It’s a business owner’s worst nightmare. You arrive at your place of business and discover it’s in shambles. Your equipment and merchandise are gone, and your door is busted in. You’ve been robbed.

Luckily, there are numerous methods one can employ to help stop that scenario from playing out in real life, including surveillance cameras, alarm systems, fencing, cautionary signage, and appropriate locks. But sometimes, despite our best efforts, these preventative measures just aren’t enough.

That’s where insurance comes in. The appropriate policy will ensure that even if the worst happens, you’re in the best possible position to recover from the losses and re-launch your business with ease. But what exactly is the best coverage to have in case of theft? We outline three useful coverages below.

Commercial property insurance

Theft costs Canadian businesses a great deal of money each year. In just retail alone, organized retail crime costs Canadians over $4.6 billion a year, according to statistics from Calgary police. Their stats also say that 87.5 per cent of independent stores fall victim to this kind of crime.

Organized retail crime costs Canadians over $4.6 billion a year.

But even if your business is a victim of theft, commercial property insurance can provide coverage. A commercial property insurance policy can protect you against loss due to theft, burglary, and more. A policy may protect your building if you own it, or you’re responsible for it according to the lease you have with your landlord. It also protects your building’s contents. This can include equipment, furniture, fixtures, tools, machinery, and property of others.

Employee dishonesty insurance

Theft may not always take the form you’re imagining. In movies, burglary is portrayed as men in masks breaking into a building late at night, taking all the jewels and diamonds on display, before escaping in a darkened van. And while some crime is committed by people with no relation to your business, sometimes it’s done by people you know and wouldn’t expect, like your employees. In fact, employee theft costs Canadian businesses about $1.4 billion every year, according to The Retail Council of Canada, a non-profit that represents more than 45,000 retail stores across Canada.

Employee theft costs Canadian businesses about $1.4 billion every year.

Luckily, Federated Insurance has a coverage designed to help protect your business from employee dishonesty, credit card forgery, and other types of theft by employees and others.

Commercial auto insurance

While you’re busy working to protect your business’ building and its contents, you may forget that any vehicles your company uses are also at risk of being stolen.

Commercial auto insurance is a necessity for any business that relies on vehicles for day-to-day operations. Some may assume they’re already protected under their personal auto policy and therefore don’t need commercial auto insurance, but there are a few reasons why this may not be the case. Your business should consider commercial auto insurance if your vehicle’s ownership is in your business’ name, or if the car is used to transport goods for your work.

Some business owners may assume they’re already protected under their personal auto policy and don’t need commercial auto insurance, but there are a few reasons why this may not be the case.

Standard commercial auto insurance ensures there’s coverage for your company vehicle and can provide replacement car coverage if you have to rent a temporary car for day-to-day operations after an accident or theft.

Business interruption insurance

Losing your merchandise or equipment because of theft is bad enough, but what many don’t realize is how much such an event can disrupt your business. If equipment is taken or damaged, or your property is damaged, you may not be able to operate your business until it’s fixed or replaced. For instance, if the front entrance of your business is damaged during a robbery, and customers cannot enter as a result, your bank account will suffer. Or, if the equipment you use to create your products is taken during a burglary, you will have to delay your manufacturing until you replace the necessary equipment.

Business interruption insurance is designed to help cover your loss of net income and allow you to continue paying normal operating expenses in the event your operations are suspended due to a covered peril. Included is coverage for extra expenses to expedite your return to business or limit your loss.

Learn how Federated can help you

Here at Federated, we’re committed to providing you with the best policy for your business and for your particular needs. Learn how we can assist you today by visiting our business insurance page, and rest easy at night knowing that your business and all the hard work you put into it are protected.

This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.