Business owners in Flowood, MS, understand the importance of obtaining proper commercial insurance. However, certain items will be covered, but many will be excluded. Learn how these policies work when it comes to employee theft.
Standard Coverage Excludes Employee Theft and Fraud
Standard coverage includes damages resulting from various causes, including theft. However, policies often exclude theft and situations that involve employees, such as employee theft and internal embezzlement. That’s why it’s important to speak with an agent at Insurance Protection Specialists to learn about other options, like employee theft insurance.
Employee Theft Coverage
Some providers offer add-ons, such as coverage for employee theft or dishonesty, which can extend to fraud. Crime coverage may also include employee theft. Don’t assume that coverage protects you from everything regarding your employees; ask an agent about specific situations to ensure you’re protected.
Should You File a Claim For Employee Theft?
Always consider whether to file a claim for employee theft, even if you have coverage. Filing multiple claims can increase your monthly premiums. And you must pay a deductible before the policy kicks in, which may be more expensive than replacing the stolen assets. Consider the cost of replacement, then determine whether filing a claim is cost-effective.
If you experience employee theft or fraud, contact local law enforcement. They will ensure the employee is held accountable for their actions. You may need the police report if you choose to file a claim, too.
We understand the importance of protecting your assets, especially when selling high-ticket items such as jewelry or electronics. Our agents can help you learn more about getting the coverage you need. We’re currently serving the Flowood, MS, area.
