means.
Crime insurance is rarely a one-size-fits-all policy. Instead, a King Insurance Partners agent accounts for many factors, such as the number of employees, including full- and part-time; annual revenue; and current office security. Policy limits are based on the maximum loss the business could possibly suffer. Contact King Insurance Partners today to learn how crime insurance can greatly benefit your business.
What Crime Insurance Doesn’t Cover
While commercial insurance coverage is available to protect a business against many types of crime, there are several areas it doesn’t cover. Crime insurance differs from cyber insurance because data breaches and related liabilities are only covered by cyber insurance. It also won’t provide coverage for situations such as:
- Criminal acts performed by business owners or top managers;
- Employees previously apprehended for a dishonest act;
- Government seizures;
- Independent contractors; and/or
- Legal expenses.
Contact King Insurance Partners For Comprehensive Business Insurance Policies
A full-service commercial insurance company, King Insurance Partners has helped businesses of all size for more than 40 years flourish by creating custom and comprehensive insurance policies. Our skilled agents take the time to understand your business then account for current and future risks when creating a policy. To learn more about our crime insurance coverage, contact King Insurance Partners today!