Crime Insurance Information
Did you know that business-related crimes—such as theft, forgery or fraud—can impact any organization in possession of money, property or other valuable assets? Are you prepared to handle the consequences that could occur in the event that such a crime affects your business?
Crime insurance policies can provide protection from losses following a business-related crime. Covered events typically include burglary, forgery, fraud, extortion, employee dishonesty and the theft, destruction or damage of money, securities or other property. These policies can provide coverage both at your place of business and while you or your employees are conducting business off-site.
U.S. E & O Brokers is here to help you navigate risks and secure a commercial crime policy that’s tailored to your needs. Call us at 281-243-5755 or request your free insurance quote online today.
Common Commercial Crime Insurance Questions:
Even with proper security measures and internal protocols in place, crime can still affect your business. What’s more, standard insurance policies typically exclude losses that result from crimes committed by employees and offer limited protection for crimes committed by third parties—making commercial crime coverage all the more vital.
Imagine this. You own a software store, selling and fixing various devices such as computers, phones and entertainment systems. When conducting an inventory check, you discover that $10,000 worth of store merchandise has recently been stolen. Upon investigation, the police reveal that one of your own employees was the culprit. Although commercial property insurance would likely exclude coverage for such an incident, a crime policy could provide compensation for the stolen items.
Crime insurance can offer businesses the following benefits:
Coverage for the misuse of funds—It is likely that a number of your employees have access to company funds or financial information. In some cases, employees may abuse this access for personal gain. Crime insurance can protect organizations from the misuse or illegal transfer of funds, ensuring your finances are safe from internal criminal acts.
Extortion safeguards—While it can be difficult to imagine, employees and outside actors can extort a company for funds by holding a director or officer hostage or through other illegal methods. Without crime insurance, your organization would have no means to recoup these losses, which could devastate your bottom line.
Insurance for goods in transit—Goods in transit are particularly vulnerable to employee theft and in some cases, organizations may not notice anything has been stolen until it is too late. What’s more, if the theft takes place outside of the organization’s premises, it can difficult to prove, often leading to drawn out and expensive legal battles. Crime insurance policies can provide ample protection for goods in transit and reduce the likelihood of extreme losses whenever you send or receive products.
Coverage for forgery and alteration—In some cases, your employees have access to checks that they can easily alter for their own gain. Effective crime insurance policies provide coverage for losses that result from the forgery or alteration of a cheque.
Even with proper security measures and internal protocols in place, crime can still affect your business. What’s more, standard insurance policies typically exclude losses that result from crimes committed by employees and offer limited protection for crimes committed by third parties—making this form of coverage all the more vital.
To discuss your unique risks and to learn more about crime insurance policies, contact us today.