Crime Insurance

Why Small Business Owners Need to Know About Crime Insurance

Crimes happen both physically and virtually in today’s global marketplace. Small businesses may not spend much time focused on crimes due to fewer people doing more jobs. Many small business owners ask, what is crime insurance?

Basics

As seen on https://www.axisins.com/, even small businesses are vulnerable to crime. Common covered crimes include telephone fraud, employee theft, wire transfer fraud, cyber theft, and burglary. These crimes can result in serious financial losses that a small business cannot afford to recuperate without adequate insurance protection.

Examples

There are many different types of crimes that can affect a small business. For example, nearly all small businesses have a bank account. An employee can do a wire transfer sending money to a private account rather than into the business’ account performing wire transfer fraud. Brick-and-mortar stores can be victims of burglaries and robberies. Burglars come into the store after hours and take things from cash to computers to merchandise. Robbers often come in during the day sometimes stealing small items for weeks before caught.

It is important that owners and managers know what is crime insurance and how it can help their business. All businesses large and small can be the victims of a crime. Insurance is a necessary part of a small business’s risk management strategy.