Commercial Crime Insurance

Commercial Crime Insurance.

Commercial Crime Insurance
Credited to Google
Any business nowadays has to protect their cash your cash in your business is like oil for a current, without it your business will freeze up.
So we’re going to talk about protecting yourself today with a crime policy.
Crime policies and optional coverage that you get as a business owner that will basically cover your cash and some of the areas that a main business owner’s package will not cover.
So first things, you have employees theft any business that has any kind of inventory it’s acceptable to employ.
So maybe you’re a cellphone store that sells iPhones and one of your employees is selling iPhones out the back store to its friends to file an insurance claim for that you do have to have crime insurance.
Most business owners packages will exclude employee theft from that coverage second and probably the main reason that you get this policy employee embezzlement.
Nobody ever thinks that an employee’s own embezzle from then obviously you’re not going to put somebody that’s spent time in prison for white-collar crime and charge of your accounting division.
Nobody ever does unfortunately it’s typically the squeeze little old lady that’s been stealing from you for the past four or five years to the tune of six figures or a million dollars.
We’ve got so many different stories that we’ve seen as agency situations that I’ve seen situations that you’re read in the news where the person that everybody the least suspected has been stealing money.
Maybe they’re stealing money for a sick family member maybe they have a gambling addiction.
You just never know employee embezzlement will reimburse you for the money that somebody’s stealing from it.
Typically this is over a long period of time and it’s usually hard to catch better electronic fraud hacking all of our banking is electronic nowadays and folks are after your bank account information.
So if somebody gets into your bank account and doesn’t unauthorized transfer or siphons money out you’d have coverage for that to number four social engineering.
This comes up a lot nowadays this is an optional coverage that you can also get as part of a cyber policy which is a separate policy.
But what it is somebody tricks when employees into wiring money somewhere so typically through the business owner.
Somebody will pretend to be you they’ll create an email address that looks just like yours or if they can handle this hack into your email.
Then they’ll send an email to your accountant and say, please pay this new vendor that we have wire money to them.
We need to place this order and the accountants or the bookkeeper will fall for it and the money down.
The bank will not reimburse you for that so that would fall into the social engineering coverage, then we have robbery if there’s a robbery at your place of business and cash is stolen typically the coverage on the business owners packet is very limited or non-existent.
So especially if you’re cash and heavy business, crime insurance is a really good idea as energy fraud.
Unfortunately, we all know, that is and then forgery or unauthorized use of checks or credit cards.
Typically the credit card company will reimburse you for the cost checks when their business the bank’s going to tell you that you’re on your own.
Unless it was a forgery that they should have caught that, they didn’t but you could be waiting a while for the bank to reimburse them where a crime policy will pay that claim immediately.
Crime policies are generally pretty inexpensive unless you have a business with a history of crime claims so it’s definitely something you want to take a look at to make sure that you’re covered thanks.

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