There are several kinds of theft insurance available for businesses. Since your family runs retail stores, here are the most relevant kinds of theft insurance for you:
1. Burglary: Commercial property insurance
A commercial property insurance policy (AKA "property all risks insurance") protects you against burglary - i.e. theft that is perpetrated by forcibly breaking into your store. This same insurance also covers a wide range of other risks: fire, water damage, burglary, vandalism, etc, which makes it a convenient policy to have for shop owners.
If someone breaks into your retail store, this insurance will cover the break-in damage, and cost of stolen inventory.
2. Theft by customers: Full theft insurance
One thing most business owners overlook is that in insurance, burglary and theft are two different risks that need two different policies to cover. A commercial property policy will protect you from burglary (i.e. break-ins), but it does not cover theft (i.e. customers walking into your store while it's open, and stealing).
Most business owners are surprised to learn this. If you're worried about customers stealing your goods, a full theft insurance policy is vital to covering your inventory.
3. Theft by employees: Fidelity guarantee insurance
This will cover employee theft/fraud against your company. For instance, let's say you allow your staff to handle your cash registers. If your staff ends up stealing from your register, this type of insurance will cover you. If your staff steals $2,000 from your retail stores cash registers, this insurance will pay you the $2,000 that was stolen from you.
Where to get theft insurance?
Provide is the best place to get theft insurance for your business. You can save up to 25% on your premiums when you use Provide. Get an online quote now.
There are several kinds of theft insurance available for businesses. Since your family runs retail stores, here are the most relevant kinds of theft insurance for you:
1. Burglary: Commercial property insurance
A commercial property insurance policy (AKA "property all risks insurance") protects you against burglary - i.e. theft that is perpetrated by forcibly breaking into your store. This same insurance also covers a wide range of other risks: fire, water damage, burglary, vandalism, etc, which makes it a convenient policy to have for shop owners.
If someone breaks into your retail store, this insurance will cover the break-in damage, and cost of stolen inventory.
2. Theft by customers: Full theft insurance
One thing most business owners overlook is that in insurance, burglary and theft are two different risks that need two different policies to cover. A commercial property policy will protect you from burglary (i.e. break-ins), but it does not cover theft (i.e. customers walking into your store while it's open, and stealing).
Most business owners are surprised to learn this. If you're worried about customers stealing your goods, a full theft insurance policy is vital to covering your inventory.
3. Theft by employees: Fidelity guarantee insurance
This will cover employee theft/fraud against your company. For instance, let's say you allow your staff to handle your cash registers. If your staff ends up stealing from your register, this type of insurance will cover you. If your staff steals $2,000 from your retail stores cash registers, this insurance will pay you the $2,000 that was stolen from you.
Where to get theft insurance?
Provide is the best place to get theft insurance for your business. You can save up to 25% on your premiums when you use Provide. Get an online quote now.