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.
Explaining Corporate Theft
Whether you own a convenience store or a fast food restaurant, corporate theft doesn’t discriminate based on business type. Thieves steal products, expensive equipment, and cash that’s easily accessible within your business, and many crooks even take sensitive or private customer information, which can result in a loss that impacts your reputation. It’s also common for corporate theft to result in significant property damage, since thieves often break windows and doors to gain entry to your establishment.
Does Business Insurance Cover Theft?
Why Business Theft Insurance Is Important
Business theft insurance keeps your property safe from potential disasters and corporate theft by offering you coverage that helps you receive a settlement for stolen or damaged items, such as electronics, furnishings, inventory, and other important valuables. Business theft insurance can also help you pay for building and property repairs that help make your business safe again after a break-in.
Tips for Protecting Your Business From Corporate Theft
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. If you’re unsure about your company’s most vulnerable assets, your insurance agent or broker can help you assess your risks and determine what you need to cover.
Update Your Business Theft Insurance
Once you establish what business assets are most vulnerable to corporate theft, update your business theft insurance policy to fully protect your business. 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.
- Deductibles apply, so your insurer deducts the amount before delivering your final policy settlement.
Work with your agent to choose limits that are appropriate for your property value.
Maximize Your Coverage
Basic commercial property insurance doesn’t always cover the cost of items lost due to corporate theft. Consider the following to maximize your business theft insurance policy coverage:
- Consider insuring certain items as scheduled equipment on your policy. Your policy coverage provides specific limits on high value items.
- Ask your agent if the policy includes money and security coverage that applies to money, checks, and other financial documents stolen in a corporate theft.
- Employee theft is common, so check if your policy offers employee dishonesty coverage that applies to internal corporate theft.
If theft occurs at your business, report the incident to the police immediately and ensure items damaged and lost in the theft are noted. Then, contact your insurance company to start filing a claim.
At InSource Insurance, we know the financial investment that goes into commercial properties. Protect your business from corporate theft with commercial asset coverage.
Implement Office 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 Your Workforce
It’s also important to educate your employees about the risks of corporate theft and how to prevent it. Train them on how to keep track of inventory and cash and report suspicious activity. It’s also a good idea to consider implementing a rewards program for employees who report incidents and thefts in the workplace.
Put a Corporate Theft Plan in Place
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.
Business Theft Insurance at a Competitive Price
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.