Crime Insurance

Crime insurance policy's are designed to safeguard your clients' financial security by offering coverage against theft, employee dishonesty, forgery, and fraud.

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you can offer your clients comprehensive protection that goes beyond traditional insurance solutions. Our team of experts is committed to tailoring Crime Insurance policies that align with your clients' specific risks and requirements. Partner with us to enhance your portfolio and provide your clients with the peace of mind they deserve.

Crime insurance overview

Crime insurance coverage can typically be needed by a wide range of businesses and organizations, especially those that handle cash, financial transactions, or sensitive data. Here's an example of a business that might require crime liability:

Imagine you own a retail store with several employees who handle cash transactions on a daily basis. One of your trusted employees, a cashier, decides to engage in dishonest activities. Over a period, this employee repeatedly steals cash from the cash register and manipulates the sales records to cover up the theft.

n this scenario, Employee Dishonesty coverage would come into play. It could help protect your business from financial losses caused by the dishonest actions of your employee. The coverage might reimburse you for the stolen funds and the costs associated with investigating the fraud.

This type of coverage is not limited to retail stores; it's applicable to various businesses, including restaurants, hotels, financial institutions, and more. Crime insurance coverage is essential because, unfortunately, instances of employee theft and fraud can occur in any industry where employees have access to cash or valuable assets.

It provides peace of mind to business owners by offering financial protection against the actions of dishonest employees, helping to mitigate the impact of such incidents on the business's bottom line.

Types of crime insurance

1. Employee Dishonesty:

Employee dishonesty coverage protects businesses from financial losses caused by dishonest acts committed by their employees. This can include theft, embezzlement, forgery, or any other fraudulent activities. For example, if an employee embezzles funds from the company, resulting in a financial loss, this coverage can help reimburse the company for the stolen amount.

2. Money and Securities:

Money and securities coverage provides protection for losses related to physical cash, checks, and other negotiable instruments, as well as securities such as stocks and bonds. This coverage can be important for businesses that handle large amounts of cash or valuable securities. If cash or securities are stolen, damaged, or lost in a covered event, this insurance can help recoup the financial loss.

3. Money Orders and Counterfeit Money:

This coverage specifically deals with losses incurred due to counterfeit currency or forged money orders. If a business unknowingly accepts counterfeit currency or forged money orders, resulting in a financial loss, this insurance can provide reimbursement for the counterfeit or forged amounts.

4. Funds Transfer Fraud:

Funds transfer fraud insurance protects against financial losses resulting from fraudulent electronic funds transfers. This can include unauthorized wire transfers or other electronic transactions initiated by cybercriminals. If a business falls victim to such a fraud, this coverage can help recover the stolen funds.

5. Computer Fraud:

Computer fraud coverage is designed to protect against losses caused by fraudulent or criminal activities involving a company's computer systems or networks. This includes situations where cybercriminals gain unauthorized access to a company's computer system and conduct fraudulent transactions. If a business experiences financial losses due to computer-related fraud, this insurance can provide compensation.

Crime insurance Faq

Does crime insurance cover losses from employee negligence or errors?

Crime insurance primarily covers losses resulting from intentional dishonest acts by employees. It typically does not cover losses due to employee negligence, errors, or mistakes. Businesses may need separate insurance coverage, such as professional liability insurance, to address these risks.

Can crime insurance protect against cybercrimes like phishing or ransomware attacks?

While crime insurance may include coverage for certain types of cybercrimes, such as funds transfer fraud or computer fraud, it's essential to review the policy details. Specific cyber insurance policies often provide more comprehensive protection against cyber threats like phishing, ransomware, data breaches, and cyber extortion.

What documentation is required when filing a crime insurance claim?

When filing a crime insurance claim, businesses typically need to provide documentation such as police reports, evidence of the dishonest act or fraud, financial records showing the extent of the loss, and any relevant contracts or agreements. Insurance companies may have specific requirements for claim documentation.

Can crime insurance cover losses incurred from external theft or burglary?

Crime insurance policies can include coverage for losses resulting from external theft, burglary, or robbery. This coverage may extend to stolen cash, securities, or other valuable assets. However, the policy terms and coverage limits should be reviewed carefully to understand the extent of protection against external theft incidents.

Does crime insurance protect against employee-related lawsuits or legal actions?

Crime insurance primarily focuses on financial losses caused by dishonest acts of employees. It typically does not provide coverage for employee-related lawsuits, legal actions, or employment practices liabilities. For coverage against such risks, businesses may need additional insurance, such as employment practices liability insurance (EPLI) or directors and officers (D&O) insurance.

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