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What Business Insurance covers theft? The short answer: It depends. Your company's insurance may not cover theft at all. It might have all the right coverage you need, but it doesn't cover everything. Your employees or vehicles can be covered by your personal insurance policy, and that will give you piece of mind even if you happen to be the victim of theft. However, if your company has a small budget, you might be out of luck.

Most policies provide coverage for property damage, bodily injury, and liability. Bodily injury is probably the widest area of protection, but it doesn't cover everything. It only covers people who are injured in the course of work-related activities. If you're a manager or the owner of a small company with many employees, you may actually need to get separate liability and personal liability coverage, which are especially important if you employ sub-contractors. Because of this, many business owners try to increase their liability coverage.

When it comes to theft, however, your company probably only has the property damage coverage you need. That's because it covers damages to any company property that happen as a result of an accident between your company and someone else. Your car insurance, for instance, won't cover theft or vandalism of your company's vehicle.

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Another example of things that are typically covered by your auto insurance are any injuries that happen to your employees. This includes any workers' compensation claims you make because of theft or injury on the job. However, just because your employees are covered by your company doesn't mean that your life insurance policy will cover theft from them. This is often a matter of defining the term “work” as well as comparing your life insurance policy to your car insurance policy.

What about theft of property owned by your company? This obviously varies depending on the policies you have in place. Some are fairly comprehensive and others aren't. In some cases, the theft of property might be covered by your employees' personal assets. If you have a 401(k) plan, your contributions to that can be used to cover some or all of your employees' personal assets if they have the right to use them.

But what about intellectual property? If you own a large percentage of your business, you could find that you are fully protected under your current policy. However, there are different types of policies that can be put into place to protect the rights to your ideas. For instance, you may find that your business is considered a trade enterprise and as such is protected by a type of intellectual property law known as IP laws. Because this tends to be a more specialized area of law, it's important that you understand exactly what is covered when you decide what business insurance protects you.

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