 Define what you think is a business-related crime. Is it theft? Burglary? Robbery?
All of us might come up with a different but somewhat similar answer.
According to the ISO (Insurance Services Office) — which this is the company that writes the majority of insurance policies and endorsements — crime coverage includes the following:
- Employee Theft (aka. Employee Dishonesty)
- Forgery or Alteration
- Inside the Premises – Theft of money and securities
- Inside the Premises – Robbery or safe burglary of other property
- Outside the Premises
- Computer Fraud
- Funds Transfer Fraud
- Money Orders and Counterfeit Money
You may have not come up with all these, however, when it comes to the insurance you've purchased, are you covered in case one of these crimes were to happen to you?
Well, it depends.
While burglary of some items is usually covered with a good property policy it usually excludes money, securities, checks, etc.
In regards to the listed items above, policies may cover all, some or none of these.
If you have a Business Owner's Policy (BOP) with a standard insurer, you most likely have some coverage with options to include more.
With most other policies you';ll need to add on the coverage.
Check your policy and if you're not sure, let's discuss your business and which ones on the list above might apply more to you.
We can be a great resource of knowledge and education because we see industry wide trends and can provide options to mitigate a future loss (aka. prevent pain).
We can actually help you make a more educated decision.
It's better to have the coverage and not need it, then need the coverage and not have it.
Make sure you're protected. Call Southwest Commercial Insurance at (512) 771-6091 for more information on Austin general liability insurance.
Posted Tuesday, June 23 2015 2:00 PM
Tags : general liability insurance, general liability, BOP, protection, crime, business crime, coverage, business insurance, Austin, Texas, insurance, Austin TX insruance
|