Running a company is a stressful venture, especially when you have to think of ways to prevent crime in your business. Major corporations often have costs associated with crime built into their budgets. As a small business owner, you probably don’t have the luxury to do this. Crime such as fraud and theft can wreak havoc on your bottom line. Luckily, crime & fidelity insurance can help mitigate some of these costs and ensure that your business is protected.
Prevent Crime in Your Business
What does a crime insurance policy cover, though? Learn about four of the most common crimes this type of insurance covers — and how to prevent them.
Theft from Retail Stores
According to research, shoplifting conducted via organized crime costs retailers $7 per $10,000 in sales. This figure may seem slight, but for small businesses, every dollar makes an impact. Unfortunately, shoplifters will target retail stores, and the losses can add up. Crime & fidelity insurance offers protection against these losses by reimbursing insureds for stolen merchandise. To claim reimbursement, a small business will typically need to file a claim accompanied by a police report or other documentation of the crime.
Damage From Break-Ins
Theft doesn’t only happen during business hours. Sometimes thieves strike at night to avoid interception by business employees. When a break-in occurs, the damage can be monumental. A small business must contend with the physical damages that result from shattered windows, destroyed security systems, and broken locks. Crime insurance usually covers these damages, but small businesses should take steps to prevent break-ins by installing high-tech security systems, including surveillance cameras. If necessary, you may also hire private security to guard the store outside of business hours.
Internal Losses
Finding trustworthy employees is always a challenge. Even if you conduct a background check and call a candidate’s references, you can never be sure you’re hiring a reliable employee. The prevalence of internal crime proves this fact. Many small businesses find that employees exploit their access to merchandise and other valuable assets, leading to theft and internal losses. Security cameras may be necessary to ensure that employees do not steal or harm the business.
Intentional Damage
Intentional property damage is less common than internal theft but can be even more costly. Sometimes employees become hostile and choose to demonstrate their feelings by causing damage to a small business’s premises. Property damage is a crime just like theft, though, so a small business crime insurance policy may cover it. Before filing a claim, business owners should check their policy’s terms to confirm what is covered and determine what their deductible may be.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
