If you’re like many small business owners, the thought of theft might keep you up at night. After all, you’ve worked too hard to watch your livelihood disappear. Unfortunately, theft is a risk that every business owner faces.
The good news? The right type of business insurance can help you recover and get back to business faster.
But not all theft looks the same, and not every insurance policy covers every situation. In this article, we’ll walk you through the different types of theft businesses face, what kind of insurance you need to stay protected, how to help prevent theft in the first place, and what steps to take if the unexpected happens.
Types of Theft (It’s More Than Just Break-Ins)
When most people think of theft, they picture a masked intruder breaking into a storefront and stealing cash from the register. And while that’s certainly one risk, business theft can take many other forms—some of which are much harder to spot.
From employee dishonesty to cyber crime, it’s important to understand the different ways thieves can target your business.
Burglary and Break-Ins
This is the most obvious type of business theft: a physical break-in resulting in stolen cash, equipment, inventory, or even property damage.
Employee Theft
Unfortunately, not every threat comes from outside. Employee theft is a major risk for businesses of all sizes. In fact, employee fraud costs businesses billions of dollars each year.
Cyber Attacks and Data Breaches
Today’s thieves don’t always wear ski masks—sometimes, they operate from behind a computer screen. Cyber attacks and data breaches can expose customer information, financial records, and proprietary business data, leading to major financial losses and legal complications.
Financial Fraud
Fraud can come in many forms, from forged checks to credit card scams and phishing attacks that trick employees into wiring funds. Financial fraud often goes undetected until significant losses have occurred, making it one of the most damaging forms of business theft.
Theft During Transport
If your business ships goods, equipment, or supplies, theft during transit is another concern. Items can be lost or stolen on the way to customers or job sites.
Does Business Insurance Cover Theft?
Business insurance can cover theft, but only if you have the right type of policy in place. No single policy provides complete protection against every kind of loss (much less every type of theft), which is why understanding your coverage and where gaps might exist is so important.
Let’s take a closer look at the types of insurance coverage that can help protect against theft:
Commercial Property Insurance
Commercial property insurance typically covers physical losses of business property, such as stolen inventory, equipment, or property damage after a break-in. However, this coverage usually focuses on external theft and may not cover things like employee dishonesty or theft that occurs off-site.
Inland Marine Insurance
If your business regularly transports tools, equipment, or goods between locations, inland marine insurance can be essential. This type of coverage protects your property while it’s in transit, offering protection against theft, loss, or damage away from your main business premises.
Commercial Crime Insurance
Commercial crime insurance provides protection against financial losses caused by employee theft, forgery, fraud schemes, and other dishonest acts. Without it, many internal theft incidents wouldn’t be covered.
Cyber Insurance
When theft happens online, standard property coverage won’t help. Cyber insurance protects against losses related to data breaches, cyber attacks, and computer fraud—including the theft of sensitive customer data or financial information.
One important caveat: even with the right insurance policies in place, certain types of theft may still be excluded.
For example, losses caused by the business owner’s own dishonest acts, mysterious disappearances with no evidence of theft, or theft resulting from poor security practices may not be covered.
How To Prevent Theft
Having the right insurance is essential, but preventing theft before it happens is just as important. Taking a few simple steps to strengthen your business’s security can go a long way toward protecting your assets—and your peace of mind.
Install a Security System
A good alarm system with cameras, motion detectors, and strong locks can deter would-be thieves before they even make a move. Many insurance companies also offer discounts for businesses with monitored security systems in place.
Conduct Employee Background Checks
Unfortunately, some theft happens from within. Running thorough background checks on new hires can help reduce the risk of employee theft and fraud. Creating a culture of accountability can also discourage dishonest behavior.
Track Inventory and Financial Records
Keeping a close eye on inventory levels, cash flow, and financial records can help you spot theft early before losses get out of control. Regular audits and strong internal controls are key to minimizing risk.
Train Employees on Security Best Practices
Make sure your team knows how to recognize suspicious behavior, handle sensitive information securely, and follow proper protocols. Good training helps prevent theft and builds a more security-conscious workplace.
At Harry Levine Insurance, we believe protecting your business means more than just providing coverage. We’re here to help you safeguard what you’ve built with practical advice, personalized insurance solutions, and ongoing support every step of the way.
Why Working With an Independent Agent Matters
When it comes to protecting your small business, having the right insurance coverage is essential. But with so many different policies, options, and exclusions, it can be overwhelming to figure out what you actually need.
That’s where working with an independent insurance agent makes all the difference.
At Harry Levine Insurance, we specialize in helping small business owners find the right protection for their unique needs. We’re not tied to one insurance company, which means we can match you with the best options to safeguard your business assets. No guessing, no generic one-size-fits-all policies.
When you work with an independent agent, you get:
- Personalized advice based on your business’s specific risks and goals
- Access to multiple insurance companies and coverage options
- Help identifying potential gaps in your coverage before they become problems
- Ongoing support whenever you need to review, update, or adjust your policies
Your business deserves more than a cookie-cutter insurance plan. You deserve trusted advice, real expertise, and a partner who cares about helping you succeed.
Theft Happens. Be Ready With Harry Levine Insurance.
Theft can threaten everything you’ve worked so hard to build, but with the right insurance coverage and proactive steps, you can protect your business from serious financial loss.
At Harry Levine Insurance, we’re proud to help small business owners find the right protection for their business assets. From tailoring your coverage to identifying potential gaps, we’re here to provide the personalized advice and ongoing support you deserve.
Don’t leave your livelihood to chance. Contact Harry Levine Insurance today to review your current coverage, explore your options, and make sure your business is protected against whatever comes next.
