In the United States, businesses lose around $40 billion every year because of employee theft. This number includes small thefts, such as stealing office supplies and significant theft like embezzlement. Businesses face crime from the inside and from outside, with outsider theft, cyberattacks and more.
If your business becomes a target for criminal activity, do you have the coverage necessary to protect your company?
Common Crimes Businesses Face
Every company has unique exposures, but most businesses could face the following criminal activity:
- Employee theft
- Cyber theft
- Telephone fraud
- Counterfeit money
In general, most theft that occurs in a business is employee theft. Next, identity theft is also common when it comes to cybercrime. All companies can face some form of criminal activity.
Insurance Policies To Protect Businesses
When you research insurance policies for your company, you have to consider your business’s unique exposures. How much money are you likely to lose in the event of theft or fraud. For example, if you have a medical facility, fraud and cybercrime may come in identity theft. You need to know your risks to protect against them.
No matter your business, you should have some form of commercial crime coverage. Without coverage, your company could be vulnerable to a variety of theft schemes.