Why Small Businesses Should Consider Commercial Crime Insurance

Is your small business theft-proof? You may have taken proactive steps to deter theft and other crimes against your business and be vigilant about preventing losses, but no business is risk-free or immune to crime.

A poll of small business owners by the Canadian Federation of Independent Business found that 45% of small businesses in Canada were directly affected by crime and safety-related issues in 2024 – a significant jump from 24% of companies that said so in 2023. Theft was one of the most commonly cited issues small business owners faced in that survey.

Of course, there are various types of theft, including shoplifting, break-ins, burglary, data theft, robbery, fraud, embezzlement, and more. A comprehensive business insurance policy containing different coverages can address these risks to help owners cover losses beyond their control.

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Business owners should have loss prevention strategies in place to thwart internal and external theft and reduce and prevent losses to their assets and revenue. An all-encompassing loss prevention strategy for any business owner should also feature commercial crime insurance.

Commercial crime insurance is a comprehensive solution designed to cover a business owner’s financial losses resulting from a wide range of business-related crimes, including internal theft by employees, forgery, robbery, dishonest acts, and electronic crime. It can also cover third-party theft if that specific coverage is included in the policy.

Protection Against Losses Due to Theft: How Commercial Crime Insurance Helps

Commercial crime insurance primarily covers losses caused by employee theft and fraud. For example, it can cover:

• Stolen cash and merchandise by an employee
• Forged cheques
• Wire transfer fraud
• Unauthorized use of company equipment or assets, like computers or vehicles
• Other acts of employee dishonesty, such as filing inaccurate payroll costs, altering invoices, or falsifying financial records

This type of coverage also addresses some types of external fraud, including:

• Losses suffered from accepting counterfeit money
• Theft of money or securities while in transit
• Unauthorized electronic financial transactions
• Losses suffered due to forged cheques

What Types of Businesses Need Commercial Crime Insurance Most?

While no business or industry is safe from the risk of theft and fraud and can benefit from the protection commercial crime insurance provides, some industries and businesses are more vulnerable to those threats. These may include:

• Financial services companies
• Retailers and e-commerce businesses
• Health and wellness clinics
• Technology companies
• Restaurants and bars
• Convenience stores and gas stations
• Non-profit organizations
• Property management companies
• Professional services companies, such as consultancies and accounting firms

How to Get Low-Cost Commercial Crime Insurance Quickly

Zensurance is Canada’s leading small business insurance brokerage helping tens of thousands of small businesses, independent professionals, and entrepreneurs protect their finances and assets with comprehensive, low-cost liability insurance, including commercial crime insurance.

Fill out our online application for a free quote in less than five minutes.

Our friendly, knowledgeable team of brokers will shop the market to find the coverage your business needs at an affordable price, customize it to suit your requirements, and issue your policy documents and a certificate of insurance.