From theft and vandalism to social engineering and employee fraud, your company faces a wide array of potentially costly risks. Your insurance solution should be equally broad and flexible to provide the utmost protection. Talk to us to know more about commercial crime insurance.
Business crime insurance, also known as commercial crime insurance, is a type of insurance policy that a business can buy to protect itself from losses from business-related crime.
Protection through the policy can cover cash, assets, merchandise, or other property loss when someone perpetrates fraud, embezzlement, forgery, misrepresentation, robbery, theft, or any other type of business-related crime on the company.
Crime Insurance covers
Employee dishonesty coverage
Forgery or alteration coverage
Theft of money and securities coverage
Burglary or robbery coverage
Computer fraud coverage
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Theft by Non-employees
Theft by Employees
Employee dishonesty coverage
Forgery
Computer fraud
Theft by non-employees coverage
Risk Factors
If money or assets are stolen from your premises or seem to disappear without a trace, your company could suffer a loss.
Solution
A crime insurance policy can offer protection for the same. Often, crime insurance also covers damage to your building or property that occurred as a result of the theft.
Embezzlement & theft by employees coverage
Risk Factors
Embezzlement can take many forms, from a cashier taking money from a register to an employee doctoring payroll and issuing pay cheques to staff members who don’t exist.
Solution
A crime insurance policy can also protect your company against embezzlement or theft by employees.
Employee dishonesty
Risk Factors
Employee dishonesty is a broad category that can include crimes such as forging checks or executives’ signatures or creating fake vendors and false invoices.
Solution
A crime insurance policy can protect your company against any kind of covered employee dishonesty.
Forgery coverage
Risk Factors
The business would suffer a great loss if someone forges your company’s checks or writes out fake promissory notes.
Solution
A crime insurance policy will cover any such associated losses. The policy might also cover the cost of legal fees if you need to go to court due to the forgery.
Computer fraud coverage
Risk Factors
Computer fraud can take many forms, such as someone impersonating a member of your executive team online or someone sending money from one bank account to another fraudulently using a computer or the internet.
Solution
A crime insurance policy can protect your company against any kind of covered computer fraud.
Commercial crime insurance safeguards assets from losses due to dishonesty, theft, or fraud by employees and third parties. Whether the offender is a permanent worker, intern, or consultant/freelancer, it covers them all. So even if the crime is theft, fraud, faking, or forgery – this scheme helps you minimize risk.
However, crime and wrongdoings can never be predicted. Therefore, keeping yourself prepared for losses is the best thing to do. Insurance is typically made to offer such privilege. It helps us prepare for any unforeseen health, home, or vehicle-related situation. Crime has many hues, from counterfeiting to theft to hacking. Everything can cause severe financial losses. Hence, Crime Insurance Policy safeguards your financial interests in any such events.
