Third Party Crime Coverage: What it Means For You
If you, your employees, or sub-contractors regularly go into a client’s place of business to deliver services, they may require you to carry third party crime insurance. This would protect your customer from the theft of property on the project you are working on. Most standard business insurance policies include basic employee theft coverage, but that is designed to protect you, not your clients.
Third party crime coverage extends coverage to them and is triggered when there is an allegation of theft of a client’s property by one of your employees. In some instances, it may be contractually required as a prerequisite for entering private premises, yet it’s not as readily available to telecom contractors or their insurance agents and brokers as it should be.
Finding complete coverage can be challenging for telecom contractors due to factors like height exposure. Additionally, the work they do is multi-faceted and features interconnected risks. Growth within the sector is aggressive, and there is ever-changing regulatory pressure, industry-wide competition, customer demand for stability and security, and network/mobile expansion to consider. Smaller telecom companies may experience even more of these challenges.
Why It’s Important
Unfortunately, blanket insurance coverage often does not specifically and adequately protect telecommunications contractors. Should an employee or sub-contractor maliciously damage or steal a client’s property while on the job, general liability may not be enough. Third party crime coverage needs to be part of a comprehensive package to fully protect the contractor from criminal charges or litigious clients.
Contact USA Telecom Insurance Services
Want to know more? USA Telecom Insurance Services is a nationwide telecommunications insurance specialist. We can help you understand why third party crime coverage is essential and help you find the coverage you need to keep your business safe and secure. For more information or to hire an experienced telecom insurance agent, contact us today at 800-645-8699.