Theft Insurance
Theft Insurance
What Is Theft Insurance?
How Much Is Theft Insurance?
There are many different considerations that insurance companies use to calculate the cost of theft insurance.
The type of business you have
The nature and scale of a business significantly influence its risk profile, which in turn affects the cost of theft insurance. Businesses such as retail stores or electronics shops that stock high-value items are typically viewed as high-risk by insurers. This is because their inventory, often including expensive goods that are attractive to thieves, presents a greater potential for loss.
What type of security you have at your premise
Installing strong security measures like alarm systems, CCTV cameras, and high-quality locks is essential for reducing the risk of theft and burglary at business premises. Businesses that invest in advanced security systems frequently receive discounts on their theft insurance premiums. This not only reduces insurance costs but also boosts overall security, helping to prevent significant financial losses from theft.
How much you're insured for theft
The cost of theft insurance premiums is directly influenced by the amount of coverage a business requires, which is determined by the value of the insured assets. Essentially, the more valuable the property or inventory a business needs to insure, the higher the potential risk for the insurance company.
The location of your premise
The geographic location of a business significantly affects the cost of theft insurance. Businesses situated in areas with high crime rates are exposed to greater risks of theft and burglary, leading insurers to charger higher theft insurance premiums.
What is covered under theft insurance?
Theft insurance, particularly as part of a business insurance package, offers coverage for various types of losses resulting from theft.
Stolen Property
Lock Replacement
Damaged Property
Business Interruption
What is typically not covered?
Theft insurance provides valuable protection for businesses, but it does have certain limitations and exclusions. Understanding what is not covered under a theft insurance claim is crucial for businesses to manage their risks effectively.
Theft of Physical Cash/Money
Employee Theft
Theft away from your insured address
Cyber Theft
Theft without Forcible Entry
