New York Crime & Fidelity Insurance is important for business

Crime related losses for businesses are not typically covered by most property insurance policies, crime protection insurance is necessary and important for any business in New York.The bookkeeper has been with your company since you first opened your doors, you thought they were a trust worthy person who often put in long hours to get the job accomplished. So is it such a shock that greed took over and he failed too show up for work one day and he was never heard from again. It got even worse when when your yearly audit discovered that more than $60,000 dollars had been stolen, a theft so huge that the company could not make payroll. Unfortunately these circumstances happen quite often, especially in a recession, to small and medium-sized hospitality businesses.  If your business is missing the proper internal controls, or when management puts to much trust in there employees(bar tenders etc. ) this can happen.  Small business are especially susceptible to occupational fraud, according to a 2008 study by the Association of Certified Fraud Examiners(ACFE). The median loss suffered by businesses with fewer than 100 employees was $200,000, higher than the median loss in all other categories. Fraudulent billing and check tampering were the most common fraud schemes.  New York crime insurance coverage is designed specifically for small and medium-sized hospitality business, and is custom tailored to cover almost all possible acts of both internal and external crime that stifle, if not kill a business.Fidelty insurance is more important than ever.  The reason is because crime-related losses are not typically covered by most business insurance policies, crime insurance also known as “fidelity” insurance, is a very important consideration for any restaurant, bar or nightclub in theNew York tri-state area.  Crime insurance often goes overlooked, where businesses think they can cut costs by having minimal coverage. The reality of being underinsured, however can leave a corporation vulnerable to potential catastrophic losses.“Most business don’t purchase enough crime insurance protection,” says Ira Holm, principal commercial broker at RSI insurance. “Employee fraud can often go undetected for years, and when finally discovered, the effect can be very damaging if not fatal for small business owners.”Typical crime insurance coverage can include   New York commercial crime insurance was created to cover basic types of business crime, and it can be tailored to fit the size and scope of the companies business. Coverage can be added to basic business owner’s policies(BOP), or it can written to othercommercial insurance policies.  New York business crime insurance covers:

• Theft or dishonest acts committed by employees
• Provides protection against theft of money or property and dishonest acts committed by employees
• Premise theft and robbery outside the business premises
• Protects your property inside your premises, and provides protection when losses occur while you are open for business. You’re also covered for robbery of your self, your partners or employees when outside your premises.
• Theft of Money and Securities
• Provides protection for the theft, disappearance or destruction of your money inside your place of business or with an employee or owner off-site
• A commercial insurance expert can work closely with you determine the coverage you need, and help select endorsements and options to create a personalized program that’s cost effective.   

How is crime insurance risk and rates assessed?One final note, the final figure depends on several factors: How much coverage is actually purchased, what kind of policies are indicated and from what company. CompareRSI Insurance rates with any other New York insurance company and you will find that we are competitively priced.