4 Fast Facts About Internal Theft Threats

The category of commercial crime encompasses many things. Fraud, bribery and corruption are just a few of the more common threats, though outright theft is equally common. Any of these activities steal capital from a company, leaving a damaged reputation and the need to recoup expenses it the wake of the event. Unfortunately, commercial crime isn’t completely avoidable and costs U.C. companies around $100 billion a year. Here are some fast facts about commercial crime.

Fact 1

Commercial crime insurance isn’t a part of commercial property policies. A standard commercial liability or property policy rarely included insider theft and coverage for securities, monies or other properties.

Fact 2

Commercial crime is most often committed by employees. They have the insider information to passwords, they already have company trust and they know where the cash is kept.

Fact 3

Not all commercial crimes are included with crime insurance. Crimes must be a legal violation that can be held accountable to government rules. Partners stealing from the business or vandalism aren’t usually covered situations.

Fact 4

Cyber attacks or occurrences aren’t always covered by crime insurance, though electronic funds transfers or online fraud occurrences may be inclusions. Data breaches are covered through a cyber crime policy.

A company’s financial health and security must be safeguarded from both internal and external threats. Crime insurance is one way to set up internal protections.

Insurance Options for Condo Associations

Condo associations have to make a lot of important choices on behalf of all of a building’s unit owners. The board members decide how to manage the property, what dues to charge, and how to spend the association’s funds. Protecting the property with insurance is one of their biggest responsibilities. Board members need to carefully evaluate coverage options and policies that will fully safeguard the association.

Coverage Options

Typically, condo associations are responsible for maintaining and insuring a building’s common elements, and unit owners are responsible for insuring their own units and the contents. However, some condo insurance programs offer coverage that will apply to individual units. Insuring the contents and personal property would be up to the unit owners.

Liability Coverage

In addition to insuring the physical premises, condo associations need coverage to address liability concerns. A general liability policy can help to pay for legal costs and damages if a unit owner or a third party makes a legal claim against the association. A directors and officers liability policy can protect the board members who could be personally liable in their capacity as directors.

Ultimately, associations should work with insurance companies that are experienced in serving condos and HOAs. They can help associations build coverage packages that meet their unique needs.

Insurance Options for Condo Associations

Condo associations have to make a lot of important choices on behalf of all of a building’s unit owners. The board members decide how to manage the property, what dues to charge, and how to spend the association’s funds. Protecting the property with insurance is one of their biggest responsibilities. Board members need to carefully evaluate coverage options and policies that will fully safeguard the association.

Coverage Options

Typically, condo associations are responsible for maintaining and insuring a building’s common elements, and unit owners are responsible for insuring their own units and the contents. However, some condo insurance programs offer coverage that will apply to individual units. Insuring the contents and personal property would be up to the unit owners.

Liability Coverage

In addition to insuring the physical premises, condo associations need coverage to address liability concerns. A general liability policy can help to pay for legal costs and damages if a unit owner or a third party makes a legal claim against the association. A directors and officers liability policy can protect the board members who could be personally liable in their capacity as directors.

Ultimately, associations should work with insurance companies that are experienced in serving condos and HOAs. They can help associations build coverage packages that meet their unique needs.

A Short Guide To Taxi Driver Insurance

Taxis are an integral part of life, especially in cities where they can be found on nearly every street. They serve as a reliable way to get to your destination that is available 24/7.  However, taxis and their drivers face a certain amount of risk while out on the road. Taxis don’t follow an assigned route or schedule, nor do they use luxury vehicles like limos and black car businesses. Additionally, anyone can hail a taxi and this can lead to some less than desirable circumstances.  This is where taxi insurance comes in.

What Is Taxi Insurance?

Taxi insurance is coverage that helps protect taxi businesses in unexpected situations where accidents, injury, or property damage occur.  It provides a financial safety net that can pick up legal fees, repair costs, and medical bills. Taxi driver safety is likely one of your top priorities and taxi insurance can help facilitate that.

How Much Does Taxi Insurance Cost?

The cost of taxi insurance can vary widely and is based on a number of factors. Some of these factors are:

  • Where your taxis operate
  • The taxi driver’s driving record
  • The type of vehicle driven
  • The age of the vehicle driven
  • The types/amount of coverage you need

Running a taxi business can be a very lucrative endeavor but comes with a certain amount of risk. Taxi insurance can go a long way towards mitigating that risk.

 

The Key Types of Insurance That Water Treatment Companies Should Consider

Managing a water treatment company involves finding solutions to mitigate the risks inherent to the industry. In order to keep your firm protected, it’s important to find the right insurance for water treatment companies. Here are the core facts that can help you find your coverage.

The Insurance You’ll Need Depends on Your Exposures and Treatment Services

As you start to shop for your insurance policy, consider the specific needs of your firm based on your services and the subsequent risks you may be exposed to. For example, a treatment chemical distributor may have different coverage needs than a cooling system servicer. Some categories of firms that may require comprehensive insurance are:

  • Water treatment chemical distributors or professional blenders
  • Boiler servicing systems
  • Commercial or industrial water treatment companies

Your Coverage Should Protect Your Firm’s Assets and Include Common Liabilities

When securing a water treatment policy, make sure your coverage protects two main areas: your company’s physical assets, and the possibility of claims against you. Some of the coverage to look for includes:

  • Product recall coverage and product liability
  • Workers’ compensation
  • Pollution and Hazmat liability
  • Property and auto insurance
  • General and professional liability
  • Cyber attack and data breach coverage

In the water business, the inherent industry liabilities require comprehensive insurance for water treatment companies to protect the firm, its employees and its clients. Remember these key facts as you shop for your firm’s policy.