Insurance brokers understand that economic pressures can affect many different industries, and among them are their clients in the boat and yacht building industries. Trusted employees having a difficult time keeping up with bills and other personal expenses may become prone to committing dishonest acts including stealing from their employers. Employees caught in the act will often explain away their actions for what they feel are many sufficient reasons, including not having the resources or income to support their lifestyles.
Crime coverage, available through yacht builders insurance wholesalers, can often cost as little as $300 for up to $100,000 in coverage, this of course depending on the size and type of business activity, along with other underwriting considerations. While employee theft often involves having access to cash, they may also resort to stealing various items they have access to.
In the yachting industry there are many other items of value that may be stolen, including office machines, vault securities, warehouse merchandise, tools and other items in the inventory of the business they work for. Losses involving equipment, supplies, or merchandise can add up to thousands of dollars or more. Most businesses would have a difficult time dealing with such losses over time.
Desperate times, desperate measures
To an employee experiencing heavy financial burdens and responsibilities any product can seem valuable enough to steal, especially when a sufficient quantity can be taken over an extended period and often going unnoticed for months at a time. Surprisingly, an ongoing theft could span three years or more without being detected by owners or supervisors.
Crime coverage can help your client to better secure their business by providing protection for and against:
- Employee Theft
- Depositors forgery or altercation
- Theft of securities and other property
- Computer fraud
- Funds transfer fraud
- Money orders
- Counterfeit currency
- ERISA plans
- Credit, debit, or charge card forgery, and
- Robbery and safe burglary coverage
Don’t allow your clients to leave themselves open to losses of this kind that could seriously reduce their profit potential. Having crime coverage through yacht builders insurance wholesalers is worth the cost of the policy when you consider all that is at stake.