When it comes to protecting your business from corporate theft, there’s no one-size-fits-all solution. To maximize your protection, you need a comprehensive approach that’s tailored to your unique needs, risks, and assets.
Read on to learn more about how to protect your business from theft.
The Prevalence of Corporate Theft
Whether you own a convenience store or a fast food restaurant, corporate theft doesn’t discriminate based on business type. It is a broad and multifaceted threat, venturing beyond mere burglary of tangible assets to insidious attacks on your company’s identity.
From property damage to potential data loss, the consequences are not just financial but may prompt an unwelcome downtime for repairs and renovations—time during which your business could further lose resources. Therefore, it’s important to meld a defensive strategy tailored to your distinctive risks, assets, and operational blueprint.
Does Business Insurance Cover Theft?
Why Corporate Identity Theft Insurance Is Critical
Insurance provides a financial safety net, capable of cushioning the shock of theft-induced losses. Protection for corporate businesses is particularly significant, giving businesses tailored protection for their most critical and exploitable information. It covers not only conventional losses, such as stolen hardware or furniture but also those that are abstract and might even be unquantifiable at first glance, such as customer trust and confidentiality.
It’s vital to identify the range of policies available and the composite coverage they offer to ensure alignment with your assets’ framework and value. Recalling that general liability insurance may not cover theft, a detailed inspection into more comprehensive business theft insurance is key to securing safeguards after a theft incident.
Essential Tips for Protecting Your Business From Corporate Theft
Protecting your business requires foresight, preparedness, and an integrated approach. Theft happens when you least expect it, so as a business owner, it’s important to protect your business by preparing for the unexpected. Below are some tips to help you protect your business from corporate theft.
Identify Vulnerable Assets
First, identify your business’s most valuable assets so you can incorporate extra efforts to keep them safe. Assets most vulnerable to corporate theft that impact your business’s recovery in the event of a loss include cash, inventory, equipment, and data. Conduct an internal audit to pinpoint what’s at stake. Consulting with your insurance agent or broker can clear up any uncertainty about the risks you face and the protective measures crucial to your business contingency plans.
Update Your Business Theft Insurance
Post identification, it’s important to update your business theft insurance policy. Make sure to discuss different coverage options with your agent so you can rest assured that you find the right solution for your business needs. Business theft insurance policies have coverage limits, so keep in mind that:
- You should insure the property for the full value of your building, equipment, and other possessions, remembering that the insurer might only pay certain amounts for certain types of damage.
- Sometimes an insurer compensates you for replacement costs, paying you for items at their current cost in new condition. Some items might only be eligible for actual cash settlement value, or the cost of an item after it depreciates over time.
- Your business will inevitable evolve as it grows, bringing more risk opportunities.
- Insurance policies have their ceilings and clauses.
- Deductibles apply, so your insurer deducts the amount before delivering your final policy settlement.
At InSource Insurance, we know the financial investment that goes into commercial properties. Protect your business from corporate theft with commercial asset coverage.
Maximize Your Coverage
General policies often fall short when it comes to specific corporate theft incidents. To maximize your corporate theft coverage, consider:
- Insuring certain items as scheduled equipment on your policy. Your policy coverage provides specific limits on high value items.
- Asking your agent if the policy includes money and security coverage that applies to money, checks, and other financial documents stolen in a corporate theft.
- Verifying coverage for internal employee theft, which, unfortunately, is not uncommon.
If theft occurs at your business, report the incident to law enforcement immediately and ensure items damaged and lost in the theft are noted. Then, contact your insurance company to start filing a claim.
Implement Cutting-Edge Security Measures
In addition to maximizing your business theft insurance policy coverage, implement office security measures to protect your business from corporate theft. Consider measures like alarm systems, security cameras, and access control systems. Before selecting the right security program from your business, assess your risks and assets again—and keep your company’s financial stability, customer service record, and claims history in mind to help you make the right security system choices.
Educate and Engage Your Workforce
Keep your workforce aware of the risks of corporate theft with preventative practices. Implement training sessions on topics like keeping track of personal information, work inventory, and reporting suspicious activity. Consider implementing a rewards program for employees who report incidents and work to ensure peace of mind among the company.
Enact a Corporate Theft Action Plan
In the event of theft, it’s important to have a plan in place, including how to report the incident, when to contact the police and your insurance company, and how to take inventory of stolen products. Putting a corporate theft in place ensures the issue is resolved quickly and efficiently. It’s also important to review your plan regularly and keep it up to date. As your business grows, so do the risks associated with corporate theft. Make sure to review your plan and growth occurs to identify new risks and opportunities to improve protection.
Reduce Corporate Theft at a Competitive Price With InSource Insurance Group
At InSource, our dedicated sales and service teams consist of experts that help your company find the best business theft insurance coverage at a competitive price. We have over 80 years of experience fulfilling the insurance needs of businesses of all sizes and industries. Our team creates customized solutions and works with you to choose a corporate theft policy that meets your needs and protects the future of your business.
Contact us today to protect your business with the right business theft insurance.