Unfortunately, crime seems to be on the rise not only in Alberta’s major cities of Edmonton and Calgary, but also across the province. According to Edmonton police, the increase in the city’s crime rate coincides with the sharp decline in Alberta’s oil industry, leading law enforcement officials to conclude that there is a direct link. In Calgary, break-ins are up almost 30 percent year-over-year, giving further credence to the theory that the province’s economic slump is tied to the increase in criminal activity.
The CBC also reports a significant rise in crime at oil sands work sites.
While private households seem to be suffering the most in terms of theft-related crime, businesses are also at greater risk. In addition to the economy-linked rise in the province’s crime rate, experts on business insurance in Alberta also note that a whopping 96 percent of all companies will be victimized by theft perpetrated by an employee.
Over the past half-decade, a full 35 percent of Canadian businesses reported crime-related financial losses, with theft ranking as the most common cause. Carrying fidelity (or crime) insurance is the most effective form of protection against crime-related losses, and businesses of all sizes can benefit from investing in this type of coverage.
What Is Fidelity Insurance?
Of all the types of business insurance in Alberta, fidelity insurance offers the most effective protection against crime-related losses. It covers companies for perils including:
- Loss of cash, financial instruments, inventory or negotiables such as precious metals or securities as the result of crime
- Losses resulting from criminal actions on the part of employees, burglary, forgery, armed robbery, counterfeiting, computer and money transfer fraud
One of the most helpful aspects of fidelity insurance is that new perils can always be added to your coverage to reflect changing trends in criminal activity. Technology has given criminals new ways to ply their dark trades, and as it continues to expand and evolve, so will its use in illegal enterprise. Fidelity insurance offers businesses a built-in defense against crime, no matter how it may evolve in the future.
Why Your Business Needs Fidelity Coverage
Every business, regardless of its size or the industry in which it operates, can benefit from fidelity insurance:
- Virtually all businesses will suffer crime-related losses at some point
- Advanced types of fraud schemes can continue for very long periods of time without being detected, potentially resulting in six-figure to seven-figure losses
- Smaller businesses are more vulnerable to theft-related losses, since they tend to lack the capital to invest in more elaborate security and inventory control systems
- 25 percent of those who commit workplace fraud have worked for the company they targeted for 10 years or more
- Increased reliance on cloud computing has given criminals new technological tools to target businesses
In short, no company is safe, and the losses caused by crime can be severe. In the worst cases, they can endanger the entire livelihood of the business, and without fidelity insurance, you may be faced with a very difficult financial problem if you are victimized.
Business Insurance Throughout Alberta: Essential Protection at Great Rates from
Lane’s Insurance is one of Alberta’s leading insurance brokerages, providing advanced resources along with courteous customer service and outstanding claims support. In addition to fidelity insurance, Lane’s offers great rates on:
- Insurance for Alberta’s oil and gas industry
- Commercial property insurance
- Business insurance
- …and much more!
Get a free quote today!