Crime Insurance

Crime is a serious business threat. Whether you are victimized by internal or external acts of crime, the business owner or manager has to assume the responsibility for money, data, or properties that were stolen.

Let us introduce you to Crime Insurance. The insurance that protects you from losses due to internal and external acts such as petty theft, forgery, burglary, extortion, computer fraud, and robbery.

It is not possible to monitor your business 100% of the time. Crime Liability Insurance enables you to recover from losses caused by criminal acts which are not covered by other insurance plans.

Read on to understand if this insurance type is right for your business.

Crime is one of the top causes of loss for modern businesses. Crime Insurance can protect your business from both first party risks and third party accusations of crime arising from your business. First party coverage is insurance for direct losses to the business from a covered criminal act. Third party coverage is for accusations from others that a criminal act related to your business caused a loss. A common circumstance is an accussation of theft by your employee of another's property.

This kind of business insurance includes 8 Insurance Service Office (ISO) insuring agreements:

• Alteration or Forgery
• Employee Theft
• Theft of securities and money inside the business premises
• Safe burglary or robbery inside the business premises
• Theft outside the premises
• Funds transfer fraud
• Computer fraud
• Counterfeit money and Money Order fraud

Crime Insurance is necessary for all business sizes and types. In fact, crime inside the office is almost never a one-time incident. Once an employee develops the habit of stealing, it is very hard to stop it. In addition, an employee committing criminal acts can influence other employees to do the same.

This type of insurance is usually customized to suit the needs of the business. Limits are computed based on maximum possible losses and budget. Crime Liability Insurance is a must-have for all businesses especially for those that have employees, suppliers, are computerized, and manage sensitive information.

It will come in handy if your business:

• Is a small to medium-sized business with limited resources to spend on security
• Engages in cash, credit card, or check transactions
• Hires part-time employees or volunteers
• Has inventory, stocks, and products that can easily be used and carried out by employees
• Allows employees to handle financial records and customer data
• Does not have a good security system

In addition to that...

The best insurance will include coverage against employee dishonesty (with or without third party collusion), fraud (including cyber fraud), embezzlement, robbery, counterfeiting, and forgery.

You’ll Know It’s the Right Policy If It Covers:

• Petty thefts, robbery, burglary within office premises
• Fraudulent deals with employees, contractors, suppliers, and part-timers
• Hacking of your company computers to steal funds, property, or securities
• Damage to company property
• Irreplaceable items stored in the office

The cost of Crime Liability Insurance will depend on several factors such as:

• Number of employees
• Annual revenue
• Presence or lack of office security
• Presence of irreplaceable items on the office premises
• How much insurance you want to buy often depends on how well you know and trust your employees.