crime insurance

4 Questions Insurance Agents Are Asked

With crime insurance, a company is given coverage that isn’t usually included with other policies. With a commercial crime policy, there can be several types of coverage. Areas include:

Forgery
Alterations
Employee dishonesty
Transfer fraud
Computer fraud
Ransom
Kidnap
Extortions

As the experts at https://www.wwspi.com work with consumers, there are five common questions they answer concerning crime coverage.

What Does It Cover?

The primary purpose is to cover money, property, or securities, from various types of criminal activity. It can apply to employee theft or severe fraud cases.

How Do I Get It?

Speak with your insurance agent about coverage options. Crime can be an endorsement for current policy, or it may be selected as stand-alone coverage.

Does Crime Insurance Have Limits?

When this coverage is endorsed on a policy, the sub-limit could be as low as $25,000. Depending on your risks, you may need coverage with a limit close to $1 million or higher in coverage.

Can I Prevent Insurance Claims?

The best way to protect your company is thorough employee screening with potential new hires. Most of the claims arise from in-house situations. Using video cameras, an alarm system, accountability measures, and attention to details can help you detect a problem early on.
The biggest mistake many companies make is thinking they don’t need crime coverage. However, employee dishonesty is the most common claim and needs to be proactively addressed.

Protection for Your Business

Protection for Your Business

Protecting your boat building business is easy if you have the right boat builders insurance. That is why, no matter who your clients are, your company needs insurance. When you do, you can be safe no matter what comes your way.

Your Choice in Coverage Options

When it comes to your boat or yacht building business, you need special coverage. It doesn’t matter if you have private or commercial clients or build small boats or large yachts. All that matters is protecting your equipment, your business, your employees and yourself in the event of an unexpected damage or an unforeseen situation. That is why you need an insurance policy that’s crafted specifically for you and your business needs. Some coverage options you can choose from include those listed below:

Builder’s risk

General liability

Commercial auto liability

Pollution liability

Legal liability

Crime insurance

Business interruption

Security and Peace of Mind

Building boats or yachts is a unique business, with unique insurance needs. Thankfully, there is boat builders insurance that is right for you and your company. You can build a custom plan that suits the size and scope of your business, so you can protect yourself and your assets no matter what happens. That way, you can get back to building boats and worry less about business risks.

Managing Risk By Maintaining Crime Insurance

There are many areas in a business that create risk and unnecessary exposures to crime, either internally or from outside forces. By managing these problem areas a business owner can help to greatly reduce some costly concerns and therefore save his or her company an exorbitant amount of money. Crime is one of those things that every company must be aware of. Whether employees are stealing from you, or thieves, shoplifters and burglars are the culprits behind these losses, crime insurance is the most valuable solution to stem the tide of losses.

Taking adequate security measures can pay dividends

In order to avoid risk, a company must determine just what those risks are. Here are some ways in which a business can assess their risk and also determine ways to prevent unfortunate losses from occurring:

  • Installing adequate devices to control unauthorized entry onto the premises
  • Have a burglar alarm that reports to a central station or a constantly attended monitoring facility
  • Have adequate fencing and gates around the building and parking areas
  • Provide adequate exterior and interior lighting, and
  • Have adequate door and window locks and control access to premises by physical barriers and/or surveillance

Beyond this, you may also wish to require the use of company ID badges, have appropriate visitor sign-in sheets and escort procedures, have check-in and check-out procedures, and an inventory control system in place.

Your accounting department should also be closely monitored. It might be preferable if a single person oversees cash, bank deposits and inventory. Instruct the person in charge to make cash deposits frequently in order to limit the amount of cash on hand. You might also be better off if billing is independently reconciled to ensure proper charges, credits and refunds are administered.

Protection from Theft

Employees should be properly trained to handle situations involving theft and fraud.

Train staff to recognize shoplifting risks and also on the proper way to respond when a situation unfolds. They should be trained to recognize counterfeit currency, determine credit card validity, and report acts of vandalism or theft committed by employees, visitors, vendors, or contractors.

By better managing the premises through security measures, overseeing accounting practices and ensuring that deposits are regularly scheduled, a company can make great strides in reducing risk and avoiding losses that will increase crime insurance premiums.