Burglary means taking property within closed premises without permission, or through unlawful methods. Robbery refers to taking another’s property through force or threats to a person. Burglary and Theft Insurance for Businesses covers both kinds of thefts.
Types of Burglary and Theft Insurance: Burglary is of many kinds, depending on the extent of damage and the kind of property that has been stolen.
1) Safe: The most common Burglary and Theft Insurance is on safes, since the owner of the business suffers not just the loss of valuable stored within the safe, but also the damage caused to the safe itself.
2) Mercantile Open Stock: If there is a high chance of a particular place or safe being burglarized, then the insurance company sets a limit on the insurance of the item inside the safe. The Mercantile Open Stock Insurance is clubbed with another insurance policy to prevent a valuable item from being underinsured.
3) Crime Contract: Cheating and theft by employees is also a major concern for businesses. Apart from employee crime, employers and business owners may suffer losses through other crimes like fraud, misrepresentation, forgery, embezzlement etc. This type of Burglary and Theft Insurance safeguards business owners from losses arising out of any crime.
Home Owner’s Insurance:
Homeowner’s insurance covers all loss of property, including losses through thefts and crime. Homeowner’s insurance may be just another form of Burglary and Theft Insurance, or it may cover losses to property through accidents and natural disasters like flood, fire etc. If you run your business from home, then you should consider having this insurance, as damage to your home may not just mean that you have no place to live in, but also suffer losses on the business front.
What to look for in Homeowner’s Insurance:
Homeowner’s Insurance is meant to protect you from theft, property loss, natural calamities and more. As a home based business person, a homeowner’s insurance not just safeguards your home, but also your livelihood. The following are just some of the things you must keep in mind before you opt for homeowner’s insurance.
1) Check the Antecedents of the Insurance Company:
After you have selected an insurance company based on their quote, see if they are financially stable and have a good reputation.
2) See if it Includes Burglary and Theft Insurance:
A Homeowner’s Insurance package should include damage caused by theft and burglary, as well as fraud, forgery or any other type of crime.
3) Underinsurance:
Ensure that the insurance policy pays out the actual worth of your valuables in case of theft.
By keeping in mind all the tips above, you can choose a Burglary and Theft Insurance policy that suits your business. If you have any doubts or want advice, you can approach a small business consultant for help. Burglary and Theft Insurance is the best way to protect you against business losses arising from crime of any kind.
Alexander Gordon is a writer for http://www.smallbusinessconsulting.com - The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.
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