Crime Liability Insurance
As a business owner, you constantly need to juggle and manage the array of risks your business faces on a daily basis. From investing in general liability insurance for slips and falls to strategizing better ways to implement cybersecurity, there is a never-ending stream of work to be done surrounding your company’s risk management strategy. One area that business owners often overlook is the liability they face from crimes committed by their own employees. While dishonest actions by your employees are outside the realm of your control, they can lead to a hefty consequence for your business. This is where crime insurance, often referred to as fidelity insurance, comes into play.
Commercial crime insurance acts as a shield for companies who might face claims due to dishonest acts by employees. Read on to learn more about crime liability insurance, the businesses that need it, what you can expect from your policy, and how we can help you implement this with an overall risk management strategy.
Understanding The Risk
For many new business owners, there are numerous risks they never even consider. Often, they do not realize that their business could be at risk due to a crime committed by their employees. This could include the theft of your clients’ property by your employees or fraudulent behavior. Basically, the risk is that without your knowledge or consent, your employee could partake in dishonest behavior that results with your business being held liable. While it may seem unfair that the actions of your employees could lead to a lawsuit against your company, regardless of your lack of knowledge of these actions, it is a reality for which you must prepare. No matter how large or small your company is, this is a risk you will undoubtedly face.
What Commercial Crime Insurance Can Cover
One way to protect your business against crime liabilities is through commercial crime insurance. Holding the right policy can help shield your business from the fallout of a dishonest employee. Crime insurance is meant to cover a variety of things including some of the following:
- Losses or damages due to employee dishonesty
- Computer fraud
- Theft of clients’ property
- Fund transfer fraud
- Theft of money
While it is impossible to fully control the actions of your employees, a commercial crime insurance policy can help protect you in case they choose a dishonest path. Crime insurance policies will help guard you against the actions of a dishonest employee, but there are certain things they will not protect you from. For example, if you or your partners take part in dishonest actions, this policy will no longer protect you. It also will not cover accounting errors that result in the loss of money.
What This Policy Will Cost Your Business
When it comes to choosing a commercial crime insurance policy, it is important that you work with a consultant who will spend time understanding your company’s specific needs. Not all insurance policies are alike and, similarly, the cost of the policy will be dependent upon your specific business. At Brady Risk Management, we understand how important it is for you to keep your budget on track and additional insurance policies can feel like a cumbersome weight on your finances. However, we strive to ensure that you are getting the most out of all your policies and that you are matched with the right coverage for your actual needs. We will help you balance the costs of protection against the long-term benefits of being properly guarded against the most pressing risks.
How Working With Brady Risk Management Can Help
If you are interested in working with Brady Risk Management, our team is ready to assist you. We can work with you to determine if commercial crime insurance is the right fit for you and your business. We take the time needed to truly understand your specific business’ needs. No two companies are alike and the industry you operate in will play a major role in what protection you need. Our goal is to help you design an effective and intelligent risk management strategy that targets a variety of your needs. We can work with you to secure the right policies for general liability, liquor liability, EPLI, property insurance, and more. There is no project too large or too small for us to undetake, so please don’t hesitate to talk to us about your company’s needs.
Whether you operate in the hospitality industry, the restaurant world, or the construction business, we will strive to find the specific solutions needed to protect your company from common risks. Our goal is to take the time to ask the “what ifs” so you can focus on running your business effectively. Talk to us today about improving your risk management strategy and get a free quote on crime insurance for your business.