You may think that your business will never have a problem with theft or employee dishonesty, but the reality is that almost every business has been a victim at some point. Even in Orange County, Crime Coverage is a necessary piece of your business insurance.
Even if your business doesn’t deal with excess cash, you may have supplies, merchandise or other items that may be tempting for someone to take. Any product can be targeted for resale profit.
The most common examples of theft by employees in a business:
- Keeping two sets of books
- Taking money from the register
- Stealing raw materials, merchandise or finished products
- Credit card fraud and charging inactive accounts
- Increasing amounts on invoices after they have been paid
- Paying companies that do not exist
- Accounting and bookkeeping fraud such as reducing outgoing invoices in the books and pocketing the difference
- Padding payroll or paying bonuses to those who do not deserve them
- Not recording cash payments
- Invoicing materials below sales price and receiving undercharge from the customer
Business Insurance Coverage for Crime
There are several different coverages you can choose to protect your business from the financial losses associated with theft and other crime.
- Employee Theft Coverage
- Depositors Forgery or Alteration Coverage
- Theft Disappearance and Destruction Coverage
- Robbery and Safe Burglary Coverage
- Computer and Transfer Fraud Coverage
- Money Order and Counterfeit Currency Coverage
- Public Employee Theft Coverage per Loss or per Employee
Talk to your insurance broker to decide which coverage is right for your business. Speak to an expert at ERM Insurance Brokers: (949) 222-0444