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Commercial insurance often covers theft but not shoplifting. At least locally, these stores would be uninsurable even if coverage was offered. Insurance compan
by onphonenow 5y ago
Commercial insurance often covers theft but not shoplifting.
At least locally, these stores would be uninsurable even if coverage was offered. Insurance companies are not idiots. "Insurance" is not intended for ongoing steady losses, but irregular hard to predict losses.
Are you sure this was insurance paying? Did you ever see a claim form?
Many businesses do have a shrink budget, and if corp doesn't want action taken (ie, no stops) a local store can claim back shrink to be fair to its local managers in terms of their numbers.
- monocasa 5y agoI didn't see the initial claim forms, but I was involved in the dispute processes. And like I've said below, insurance isn't an idiot here. They come out ahead on pretty much every situation, either as a wash for money but with way more data for their actuaries, or they increase premiums if larger robberies occur more frequently. 'Insurance always comes out ahead' is a great axiom to live by.