Crime Insurance Overview
As a business owner, your business is vulnerable to losses due to burglary, forgery, fraud, and theft. Losses could come from employees or a third party.
Commercial crime insurance will cover business-related crime losses such as theft, robbery, forgery, embezzlement, misrepresentation fraud, and other crimes related to the business.
Some crime coverages may be added by endorsement to a Commercial Package policy or may include some basic coverage in the policy. This varies by Insurance Carrier and type of policy and not all coverages can be included this way. A Commercial Crime policy is used for businesses that need a Commercial Crime coverage policy and it will give them the ability to choose what coverages they need.
Commercial Crime Coverages
· Employee Dishonesty – dishonest acts committed by your employees
· Forgery or Alteration – for forgery or alteration of your financial instruments
· Robbery or Safe Burglary - Inside the premises and outside the premises
· Money and Securities – coverage for both on and off-premises
· Theft of Client’s Property – coverage for theft of client property at their premises by your employees
· Counterfeit Money or Money Orders – when given to your business as payment
· Computer and Funds Transfer Fraud – includes phishing and ransomware
Commercial Crime policies will not cover any dishonest actions by you, the business owner, or your partners or errors in accounting. Other common exclusions are Third-Party liability stemming from a crime loss, patents and trade secrets, loss of income, and indirect loss.
If any of the below applies to your business, you need Commercial Crime coverage:
· No Security system or basic security system
· Has volunteers or part-time employees
· Employees handle customer data and/or financial records
· Stock, Inventory and Products that can be easily accessed by employees
· Uses check, credit card, or cash transactions
Ensuring that your business is protected is important. If you want to know if your policy covers you for Commercial Crime coverage, or if you would like a stand-alone policy, please let us know. We offer coverage and policy reviews to help identify any coverage gaps. Many of our package carriers will include crime coverage as part of their policy coverages, and we have multiple options for Stand-Alone policies that would be able to provide more comprehensive coverage with higher limits.
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