Crime Insurance

Crime insurance covers all losses due to a criminal act caused by employees, customers or other business affiliates. Usually it has two parts: one for losses that happen in side the premises of the business such as dishonesty and theft by employees and customers; the other for losses that happen outside of the business premises which include bank fraud and hold-ups.

Small business owners can get crime insurance included in their business owner policy insurance (BOP); however, most experts agree that you will get more value for your money if you purchase it separately.  This is especially true in times like now when the economy is in recession and people tend to be more inclined to steal when they are financially strapped. Separate crime insurance enables you to get more coverage and your loss prevention measures will ensure that your premiums are low.

As a small business owner you must be aware that theft can occur in your business for many years before it is discovered.  To make matters worse the culprit(s) might not even be around anymore so there is little to no chance of recovering anything.  Studies have shown that the average business loses 6 percent of its entire revenue for the year.  That figure increases when times are hard. Acts like these can be very detrimental to a small business’ survival.

If you are not familiar with crime insurance for your business, now is a very good time to do some research and consulting.  Finding a knowledgeable agent is not always but if you register at iBank.com, you will be able to get the help you need. iBank.com offers the services of people who have the experience and expertise you will need to help you choose the right crime insurance for  your business.

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