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Discover the best theft insurance providers in New York? We reviewed their coverage, rates, customer service, pros and cons to help you find the perfect policy for your needs.

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Are you in search of the best theft insurance providers in New York but are unable to determine which one best suits your coverage needs?

Thankfully, we’re here to help.

From our experience, the best theft insurance providers in New York are: 

• Hiscox
• The Hartford
• Travelers
• Chubb
• Nationwide
• Liberty Mutual
• State Farm.

However, not every insurer on this list provides the coverage you desire.

But, thankfully, this review compares each provider, their coverage limits, and options to help you decide which company best fits your needs.

So, let’s begin!

New York Theft Insurance Overview

New York theft insurance protects businesses from financial losses from theft, burglary, or robbery.

It covers stolen equipment, merchandise, inventory, and other valuable assets belonging to the business.

However, insurance companies do not offer theft coverage as a stand-alone package. It’s often part of a coverage option like commercial property insurance, Business Owner’s Policy, etc.

Here’s an overview of theft insurance:

Theft Coverage and Policy Options

Firstly, we’ll start with the options and policies you can expect from commercial theft coverage.

Property Coverage

Commercial theft insurance typically covers your business’s physical assets, including buildings, furniture, equipment, inventory, and supplies.

This coverage protects against losses resulting from theft or theft-related damages.

Business Interruption Coverage

In addition to property coverage, your business theft insurance package may also include business interruption coverage.

This compensates for lost income and ongoing expenses if a theft or burglary incident forces the business to suspend operations temporarily.

Employee Dishonesty Coverage

Some policies may cover losses caused by employee theft or dishonest acts.

This insurance coverage can protect against employee theft or fraud, such as embezzlement or theft of company funds.

Computer Fraud Coverage

If your business relies heavily on computer systems, we advise acquiring computer fraud coverage to protect against losses resulting from theft or fraud involving electronic data, funds, or other assets.

Coverage Limits and Deductibles

Typically, your theft insurance coverage limits and deductibles depend on the policy and your insurer.

Hence, we recommend carefully reviewing your policy’s terms and conditions to understand the coverage limits and the deductible amount that will apply in the event of a claim.

Exclusions

Business theft insurance may have specific exclusions and limitations.

These can vary among policies and insurers. Reviewing the policy documents carefully is crucial to understand what is and isn’t covered.

Common exclusions may include theft resulting from employee collusion, inventory shrinkage due to poor internal controls, or theft of unsecured property left in open areas.

But as previously stated, these exclusions depend on your Insurer and preferred coverage options.

Filing a Claim

If theft or burglary occurs, you must contact your insurance provider immediately to report the incident and initiate the claims process.

Provide all necessary information and documentation requested by the insurer, such as police reports, inventory records, and any evidence related to the theft.

The insurance company will evaluate the claim and provide compensation based on the terms and conditions of the policy.

Premiums

The cost of business theft insurance premiums in New York depends on factors such as the value of the insured property, location, security measures implemented by the business, and the business’s claims history.

Insurance companies may offer discounts for installing security systems, alarms, surveillance cameras, or other measures that reduce the theft risk.

To ensure the best coverage and premium combination for your business, we advise comparing quotes from different insurers and consulting with an insurance professional who can provide guidance tailored to your business needs.

How Much Does Theft Coverage Cost in New York?

Business theft insurance costs in New York can vary depending on factors like size and type of business, selected coverage, and the rate of burglaries and auto thefts in your firm’s location.

Another critical determinant of coverage costs is the theft insurance provider.

The insurer determines the costs depending on the type of coverage it offers, set premiums, the coverage you want, etc.

From our experience, your selected theft insurer affects not only the costs you’ll pay for coverage but also the type of service you’ll get.

Hence you must choose the right insurer.

Don’t worry; you’ll learn how to choose the right theft insurance provider in New York.

Read on.

Tips for Choosing the Right Theft Insurance Provider

There are several tips you must consider to ensure you choose the right theft coverage for your business.

They are:

Assess Your Coverage Needs

Start by determining what you need out of your insurance.

Evaluate the property value you want to insure against theft, how much coverage you need, and any additional features you may require.

This assessment will help you identify insurers that offer suitable policies.

Research Insurance Providers

Look for reputable insurance providers that specialize in theft insurance or offer comprehensive property insurance coverage.

Also, consider their reputation in handling theft claims, financial stability, and customer reviews.

These factors will help you determine which company suits you.

Compare Coverage and Exclusions

If you want to choose the right insurer for your business, we recommend carefully reviewing each insurer’s coverage options and policy exclusions.

Compare the terms, conditions, and coverage limits to ensure they align with your needs.

Look for specific exclusions related to theft, deductibles, and claim procedures.

Check Financial Stability

While comparing coverage and exclusions is important, you must also verify the financial strength of the insurance companies you’re considering. 

You can trust ratings from independent rating agencies such as A.M. Best, Standard & Poor’s, or Moody’s to provide insights into an insurer’s financial stability and their ability to handle claims in the future.

Customer Service and Claims Handling

Consider the quality of customer service and claims handling your prospect insurers have.

Look for insurers with a track record of prompt and fair claims settlement processes.

Don’t forget to read customer reviews and seek recommendations from trusted sources to gauge their overall customer satisfaction.

Security Requirements

Inquire if the insurer has any security requirements or recommendations.

Some insurance providers may offer premium discounts to policyholders with certain security measures in place, such as surveillance cameras, alarm systems, or security guards.

Consider whether these requirements are feasible and align with your risk mitigation strategy.

Obtain Multiple Quotes

To help you choose the right insurance provider for your business, we advise that you request quotes from multiple insurance providers.

This strategy will help you compare premiums, coverage terms, and available options.

Ensure you provide accurate information to receive accurate quotes.

Remember that the cheapest option may not always provide the most comprehensive coverage, so consider the overall value each insurer offers.

Seek Professional Advice

Seeking advice from an experienced insurance professional can help you choose the right insurer, especially if you’re struggling to make a decision.

Hence, we recommend consulting with an insurance professional or broker who can provide personalized guidance based on your specific needs.

They can help you explain policy details, navigate your options, and help you make an informed decision.

Review Policy Terms

Don’t forget to read the terms and conditions of the policy before making a final decision.

Pay attention to deductibles, coverage limits, policy renewal terms, and any additional exclusions or endorsements that may impact your coverage.

Want to learn more about how theft insurance works? Read this article

Complete Review Of The Best New York Theft Insurance Providers

As promised, we’ll review the best New York theft insurance providers and how they compare.

In this section, we’ll discuss seven of the best New York theft insurance providers in New York.

We handpicked these theft insurance providers based on coverage options, notable recognition, reputation and financial stability, customer ratings, etc.

To further help you compare these NY insurance providers, we’ll rate each insurer based on several vital criteria you’ll soon discover.

Let’s begin.

1. Hiscox

Hiscox is an insurance provider offering numerous commercial and personal coverage options.

You can expect the name “Hiscox” to pop up whenever you ask about the best New York Insurance company.

Let’s explore what this company has to offer.

Hiscox Overview

Hiscox has been around for over a century, offering numerous commercial and personal insurance options in the US.

The company’s small-business insurance policies are primarily intended for professional services firms like accountants and consultants, while the company also offers packages for beauty, fitness, and health enterprises.

Here is how we rate this theft insurance provider:

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Coverage Options and Limits Offered

Hiscox offers the following insurance coverage options:

Commercial Crime Insurance

Hiscox’s commercial crime insurance covers your business’s money and securities losses, whether the theft occurs at your business, bank, or home.

This coverage protects against financial losses resulting from theft.

The commercial crime insurance package covers losses up to $5,000. However, it doesn’t cover the accounting errors or activities of you or your partners.

Commercial Property Insurance 

Hiscox’s commercial property insurance includes coverage for losses from the alteration or forgery of a check or similar financial instrument.

It offers up to $2,500 worth of coverage

With this coverage, you can mitigate losses due to fraudulent activities.

If you need detailed information on the company’s theft coverage options and limits, we recommend contacting Hiscox and obtaining a quote.

Pricing and Premiums

For information on Hiscox’s theft coverage pricing and premiums, we recommend obtaining a quote from the insurer’s website.

This quote can help you determine what you’ll pay for the coverage you need.

Customer Service and Claims Process

One key reason Hiscox is renowned for its excellent customer service is its support for policyholders throughout the claims process.

Hiscox offers 24/7 claims reporting online by filling out a quick form and attaching required documents.

You can also submit a claim via phone through the company’s hotline. However, it only functions from Monday to Friday between 7 am and 10 pm.

Reputation and Financial Stability

Having been active in the insurance business for over a hundred years, Hiscox has developed a solid reputation, primarily due to its solid set of values and extended reach in various regions in the US.

Regarding financial stability, Hiscox received an A (excellent) financial rating by A.M. Best and reported $4.2 billion in gross premiums written in 2021.

Notable Recognitions

Here are a few of Hiscox’s notable recognitions:

• Outstanding service award for providing excellent service and underwriting process. (2017)
• FoodPlus underwriting team of the year (2018)
• Cigna Well-Being Award for building an advanced workplace wellness program (2021)

Value for Money

Judging from our research and customer reviews, we’ve determined that you’ll enjoy a positive value for money from Hiscox’s theft coverage options.

Trustpilot Rating

Hiscox has a 3.2 Trustpilot rating from a total of 898 reviews. Up to 87 percent of the reviewers gave the insurer five stars which shows that customer satisfaction is high.

Hiscox Pros and Cons

Pros

• The company boasts of a portfolio of positive reviews from satisfied customers
• Hiscox offers numerous insurance packages suitable for various Individuals and businesses
• Customers can conveniently purchase policies through the company’s website.

Cons 

• Has limited coverage in certain industries
• Not a BBB-accredited business.

2. The Hartford

The Hartford is a US-based insurance firm established over 200 years ago. 

It has a long history of providing insurance and investment services to businesses and individuals. From our research, The Hartford has received numerous awards and recognitions for its underwriting and broking teams.

The Hartford Overview

The Hartford is a leading property and casualty insurance provider, offering numerous insurance products for New York business owners. These include coverage for businesses, liability insurance, property insurance, etc.

Here is how we rate this NY theft insurer:

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Coverage Options and Limits Offered

Crime Insurance

The Hartford’s Crime insurance packages cover forgery,  employee theft, computer funds transfer fraud, and counterfeit currency.

They also offer CrimeSHIELD Advanced Policy EMPLOYEE THEFT, which covers the loss of securities and money from theft, destruction, or disappearance. At the same time, the property is inside your or a client’s premises.

Cyber Liability Insurance

This insurance helps you respond to a breach of personally identifiable information (PII) or protected health information (PHI) gets lost or stolen, whether it’s from a hacker breaking into your network, or an employee

Contractors Equipment Insurance 

This insurance covers your business tools, mobile equipment, and machinery against theft.

Contractor equipment Insurance is not a common type of coverage, but you may find it necessary, especially to mitigate expenses incurred from stolen work equipment.

Business Owner’s Policy (BOP)

The Hartford also offers a business owner’s policy to help cover claims resulting from theft and other events like fire, accidents, etc.

A BOP typically includes business property and liability insurance, but you can tailor your package to your business’s specific needs.

It’s important to note that these are just a few coverage options from The Hartford. Business owners should consult with a representative to determine the best coverage options for their specific needs

Pricing and Premiums

The Hartford’s theft insurance costs and premiums are undisclosed, so we recommend obtaining an insurance quote from the company’s website to determine much theft coverage costs.

Customer Service and Claims Process

The Hartford offers an easy-to-access customer service and claims process.

You can file a claim through an online form, or you can call the appropriate claims contact phone number belonging to the company’s claim center.

The Hartford also offers 24/7 access to policy documents, billing information, and other services through their customer service portal

You can also The Hartford by phone, email, or through their website if you have questions or need help with your insurance.

Overall, The Hartford’s claims process appears straightforward and accessible, with multiple options for filing a claim and accessing customer service.

Reputation and Financial Stability

One notable proof of The Hartford’s financial stability is its A+ rating from AM Best.

This rating indicates that the insurer is in a solid financial position and can pay out claims

The Hartford has also received several high ratings from the Better Business Bureau

However, the company has received some mixed customer satisfaction reviews.

Many customers are satisfied with the company’s service and affordability, while others have reported claims processing and customer service issues.

Conclusively, The Hartford appears to be a reputable insurance firm with a solid financial standing, although customer satisfaction may vary.

Notable Recognitions

The Hartford has been recognized for its commitment to employee health and well-being, innovation, just business practices, and ethical leadership.

Furthermore, the company has been honored with the Business Group on Health Best Employers: Excellence in Health & Well-being Award, a 2023 CIO 100 Award Winner, and a JUST 100 list for the fifth consecutive year.

The Hartford has a long history dating back to 1810 and has been named one of the World’s Most Ethical Companies for the 14th time by Ethisphere.

Value for Money

Considering its reputation, coverage options, and success in the real estate industry, it’s safe to say The Hartford will offer a positive value for money should you patronize this insurer.

Trustpilot Rating

The Hartford has a Trustpilot rating of 1.3 based on 87 reviews.

Remember that the company’s poor reviews were primarily due to poor customer service.

The Harford Pros and Cons

Pros

• Well-established insurer with over two decades of experience
• Highly rated by the BBB and A.M. Best
• Solid financial stability
• Huge catalog of insurance options
• Offers straightforward claims reporting via online platforms or phone

Cons 

• Limited information on the cost of  insurance products and how they compare to competitors
• Mixed customer satisfaction reviews

3. Chubb

Chubb is the third insurer on our list of the top seven theft Insurance providers in New York.

The company is one of the biggest providers of commercial property insurance in New York and the world at large.

Before we discuss the insurer’s coverage options and other noteworthy information, let’s have a brief overview of Chubbs.

Chubb Overview

Chubb Limited boasts over $167 billion in assets and operations in 55 countries and territories.

In New York, the insurer offers several business insurance options, including vandalism or theft.

Here is how we rate this NY theft insurance provider.

Here is how we rate this theft insurance provider:

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Coverage Options and Limits Offered

Here are some of Chubb’s theft coverage options:

Comprehensive Crime Insurance Coverage

This policy covers damage to or loss of money, securities, and properties resulting directly from theft or forgery.

It also covers acts committed by an employee.

Chubb’s comprehensive Crime Insurance Coverage limits depend on your chosen policy.

Primary Commercial Crime Insurance

This package covers numerous crime risks like employee theft, forgery, etc.

Cyber Insurance and Protection

Chubbs offers coverage to help protect your business from identity theft, hacking, and other cyber-related theft incidents, including recovering from data breaches.

Social Engineering Coverage

This coverage is accessible up to 250 thousand dollars per incident, with no yearly aggregate; however, higher limits may be considered but with additional underwriting.

This coverage option can help your firm recover from damages due to social engineering fraud.

Remember that specific coverage limits depend on your chosen policy and the underwriting process.

Pricing and Premiums

Chubb’s commercial crime insurance is available at up to $250,000 per occurrence. These coverage costs do not include annual aggregate; however, higher limits can be considered with additional underwriting.

Visit Chubb’s website or contact an agent for more information on the Firm’s theft coverage costs.

Customer Service and Claims Process

Chubb provides several options for customers to report claims on a 24/7 basis.

You can report a claim through:

• Phone call: Chubb customers can report claims via the provider’s hotline.

This line is open to both commercial and personal claims.

• Online: Customers can file a claim online by visiting the Chubb website and clicking the “File a Claim” button.

You can also send your local Chubb agent to submit a claim in your stead.

After completing your claims report, the insurer will acknowledge receipt within two working days via fax or email.

Chubb actively strives to provide excellent customer service and support throughout the claims process to ensure that customers receive needed assistance.

But remember that the specific claims process and timeline depend on your selected policy and the type of claim.

Reputation and Financial Stability

Chubb is one of the most reputable insurance companies in New York and offers numerous insurance products owing to its financial stability. 

Here are some notable points you may want to know about Chubb’s reputation and financial stability:

• Chubb’s financial strength is highly assessed by notable rating agencies, with scores of AA (S&P) and A++ AM Best.
• The provider is renowned for its excellent customer service
• Chubb reported gross premiums written in 2022 of $52.0 billion, with assets of around $200 billion.
• Besides New York, the provider maintains executive offices in popular cities like Paris, Zurich, etc., boasting over 34 thousand employees.

Notable Recognitions

Owing to its success and devotion in the insurance niche, Chubb has received numerous recognitions and awards across various regions.

Here are a few of the insurer’s several notable recognitions:

• In Indonesia, Chubb Life received the Insurance Top Leader Award and Outstanding Achievement recognition.
• In Hong Kong, it received the Mobile Usability – Excellence Award and the Wealth Management Platform – Excellence Award for its Perpetual Life series.
• In North America, it was named a Best in Biz Awards Silver winner in the Marketing Campaign of the Year category.

Value for Money

Chubb is renowned for its solid reputation and commitment to quality coverage and customer service.

Although their premiums may be higher than other insurers, the comprehensive coverage and added benefits the insurer provides can make it worthwhile.

Trustpilot Rating

Chubb has 341 reviews on trust pilot and is rated 1.3, primarily due to customers being unable to obtain quotes quickly.

Chubb Pros and Cons

Pros

• Has excellent customer service and support
• Financially stable and highly rated– AA (S&P) and A++ AM Best
• Offers numerous unique coverage options like cash settlement coverage, electronics data loss coverage, etc.

Cons

• Chubb does not focus on providing cheap insurance
• The provider is not accredited by the Better Business Bureau (BBB)

4. Travelers

Did you know that over 100,000 identity theft breaches occur annually in the United States?

Identity theft isn’t a strange occurrence and can incur many financial losses through legal fees, lost wages, and reimbursement of stolen wages.

Thankfully, ID theft coverage can alleviate this financial burden.

If you want to enjoy such coverage, you may want to consider Traveler, an insurer that specializes in ID theft coverage.

Without wasting time, let’s see an overview of the New York insurer.

Travelers Overview

While most insurers include identity theft in their coverage packages, Travelers specializes in this type of insurance and has made a name for itself with it.

The New York insurance company provides fraud protection and identity theft coverage for individuals and businesses.

Here is how we rate this theft insurance provider:

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Coverage Options and Limits Offered

Business Identity Theft Protection

Travelers offer business identity theft protection, which can help cover expenses associated with resolving an identity theft for your business.

This insurance covers expenses associated with restoring a stolen identity, including replacement of government-issued identification, travel expenses, lost wages, etc.

Comprehensive Coverage

This package covers non-collision-related damage to a vehicle, such as theft and fires.

Fidelity & Crime Insurance Coverage

Travelers’ fidelity and crime insurance coverage protects your business from loss of money and securities, reimbursement for claim expenses, financial loss from forgery or alteration, etc.

Pricing and Premiums

An insurance quote is your best bet if you need details about Travelers’ prices and premiums.

But from our research, the insurer’s identity theft protection can cover expense reimbursements up to $25,000.

For more information, we recommend visiting the company’s website to obtain insurance quotes.

Customer Service and Claims Process

Travelers offers a 24-hour customer service hotline you can reach if you have any questions or concerns.

With Travelers,  you can obtain a quote online or through your local independent agent.

The New York insurance provider also maintains a specialized team to help customers battling technical issues.

With Travelers, you can report claims through the company’s website or via the designated hotline.

After which, you’ll be contacted with your claim number, and Travelers Claim professional’s contact information.

The professional will walk you through the entire claims process, evaluating the loss to determine the required settlement amount.

Reputation and Financial Stability

Travelers boasts of a solid reputation and financial status.

You have little to worry about regarding reputation and financial stability as both the Better Business Bureau and A.M. Best give Travellers top ratings of A++ and A, respectively.

Financial strength ratings show the company is a stable and sound insurer you can trust to remain standing for many years.

Notable Recognitions

From our research, Travelers insurance company has received many notable recognitions.

For example, the firm received an insurance Business America 5-star excellence award for outstanding customer service on workers’ compensation and home insurance.

Forbes also ranked Travelers as one of the best American insurers in 2022.

The New York insurance company has been around for over a hundred years, strengthening its credibility in the niche.

Value for Money

Like every insurer on this list, Travelers offers a positive value-for-money experience to policyholders. However, you may struggle with customer service.

Trustpilot Rating

Travelers boasts of a decent 2.5 Trustpilot rating from just 14 reviews total.

Pros and Cons

Pros

• Offers numerous insurance packages for both businesses and individuals

• Offers online and offline claims processing 
• Provides a variety of coverage options
• Offers risk control 

Cons 

• Insurance quotes are unavailable online
• Some negative customer reviews 

5. Nationwide Mutual Insurance

Nationwide Mutual Insurance Company is a prominent U.S. insurance and financial services company with over 80 years of experience in the niche.

The company boasts over 24,000 employees and ranked 80 in the 2022 Fortune 500 list.

And here’s how Nationwide’s theft insurance works.

Nationwide Overview

Like most insurers we’ve mentioned, the company offers a variety of insurance customers.

Policyholders can enjoy theft insurance via Nationwide’s commercial crime insurance and identity theft coverage options.

Here is how we rate this NY theft insurance provider:

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Coverage Options and Limits Offered

Nationwide offers the following coverages for theft:

Commercial Crime Insurance

Nationwide’s commercial crime insurance can protect your business against robbery, forgery, burglary, computer fraud, etc.

Here are some coverage options for Nationwide’s commercial crime insurance:

• Theft of money and securities coverage
• Employee dishonesty coverage
• Computer fraud coverage
• Forgery or alteration coverage
• Burglary or robbery coverage

Each coverage option has its limit, which isn’t specified on the company website. However, you can obtain an insurance quote from Nationwide if you want more information on how this coverage works.

Identity Theft

Nationwide also offers identity theft for policyholders.

This coverage can provide $10,000 to $15,000 in coverage with around $100 to $500 in deductibles.

Pricing and Premiums

Like most New York insurance companies, Nationwide, you must obtain a quote first to get information on pricing and premiums.

You can obtain a quote online or call the company’s hotline for more information about insurance pricing and premiums.

Customer Service and Claims Process 

You can contact Nationwide for support regarding its products via phone, email, or mail.

The New York insurer has a customer service team that is available to help you with any questions or concerns you may have.

Nationwide’s claim process is relatively easy since the insurer offers step-by-step guidance.

The company also offers 24/7 assistance to help with the claims process and problems customers encounter.

You can file a claim on Nationwide online or via phone call.

We recommend visiting the company’s site for more information.

Reputation and Financial Stability

Being a US-based insurer with over 80 years of experience, Nationwide has a solid reputation and financially stable background.

The company received an A+ rating from A.M. Best, A1 for Moody’s, and A+ Standards and Poor.

These ratings reflect the firm’s financial stability and ability to payout claims.

Notable Recognitions

Here are some notable recognitions Nationwide has received:

• The Gallup Great Workplace Award has honored Nationwide for its outstanding workplace culture.
• Nationwide Awards, an organization that selects and promotes exceptional achievements, has recognized Nationwide for its accomplishments.
• The annual CEO Awards have honored Nationwide employees for their exceptional service.
• Nationwide Building Society has won an award for successfully transforming its culture to be more customer-focused.

Value for Money

From its reputation, financial stability, and customer reviews, Nationwide’s theft coverage has a solid value for money. It’s worth considering.

Trustpilot Rating

Nationwide has 33 total reviews. The insurer has a 2.0 Trustpilot rating, with over 7 percent of reviewers giving a one-star rating.

Nationwide Pros and Cons

Pros

• Dependable customer service
• Variety of add-on coverage options
• Financial strength to pay out customer claims

Cons

• Policies are sometimes pricey
• The level of complaints against Nationwide is higher than some other large insurers

6. Liberty Mutual

Liberty Mutual allows you to customize your insurance coverage. 

This feature enables you to pay for what you need. Data shows that the company is the fifth-largest global property and casualty insurer. It has over 50,000 employees across 29 countries and economies. Liberty Mutual sits at position 86th on the Fortune Ranking based on 2022 revenue.

Liberty Mutual Overview

Liberty Mutual’s Business Theft Coverage is a comprehensive insurance package designed to alleviate your business’s financial losses from theft, burglary, and related crimes.

With a commitment to customer service and a solid financial standing, Liberty Mutual provides coverage options you can tailor to meet your business’s specific needs.

Here is how we rate this theft insurance provider:

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Coverage Options and Limits Offered

Management Liability Coverage

This coverage can protect your business from losses from crimes like employee dishonesty, forgery, robbery, etc.

Fidelity and Crime Insurance

Liberty Mutual’s fidelity and crime insurance offers protection from crime-related loss of money, securities, or inventory.

Small Business Owner’s Policy

In the event of a theft, a business owner’s policy protects your business place and the equipment, furniture, and other physical assets inside.

You can also improve your coverage with additional options like business interruption cyber liability insurance.

Pricing and Premiums

Liberty Mutual’s theft coverage pricing and premiums vary depending on the level and type of coverage, your business’s size and location, etc.

We advise visiting the insurer’s website to obtain a quote with detailed information on pricing and premiums for the coverage you need.

Customer Service and Claims Process

Liberty Mutual offers a functional 24/7 online customer support system via its website, where clients can log in to their accounts to get answers to questions, make updates, change policies, or pay a bill.

You can also call Liberty Mutual customer support for assistance with your policies or accounts.

Liberty Mutual also offers a streamlined online claims process where you can file a claim in less than 10 minutes.

If additional information is required, the insurance company will contact you.

After filing a claim, the provider’s claims Representative will review the details and receive a response typically within 1-2 business days.

You can also access your claims information online through your Liberty Mutual account, letting you file, manage, and track your insurance claim.

Reputation and Financial Stability

Liberty Mutual’s reputation amongst customers is that of an insurer with responsive customer service and timely claims process.

The company also finished third in the J.D. Power 2022 U.S. Insurance Shopping Study.

Furthermore, in 2022, Liberty Mutual received an A (Excellent) rating from A.M. Best, indicating that the company has good financial strength to pay out insurance claims.

Notable Recognitions

Liberty Mutual has a plethora of notable recognitions attached to its name. Some include:

• The 2021 Corporate Citizenship Award from the Boston Business Journal (also ranked second on their Corporate Charitable Contributor list).
• Insurance Business UK recognized Liberty Mutual as one of their 50 Rising Stars based on their roles, achievements, goals, contributions, and supervisor recommendations. 
• SITE Crystal Awards for their exceptional incentive travel programs.

Value for Money

Liberty Mutual’s Business Theft Coverage provides small businesses with investment value by offering comprehensive protection against theft-related risks.

The coverage options, combined with Liberty Mutual’s commitment to customer service and efficient claims handling, ensure you receive a solid return on your insurance premiums.

Trustpilot Rating

Trustpilot rates Liberty Mutual 1.2/5 based on 235 customer reviews.

Liberty Mutual Pros and Cons

Pros

• Comprehensive coverage for various types of theft incidents.
• Customizable coverage limits and deductibles.
• Risk assessment and loss prevention resources.

Cons

• Liberty Mutual’s business insurance pricing and rates aren’t the cheapest, but they’re not overpriced.
• Not all businesses can file claims online

7. State Farm

State Farm is a large integration of American-based insurance and financial services companies.

Headquartered in Illinois, the firm was established in 1922 and has since been a household name among policyholders.

State Farm Overview

With over a hundred years of experience, State Farm offers several business insurance policies that include theft coverage.

An example is the Business Owner’s Insurance policy which covers the loss of business money and securities caused by loss or theft. The company is well-known for its extensive network of insurance agents nationwide. 

Here is how we rate this New York theft insurance company:

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Coverage Options and Limits Offered

Business Owners Insurance

This policy covers the loss of business money and securities caused by theft, disappearance, or destruction from described premises, a bank, or savings.

Business Services Insurance

This policy protects your business buildings, business personal property, and equipment from accidental direct physical loss.

It also includes Data Compromise and Identity theft coverage to help your business recover after a data breach or if you, the owner, fall victim to identity theft.

Business Owners Policy (BOP)

This policy includes liability and property coverages, and you can easily customize it to match your business’s unique needs.

It also includes loss of income, equipment breakdown, money, securities protection, etc., at no additional charge.

Pricing and Premiums

Customer Service and Claims Process

State Farm Customers can file claims via phone or the company’s website. You can also pay or manage your account balance through these means.

The insurer’s website lists phone numbers for different types of coverage and services.

Furthermore, State Farm’s online service lets you submit and track your claims, pay for coverage, manage your policies, request changes, and find a nearby agent.

However, you can only enjoy these services if you create an account on the company’s website.

State Farm also offers a mobile app to start a claim, contact your agent, call for assistance, and access your insurance card.

The Insurer’s claim process is relatively easy, especially since you can get it done via the Insurer’s mobile app or phone call with the claims center.

Both options are available 24/7.

Star Farm’s claims process may vary depending on your selected insurance policy.

You can contact State Farm directly or visit the company’s website for more information and assistance.

Reputation and Financial Stability

State Farm, the largest auto insurer in the United States, has earned an outstanding reputation within the insurance industry.

WalletHub editors have rated the company at 4.1/5, while customers have provided positive reviews and high scores.

With a market share of 16.1%, State Farm’s popularity and trustworthiness are evident. AM Best has awarded State Farm an A++ (Superior) rating for financial stability, the highest possible rating.

Major credit rating agencies have also deemed the company to be on stable financial footing, and its strong financial strength rating assures customers that it can fulfill insurance payouts without any concerns.

Overall, State Farm maintains a good reputation and demonstrates financial stability, positioning it as a reliable choice in the insurance industry.

Notable Recognitions

State Farm has achieved several notable recognitions.

Fortune Magazine’s World’s Most Admired Companies recognized State Farm as a Most Admired Company for the tenth consecutive year in 2019.

In the same year, State Farm Insurance won the award for Best Company Work-Life Balance.

The National Postal Museum featured State Farm in its exhibition on America’s Mailing Industry. State Farm also received the 2020 Webby Award for Services & Utilities.

Additionally, State Farm Arena garnered national recognition for its 2021 concert slate and hospitality.

These recognitions demonstrate State Farm’s dedication to providing excellent customer service, promoting work-life balance, and maintaining financial stability.

Furthermore, they acknowledge State Farm’s contributions to the mailing industry and the entertainment sector.

Value for Money

From our research and experience, State Farm offers one of the highest value for money among all insurance companies in this comparison.

The company offers many coverage options, and judging from its customer reviews, you’re likely to have a positive experience with the insurer too.

Trustpilot Rating

State Farm has a 2.9-star Trustpilot rating from four total reviews.

Pros and Cons

Pros

• The Insurer’s quotes are available online within minutes.
• Offers multiple discounts options

Cons

• Insurance is expensive compared to most providers
• You may sometimes experience delays in claims processing due to an influx of customer requests.

The Insurance Providers’ Similarities

The above insurance providers share the following similarities:

• Operate in or offer coverage in New York
• Are financially stable enough to handle claims
• Are reputable insurance providers
• Offer numerous insurance packages and coverage options
• Have received several notable recognitions in and outside the insurance industry

NY Best Theft Insurance Company: Final Verdicts.

From the above comparison, it’s easy to see that Hiscox has the highest rating, with State Farm and Nationwide coming next.

However, each insurance company has unique offerings.

So, we recommend you consider their pros and cons, the coverages they offer, and other factors alongside your coverage needs, to help you choose the provider that suits you.

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