Crime InsuranceCrime Insurance for Businesses

Crime insurance is essentially a very broad term that is generally applied to insurance coverage that protects your business from multiple crime related risks such as employee dishonesty, robbery, burglary, forgery and embezzlement by managing loss exposures resulting from such things. This type of insurance can also be known as fidelity insurance.

Understanding Business Crime Insurance

Let us take a moment and try to break down and better understand Business Crime Insurance. All business owners should begin by keeping in mind that most commercial property policies do not contain any coverage for crime-related losses.

Companies have options when in comes to crime insurance coverage. They can invest in business crime insurance as part of a larger insurance package. These packages are most often known as special multi peril insurance policies or commercial package policies. Another coverage option that can be purchased is a separate, standalone policy to address and provide coverage for specific types of crime.

Crime Insurance is essentially coverage against fraud which can be defined as the deception of an individual or of a company in an attempt to get goods or money through forgery which is most often caused by greed, regular criminality, and uncertainty about employment.

The fundamental Crime Insurance parts covering criminal acts are:

  • Employee Theft Coverage such as Dishonesty, Robbery, Burglary
  • Forgery or Alteration Coverage
  • Inside The Premises Coverage such as Theft of Money and Securities
  • Inside The Premises Coverage such as Robbery or Safe Burglary of Other Property
  • Outside The Premises Coverage such as Robbery, Burglary
  • Computer Fraud Coverage
  • Money Orders and Counterfeit Paper Currency Coverage such as Funds Transfer Fraud Coverage
  • Kidnap Coverage
  • Ransom Coverage
  • Extortion Coverage
  • Money and Securities Coverage

Every company has needs that are unique so please contact us and a trusted professional independent insurance agent at Mallory–Tate so that we might further advise you on the subject of crime insurance.