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Burglary insurance is a type of commercial insurance policy designed to protect businesses against financial losses resulting from burglary or theft. It covers the loss or damage to property, equipment, inventory, and other valuable assets stolen or damaged during a break-in. This insurance may also include coverage for repair costs of the premises and security systems if they are damaged during the burglary. Corporate burglary insurance provides businesses with financial protection and peace of mind against potential theft-related losses.
Burglary insurance policies are needed to protect businesses from financial losses due to theft or burglary. They offer security and peace of mind by covering losses and damages to property and assets.
Corporate burglary insurance covers losses and damages resulting from theft or burglary at a business premises. This includes stolen inventory, damaged property, and sometimes repairs to security systems or doors damaged during the break-in.
No, corporate burglary insurance typically does not cover theft by employees. For protection against internal theft or fraud, businesses should consider additional employee dishonesty or fidelity insurance.
Premiums are based on factors such as the location of the business, the value of the assets insured, the level of security measures in place (e.g., alarms, surveillance systems), and the business’s past claim history.
Implementing robust security measures like installing alarms, surveillance cameras, secure locks, and regular security audits can help reduce premiums. Insurance providers often offer discounts for businesses with comprehensive security systems.
After a burglary, contact the police to report the crime and file a report, document the damage and stolen items with detailed records and photos, notify your insurance provider promptly, and begin the claims process to ensure compensation for the losses.