Many businesses in Massachusetts, regardless of industry or size, are exposed to risk of theft. While it's not the only coverage that protects against theft, crime insurance can be especially effective in mitigating this risk.
Crime insurance is a specialized commercial property coverage for businesses that want to guard against theft. Policies may guard against third-party and employee theft.
Most Massachusetts businesses should consider commercial crime insurance, as theft is a common risk. When other coverages don't' provide adequate theft protection, crime coverage can be a good choice.
Policies are frequently purchased by businesses that handle large amounts of cash, have high-value goods, hire many employees, or operate in industries rife with fraud. Businesses that don't have these particular factors can usually still benefit from the coverage, though, and may find that premiums are quite low for them.
In other words, this is a coverage that almost every business ought to at least consider.
It's important to note that standard property insurance policies, like commercial property insurance, often exclude coverage for losses resulting from certain criminal activities.
Policies frequently have exclusions for employee theft, fraud and similar risks that aren't a traditional break-in. Even for break-ins, these policies can have extremely low limits for assets such as money or securities.
Commercial crime insurance may supplement a commercial property policy with additional protections. An insurance agent who specializes in this coverage can help businesses evaluate their need for additional protection, and then select a suitable crime policy if one would be helpful.
The specific coverage offered by a crime insurance policy can vary depending on the terms of the policy and the specific needs of the business. However, most crime insurance policies provide coverage for losses resulting from a variety of criminal activities, possibly including:
There are still more coverages that could be available, and some of these are similar to protections found in specific other insurance policies (e.g. cyber crime coverage might be included within a cyber insurance policy). A knowledgeable insurance agent can help businesses evaluate all crime coverage options in light of their risks and existing policies.
For help evaluating and choosing crime insurance, contact the independent insurance agents at Garrity Insurance. Our knowledgeable agents have helped numerous businesses with their insurance needs, and can guide you in selecting a crime policy that aligns with your business's specific risks and needs. We're able to recommend the best policy solution regardless of what insurance company offers it, since we're an independent agency.