Crime Insurance

Protecting Your Business

Crime Insurance
What It Is…

Crime insurance is a policy that protects a business from securities theft, forgery, robbery, and embezzlement. After any of the abovementioned acts occurs, a company may file a claim for payment from the insurance company.

Who It Is for…

A majority of businesses need crime insurance, but there are industries that have an increased risk for the types of crimes that crime insurance addresses. Retail stores and financial advisors are among those with the greatest risks especially if they work with large sums of cash. Particularly, businesses that take payments in cash, by check, by credit card and online would benefit from crime insurance.

Crime insurance is something that you need to consider if you could be the victim of a blackmailer. For instance, someone may threaten to reveal company secrets. You may also need to protect your company against computer fraud. Lastly, people may even try to pay for their goods with counterfeit money. All of these unethical deeds require that you have crime insurance to protect you.

How It Works…

Crime insurance protects a business against the wrongdoing of third-party actors or employees of the company. For instance, you will be covered if one of your employees steals your company’s inventory. Your policy would reimburse you for your losses and compensate you for the time that you have to investigate and address crimes that occur in your business.

Different Types of Coverage in Existence…

You may purchase a crime insurance policy on its own, but you can also add crime insurance coverage to your business insurance policy. The more affordable option is to add crime insurance coverage to your existing BOP policy, but you can also add it to your directors’ and officers’ insurance coverage.

Major Benefits…

The Association of Certified Fraud Examiners discovered that businesses may lose approximately 5 percent of their yearly revenue to fraud. For this reason, crime insurance is a major benefit to every business that has it. For example, if an employee successfully transfers money from your company to his or her personal account, you would receive a payout from your crime insurance policy.