Austin Crime Insurance Provider Since 1899
Our Austin crime insurance covers two major exposures: crime by employees, known as employee dishonesty, and crimes by others. The dollar cost of crime is very high and continues to rise each year.
Crimes committed by employees is covered by an insurance form called “employee dishonesty coverage”. This is a special type of crime insurance coverage is rarely included as a “standard” coverage in the Business Owners policies. In some cases, a small limit of coverage may be provided on a special enhancement endorsement, which gives a long list of various types of coverage. Although, when a large employee dishonesty exposure is present additional coverage is required.
While employee dishonesty coverage, also known as fidelity coverage, is an important coverage for business owners, it is equally important for the business to avoid a loss by the use of recognized accounting or other loss control techniques. It is always better to avoid a loss than suffer one and try to recover and collect from your insurance policy after.
Business owners must recognize that “standard” business insurance forms exclude coverage for dishonest acts by other owners, partners or directors. In some cases, crime forms can be modified to cover these individuals, but organized risk management techniques are a better solution.
Crimes by Others
This is an area where the exposure is usually included in the Business Owners policies. The loss of money or securities, inventory, property of others on the insured’s premises, property being shipped, etc. The loss can result from a burglary, robbery or theft. Burglary is the taking of property from inside the premises by a person unlawfully entering or leaving the premises. A robbery is the taking of property from the care and custody of a person by one who has caused, threatened to cause that person bodily harm, or has committed an obviously unlawful act and has been witnessed by another. A theft is any act of stealing and includes both burglary and robbery.
Austin business owners must also recognize their exposure by loss or robbery of a custodian, watchman or messenger and if the exposure is present to properly insure it.
Work with Your Professional Austin Crime Insurance Agency
If you need to know what kind of crime insurance your Austin company needs, Ed Weeren Insurance Agency will help you. We’ll work with you to find out what your needs are and provide you with the best insurance package for your situation. Call us today to talk about your options!