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Business Theft Insurance
Protecting your business from theft in all its forms is no easy feat. We look at theft cover options for businesses in South Africa.
Your business is one of the most valuable things you as a business owner are responsible for. It’s also at risk of losses and damages due to all kinds of theft. Are you worried about thieves stealing your stock in the night or hi-jackers nabbing your vehicles? In that case, you can benefit from theft cover.
What is Business Theft Cover or Commercial Theft Insurance?
Theft cover often forms part of a business insurance policy and protects the insured from theft-related losses and damage. Depending on the type of insurance, there may be exclusions or steps the insured is expected to take in order to have a valid claim. Not all theft cover is alike.
Your type of business can determine the kinds of theft you are at risk for. A banking institute may experience cash-in-transit heists, while a retailer may struggle with employee theft of stock. Steps an insurer may expect business owners to take also vary. For example, background checks and cameras in the stockroom or adequate seals and armoured guards for the cash transit vehicle.
Does My Business Need Theft Insurance?
You may think your business is not at risk for theft, but that is incorrect. Every business is at risk for some form of theft, but the risks are not equal. At the least, you could be at risk for the theft of your intellectual property (or your ideas).
For this reason, it’s important that every business gets theft cover in the form best suited to their operations. No one policy covers all types of theft. Most businesses build a portfolio of policies that will cover all their risks. Some insurance companies build their product offering so that business owners can customise a single policy that includes multiple types of cover.
What Does Theft Insurance for Businesses Cover?
Different types of business policies cover different kinds of theft risks. A general business insurance policy often covers property damage due to theft, damaged locks on security gates and doors, skeleton keys, and temporary repairs.
You should be made aware that there are often serious exclusions and expectations. For example, your premises should be locked in a specific way. You may be expected to take very specific security measures. Employee dishonesty coverage is not a given. Many general business insurance policies don’t cover the theft of actual money or break-ins where a key and alarm code was used (unless these were obtained through violence and threats of violence).
What Type of Theft Cover Do I Need?
To figure out which types of policies you need, it’s best to start by assessing the types of theft most likely to occur in your industry and business type. Crime-related losses can be avoided or compensated for with the right additional coverage.
Next, compare the offerings of the insurance company you are considering with what other insurers offer. You can do this by getting a business insurance quote on our site. When comparing your options, it’s important to pay attention to the types of cover and what each policy will and won’t cover. If a policy excludes a risk that is a high probability in your industry, you may need to look at another option.
What Types Theft are Covered by Different Business Insurance Policies?
Business-related crime can cost a lot, but your peace of mind is just a policy away. The risk of theft of your company vehicle, stock, intellectual property, cash, stocks, property, and even identity can be covered with the right business insurance coverage. Let’s look at some common theft risks and the products available on the theft insurance market to protect your company.
Burglary and Robbery
Often, loss by theft is covered when conditions of the insured event are met. Policies that cover damage or loss due to burglary and robbery in South Africa include theft insurance, general business insurance (such as that offered by Auto & General), or customisable business insurance policies (such as that offered by OUTsurance Business).
Hi-Jacking or Car Theft
Theft of your business vehicle is often covered by a vehicle-related commercial insurance policy. Not every policy covers the same thing. To ensure you’re fully covered, read through the policy before signing. Also note that if you’re transporting stock or operating as a courier or delivery company, you may need an industry-specific policy.
Examples of the types of policies that cover car theft for companies include business vehicle insurance (Such as that offered by Budget Insurance), fleet insurance (such as that offered by MiWay Insurance), and business motor insurance specifically designed to cover losses for business owners who trade in vehicles (such as that offered by OUTsurance).
Will Insurance Companies Pay Out for Car Jamming?
Most South African insurers do not include car jamming in their theft cover, because there is no violent or forced entry. If you need cover for this type of theft, ensure your policy allows for theft losses and damages due to unforced entry.
If you’re in this niche business, it’s important to find a policy with cover specifically for your money, vehicles, and unique risks, since most insurers don’t cover actual, physical Money. You can get a money insurance policy from OUTsurance, or specialist coverage.
Yes, business identity theft is happening more and more. You can get protection from this fraudulent type of theft with a business identity theft policy from Experian and other leading insurers in the country. Fraud is a major risk to many companies that can be covered either by specialist coverage or by general business plans and fraud cover plans.
A crime insurance policy focused on covering you for theft by employees exists, although it can often be excluded from general business insurance plans. You can choose a customised plan, a specialist plan, or an industry-specific plan to cover this type of theft. You can also get policies that specifically cover employee theft, often referred to as fidelity guarantee or fidelity insurance.
Can I Get Cover for Bitcoin Theft?
A new type of cover now available to business owners is cover for the theft of your cryptocurrency! Old Mutual Insure‘s subsidiary, Elite Risk Acceptances, has released a new insurance policy that can cover the loss of your digital currency. The policy is designed for wealthy clientele and specifically covers bitcoin theft.