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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:
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.
It will come in handy if your business:
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.
The best insurance will include coverage against employee dishonesty (with or without third party collusion), fraud (including cyber fraud), embezzlement, robbery, counterfeiting, and forgery.
The cost of Crime Liability Insurance will depend on several factors such as:
While it may be difficult to think of the reality that your employees, even if they are family members, would steal from you, it is the case. The most common claim on a crime insurance policy is employee dishonesty. Unfortunately, it is often employees that are related to, or very good friends with, the business owner.
Crime insurance is different from a Fidelity Bond as a bond is required by the Employee Retirement Income Security Act to insure against dishonesty when it comes to retirement plans that are handled by someone within your business. Crime insurance is not required by law and covers employee dishonesty, theft of money and securities, and fraud.
If you or your employees go to customer's homes or places of business to do your work, this is where third party crime coverage comes in. It will protect you from claims that you or your employees have stolen from the customer while on their premises completing your work.
No worries, keep your insurance, just get an account with us to manage your policies, certificates of insurance and more
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