Crime insurance protects the financial assets of your operation and should be a critical part of the overall risk management program for any business.
Your business is exposed to Crime in many areas – robbery, employee dishonesty, fraud, forgery or alteration, counterfeit currency, theft of money & securities, etc.
Some crime coverage is included in many carrier property enhancement forms but often it is a nominal amount and not sufficient for the potential loss. The carrier may offer higher limits to be purchased or a separate Crime policy can be utilized. A review of your operations and processes needs to be done to determine which of the following are required to protect your business:
- Employee dishonesty – loss caused by dishonest acts of your employees including damage to business personal property and the theft of money and securities.
- Computer fraud – loss resulting from the unlawful taking or fraudulently induced transfer of money, securities, or property by a third party through the use of a computer network and facilities either owned and operated or leased and operated by you
- Funds transfer fraud – loss sustained resulting from fraudulent instructions issued to a financial institution by a third party directing them to transfer or pay or deliver money or securities from your bank account without your knowledge nor consent.
- Forgery or alteration – losses that result from the forgery or alteration of a check or similar financial instrument.
- Money and securities – loss of money and securities that are used in your business at your premises, your home or bank, including their theft or disappearance.
- Theft of client’s property – loss by your employees stealing your client’s money, securities or other property at their premises.
- Counterfeit Currency Fraud – loss due to you accepting, in good faith and in the ordinary course of business, either counterfeit currency or a postal or money order supposedly issued by the post office but not paid upon presentation.
- Credit Card Fraud – loss resulting from the forgery or alteration of any written instruction by a third party, required in connection with any credit card issued to you, any employee or partner..
Crime insurance is often subject to a deductible. Consideration of a higher deductible should be made if you wish to lower cost or enable the purchasing of a higher limit.
While you have diligently implemented controls to reduce your Crime risk, it only takes one loss to have a significant financial impact. We specialize in helping businesses with their insurance protection, including their crime risk. Contact us for a review of your crime coverage to ensure it aligns with the risks to which you are exposed.