Businesses of any size can be vulnerable to different crimes that target their funds and property. While they protect their establishments with insurance programs, the stories behind these crimes are important to other companies so can improve their security and avoid losses. The following are some of the most common crime claims examples.
Security breaches by third parties are common and usually involve identity theft, physical or digital infiltration and other methods. Despite the crime being committed by a non-employee, the company is responsible for maintaining efficient security. After a security breach, it can be held liable for their clients’ financial losses. Source: www.axisins.com
Company Card Theft
Dishonest employees can commit fraud against their employers in multiple ways. One example involves a company credit card. For instance, an employee can use the card to purchase expensive equipment. The employee can then leave, while the insured deals with the costs for equipment it never received.
Sometimes, the property is the criminal’s target, rather than money. An employee or a third-party infiltrator can steal property from inventory, either for personal use or to sell it for profit. Insurance can help the business with loss caused by the theft.
Any type of crime can impact a business, ultimately depleting funds and decreasing public trust. Business operators should learn from these crimes and obtain the best crime insurance plan for their circumstances.