Crime Insurance

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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.

What Crime Insurance Is All About:

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What Is Crime Insurance?

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.

What Does Crime Insurance Cover?

Getting into details...

Dishonest Acts

Employees, contractual workers, and volunteers are all vulnerable to the temptation to steal. Example: From petty thefts to fraud, employees are constantly being tempted to steal because of lack of security, peer pressure, or critical needs.

Third Parties Fraudulent Acts

This happens when someone gains unauthorized access to your business but is not employed directly by the company. Example: Delivery persons, hackers, or agents are examples of persons who can steal from you.

Damage to Property

This is an act committed by an employee or burglar who damages or destroys property. Example: In the course of stealing from your company, a burglar could accidentally damage property in his rush to leave the premises.

Burglary of Safe

This is when a person manages to open an office safe and steal its contents. Example: If you keep cash and sensitive documents in an office safe and they are stolen.

Forgery, Alteration

This refers to someone who forges another person’s signature with the intent to steal or commit fraud. Example: Accepting a forged check can be very complicated as all parties (bank and account holder) will not want to honor the check which means you might have to cover the cost.

Computer Fraud

This involves the fraudulent transfer of money, property, or securities. Example: An email requesting for funds happened in the Tri-City last March causing businesses to lose money for issuing checks.

In Transit

Losses that occur while documents or products are in transit. Example: This usually involves a third party courier service that loses documents or products while they are in the process of being delivered.

Counterfeit

This happens when your employee accepts counterfeit money. Example: An ice cream store got victimized after accepting fake dollar bills. Unfortunately, the cashier did not notice the flaws in the bills and the buyer got away.

Credit Card Fraud

This act involves the use of a fake or stolen credit card. Example: This kind of activity is very popular especially with online transactions that are hacked and credit card numbers are stolen.

Impersonation Fraud

This happens when a person impersonates another and gets away with money, property, or products. Example: A hacker recently convinced a contractor to transfer money to his account. The business lost over a million dollars.

Do I Need Crime Insurance?

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

Who is covered by Crime Insurance?

  • Your Business

  • Your Employees

  • Acts of cyber crime and social engineering

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What Are the “Limits” on a Crime Insurance Policy?

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.

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

What Does Crime Insurance Not Cover?

  • Government seizures

  • Loss of income

  • Employees

  • Legal losses

  • War

How Much Does Crime Insurance Cost?

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.

Frequently Asked Questions

What is the most common claim on Crime Insurance?

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.

Is Crime Insurance the same as Fidelity Bond?

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.

What is third party crime coverage?

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.

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