If you own a business, it’s essential to know if your commercial insurance includes coverage for employee theft. Inventory shrinkage can be extremely costly, jeopardizing your business without the proper coverage. In this post, the Insurance Center of Green Valley looks at what Green Valley, AZ businesses need to know about commercial insurance.
What is Commercial Insurance?
Commercial insurance protects businesses against risks associated with their operations and activities. It covers everything from property damage to professional liability and can help ensure that your business stays afloat in the event of an unexpected loss or damage. Depending on your policy, commercial insurance may also cover inventory shrinkage due to employee theft or fraud.
Does Commercial Insurance Cover Employee Theft?
The answer here depends on the specifics of your policy. In most cases, though, commercial insurance policies will provide some form of coverage for employee theft or fraud, including inventory shrinkage caused by dishonest employees. However, there are usually certain restrictions in place for these types of claims—for example, you may only receive up to a certain amount of compensation for any losses caused by the employee’s actions. It’s important to check with your insurer before filing a claim to understand what’s covered and what isn’t.
No one likes dealing with employee theft—it can be embarrassing and financially devastating for your business. That’s why it’s critical that Green Valley, AZ business owners understand whether their commercial insurance covers employee theft (inventory shrinkage). By understanding how commercial insurance works when it comes to protecting against employee theft (inventory shrinkage) as well as taking proactive steps toward prevention.
Do you still have questions? Contact us today. The Insurance Center of Green Valley is here to help.