Preventing Outsider Theft
Insurers recommend these steps:
- Install strong locks and external doors that have steel frames and deadbolts.
- Install an alarm system with sensors on the doors, windows and other entry points.
- Use bright lights outdoors and inside of the business.
- When buying a new property, look for one with anti-theft features.
- If there are many valuables or cash in the store, install security cameras.
- If necessary, install a security gate with a code-only entry.
- In high-crime areas, install sliding bars across doors and permanent bars on windows.
- Always install burglar-resistant glass features in high-crime areas.
Preventing Insider Theft
According to recent estimates, about 20 percent of businesses failures may have happened because of employees stealing or committing other harmful dishonest actions. Businesses lose a considerable amount of revenue because of employee crime each year. Follow these steps to prevent employee theft:
- Use strict accounting controls that employ frequent audits, and promote awareness of the audits.
- Allow employees to anonymously report theft or theft suspicions.
- Reward positive behavior and loyalty from employees.
- For businesses that handle cash, install a security camera over the cash register or safe.
Enhance Protection With Commercial Crime Insurance
A regular commercial property insurance policy may provide some coverage for theft incidents such as robberies and burglaries. This may be in the policy itself or in an endorsement. However, money and securities are both excluded from these policies. To obtain coverage for money and securities, commercial crime insurance is necessary. It covers theft and disappearances of cash.
Several other business crimes are excluded from standard commercial policies. For example, embezzlement and fraud are excluded. Crime insurance extends coverage for several white-collar crimes. It includes the following:
- Forgery and counterfeiting
- Employee theft
- Wire transfer fraud
- Computer fraud
- Safe burglary
Premiums for crime insurance are affordable. High-risk businesses can especially appreciate the value of the coverage in comparison with how much it can potentially cost to become a victim of theft. We want to help you protect your business. Give your HALO insurance agent a call at 314-351-HALO (4256).