Commercial insurance helps business owners handle losses that could otherwise cause major financial harm. Many policies include theft coverage, but you may not always want to file a claim. There are a few things business owners in Canby, OR, should consider.
Theft Coverage
Some policies cover theft and related damage that occurs during a burglary, such as a broken window. However, they often exclude theft committed by employees or by the business owner. If an employee steals something, you may need to involve local law enforcement and pursue legal action directly against that individual. Some insurers require a police report or proof of termination before approving a related claim. Representatives at Oliver Insurance can help you understand how your specific policy handles these situations.
The Deductible
If the value of the loss is less than your deductible, filing a claim generally doesn’t make sense, since you’d end up paying more toward the deductible than the loss itself is worth. Most insurers will deny a claim in that situation anyway. Some business owners try to combine multiple instances of petty theft into a single claim to work around this, but each incident typically requires its own claim. That’s part of why most business owners don’t bother filing claims for smaller cases of petty theft.
Certain Exclusions
Most policies exclude general shoplifting from coverage entirely. Rather than filing a claim for shrinkage, this type of loss is usually treated as a standard cost of doing business. Theft coverage is generally intended for situations like burglary or the loss of high-value items instead.
Whether your coverage can help really depends on the situation, but we’re here to help you figure that out. Agents at Oliver Insurance can review your policy so you know exactly where you stand. Contact us today. We’re currently serving the Canby, OR, area.
