Commercial Crime Insurance

Posted November 12, 2020

 
Protecting Your Organization from the Financial Consequences of Business-Related Crimes

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?

Commercial crime insurance can provided 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 the 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 offsite. 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 of crimes committed by third parties. Here’s an example of crime insurance in action:

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 employees was the culprit. Although commercial property insurance would likely exclude coverage for such an incident, a crime policy can provide compensation for the stolen items.

To learn more about crime insurance and secure a policy of your own, contact us today.