Business insurance can help cover the costs of property damage, lawsuits, lost business income and other losses. To help protect against specific threats unique to their situation, companies often buy multiple policies and combine several policies into one. Does business insurance cover theft?
Basic business insurance options
One of the most popular business principles is the business owner policy (BOP). BOP usually covers real estate, general liability and business income insurance in one policy. Combining these insurances can save you money and is convenient.
Insurance helps protect against the costs of personal injury or property damage against your business. For example, a customer may file a claim against your business if they have been injured in your store. Overall responsibility can help you cover your claim costs and potential defense costs. It also helps protect the company against the cost of errors in advertising.
What does business insurance cover?
Business insurance for commercial activities may include:
- General liability insurance: Includes third party compensation claims for injuries sustained by others.
- Professional liability and abuse insurance: covers specialists for losses caused by negligent professional duty, illegal activities and advice and services leading to the loss or injury of another person.
- Product liability insurance: covers against defective products and damage, illness, injury or death which may occur as a result of using the defective product.
- Real estate insurance: covers losses and damages to commercial real estate due to fires, storms and other causes.
- Commercial vehicle insurance: covers commercial vehicles and drivers in the event of collision, liability, material damage, personal injury and “comprehensive” (now known as “other than collision”).
- Employee compensation: covers employees who become sick or injured while working.
Does business insurance cover theft?
Unfortunately, there are many different types of thefts and, depending on the company, many things that a thief can steal.
If you are worried about losing items such as laptops, you may want to consider business equipment insurance. We will deal with items stored in most commercial and home offices, as well as if they are left overnight in a locked car.
If your business has an inventory that you need to protect, you may want to think about inventory insurance that includes theft as well as accidental damage.
Additionally, if your customers leave their items to be repaired, for example, warehouse insurance can pay off if they are stolen while you are in possession.
And if you run a store, we insure theft in our basic store insurance package. This includes cash left overnight at the business premises, as well as losses resulting from dishonesty of employees.