Commercial Crime Coverage Insurance
Crime can occur anywhere, at any time, for any reason. Even in the safest of neighborhoods or the smallest of towns, there's always the chance of illegal activity or wrongdoing. Why wait for something to go wrong when you can be proactive from the beginning?
You probably already have safeguards at your business, including alarms, passwords for employees and locks. Crime coverage insurance is an extra layer of protection that helps you in case your efforts at safety do not work and you're targeted by fraudsters, criminals or dishonest employees.
What Is Commercial Crime Coverage Insurance?
You might be thinking your standard business property insurance already covers the most common criminal activities, such as theft and vandalism. While it's true that your company's property insurance will cover any disruptions to your place of business and flow of interaction with customers, you need additional coverage to protect you from any internal criminal activity. Specifically, commercial property insurance will not cover monetary losses due to crime — which is an increasing area of concern for the operation and functionality of both small and large companies.
Commercial crime coverage insurance can protect your business in a variety of ways. Sometimes internal affairs can upset the flow of business. Employee dishonesty, forgery or alteration, company fraud and funds transfer fraud are all crimes that can be committed by your employees, and you'll want protection against them. On a wider scale, your business may fall victim to kidnapping or ransom cases, counterfeit change or money orders, internal or external theft or burglary.
Protections Granted From Crime Coverage Insurance
Crime coverage insurance protects your business from employee dishonesty, theft, counterfeit money, forgery, computer fraud, fraud related to transfers and some securities and asset crimes. It can also protect you if a client or customer’s property is stolen.
A commercial crime policy in New York covers many crimes within your business premises, including robbery, theft and burglary. It helps you pay to replace lost inventory or other items, as well as for damage to company property. It can cover the funds, securities and assets lost through hacking and offers protection if fraudulent deals involving contractors, workers and others on your team take place.
Business crime insurance in New York will not cover you in incidents involving the illegal actions of your partners or yourself or from accounting errors. It may not protect all occupations and will not offer coverage from liability related to crime. It is important to discuss the limits of your insurance with your broker to ensure you have the right policies in place to offer maximum protection.
How Do Hospitality Businesses Benefit from Crime Insurance?
In the hospitality industry, your business sees lots of guests — and strangers — on a regular basis. It's important to keep your crew and staff protected, but you also have a responsibility in keeping your customers safe and protected. Investing in a crime coverage insurance policy will protect everyone and encourage more and more customers to trust in and rely on your company.
If your organization falls victim to a burglary overnight where windows are broken, computers are stolen and cash is taken, a crime coverage insurance policy will ensure you receive the cash total to the amount that you lost. Standard property insurance, on the other hand, might repair and reimburse you for only the exterior damage.
Commercial crime coverage insurance is also an increasing need for small businesses who rely on money and profits to launch their success. But it's not just a starter business that needs the protection — any large company dealing with massive amounts of money on a daily basis should keep these transactions as secure as possible. Cash, checks, online payments and credit card transactions are all protected under crime coverage in the event that forgery or illegitimate transfers take place. Ensure the safety of your company and your customers with this additional policy!
Commercial Crime Coverage in New York for Large Companies
Large businesses need commercial crime insurance coverage in New York because they can be a target for criminals and dishonest employees. Workers sometimes believe they can't hurt a large company through theft or dishonesty because the company has larger assets. This idea, of course, is not true. Theft and other criminal activity can impact your reputation and brand. The money stolen still needs to be replaced. Without commercial crime insurance for your New York business, you'd have to pay for these costs yourself.
How Does Crime Insurance Help Small Businesses
For smaller and medium-sized businesses, criminal activity can make it harder to keep doors open. The impact on your brand and the damages of loss can add up, as can the effect of a legal claim arising from the criminal activity. Crime insurance for small businesses in New York specifically addresses the needs of smaller companies — you may need to secure resources quickly to deal with the impact of crime.
When considering commercial crime insurance coverage in New York, keep in mind that large corporations often spend considerable amounts on employee monitoring, security systems, security guards, encryption, private servers, IT departments and other resources. This can make them a more difficult target, meaning criminals may focus on smaller and medium-sized companies. This is one reason crime insurance for a small business is essential in New York.
Do You Need Commercial Crime Insurance in New York?
All businesses have the option of seeking a civil claim themselves to recoup losses stemming from a crime. While this course of action is an option, it doesn't replace a commercial crime policy. It can take years for a case to work its way through the courts, and in the meantime, you still need to pay for the costs of the loss and keep your business going while also potentially dealing with any legal claims against you.
In addition, if the crime was a result of an employee, it may be impossible to recoup the money if the employee does not have assets or insurance to cover a settlement. In some cases, the losses may be considerable but still not large enough to make a legal claim financially feasible.
You may especially need business crime insurance in New York if your business handles data, including cash, credit card or money transactions. These activities can attract fraudsters and criminals intent on theft. Also, keep in mind New York is a large city, and some communities have higher crime rates. If your business is located close to any areas where a crime spree has occurred, you may be vulnerable.
Protecting Your Business From Crime
In addition to getting the right commercial crime coverage for your New York business, you can take other steps to prevent criminal activity in your company. For one, you can use background checks and careful employee screening to hire the most responsible and honest individuals for your team. You may also wish to institute security checks — such as regular audits — to ensure no dishonesty is occurring. Using strong passwords and security measures such as cameras can also help reduce criminal activity at your company.
Even with these steps, commercial crime insurance for small businesses and large companies in New York is a must. If you're wondering which coverage may be right for you, contact Kokkoris Insurance Services for a free quote and evaluation. Our team has decades of combined experience, and we work closely with companies in the hospitality, food and other industries, so we can help you find customizable insurance that addresses your unique risks.
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It can be unpleasant to even consider the possibility that an employee may be dishonest or that your company may become the target of crime. However, it can be even worse to be affected by crime and not have adequate insurance to cover the costs of asset replacement or the disruption to business. If you're looking for a robust insurance policy that allows you to stay also staying on budget, contact Kokkoris Insurance Services for a free quote.
Kokkoris Insurance Services is dedicated to assisting hospitality services all around New York in areas like Staten Island, the Bronx, Queens, Manhattan and Brooklyn. If you're trying to find some of the best local quotes for insurance policies and coverages, look no further! Contact us by email or phone, whatever works best for you, and our team of dedicated and passionate brokers will match your coverage requirements with the best prices around.