How Commercial Crime Insurance Can Protect Your Business

According to one recent report, 52% of large companies experienced fraud in the past 24 months. Of those, nearly one in five said their most disruptive incident cost their business more than $50 million.

Commercial crimes can take on many forms, but they all have one thing in common: they’re costly. Not only can they drain your finances, but they also take their toll on your business reputation, employee morale, and customer loyalty.

That’s why it’s smart to invest in coverage that can keep your company safe. Today, we’re sharing the top ways commercial crime insurance can protect your business, and how to find the right plan today.

What Is Commercial Crime?

Put simply, commercial crime is any type of crime that relates to a business. Common examples include:

  • Employee theft
  • Robbery
  • Forgery
  • Electronic crime

To some degree, strong internal protocols can help your business protect itself against unscrupulous behavior. When your expectations and protocols are clearly stated, there’s less risk that your employees will act dishonestly.

However, the reality is that any company can fall victim to business crime — even those that operate like well-oiled machines. If it happens to you, you’ll be glad you invested in a commercial crime insurance policy.

Benefits of a Commercial Crime Insurance Policy

You’re already juggling plenty of corporate expenses already. Why should you add business crime insurance to the list? Well, let’s look at a few reasons why this is a solid investment.

Prevent Misuse of Funds

In many companies, certain employees have access to company funds and sensitive financial information. If they abuse this information and access or transfer funds for their personal gain, your policy can help you recoup the money and keep your finances intact.

Reimburse Computer Fraud

In today’s Digital Age, it’s easier than ever for dishonest employees to carry out crimes against their employer via computer. If you lose any money or securities via computer fraud, insurance can help reimburse you. Ideally, it should be part of a bigger cyber risk management program that all employees understand.

Protect Against Extortion

When an employee or outside actor attempts to gain company funds through illegal methods, such as holding a supervisor hostage or threatening to expose sensitive information, this process is known as extortion. This act has the potential to drain your finances, but business crime insurance offers valuable protection.

Protect Goods in Transit

Even the most robust supply chain can experience business crime. This is especially common with goods in transit, which are especially vulnerable. Not only are they moving entities, but they’re not always kept on your company premises, which makes the crime harder to track and prove.

Insurance can help you avoid lengthy legal battles, and recoup any losses your business suffers.

Learn More About Commercial Crime Insurance

These are only a few of the reasons why it’s smart to invest in a commercial crime insurance policy. This coverage can keep your financial assets, employees, and business name safe as you navigate your day-to-day operations.

At the Soden Agency, we have multiple types of insurance designed to optimize your business, including commercial crime insurance. To learn more, request a quote today!