Unfortunately, businesses of all sizes and in all industries are vulnerable to dishonest acts. Crime insurance provides coverage that isn’t part of other general business insurance policies. It is designed to protect your business from losses that result when your employees or other third parties commit fraudulent acts.
Generally, crime insurance covers you for losses as a result of fraud and can be purchased as a stand-alone policy or as part of a package policy that includes several types of insurance coverage:
- Dishonesty of employees (including volunteers)
- Theft, disappearance, or destruction of property, stock, money or goods held in your custody or control
- Computer fraud
- Forgery or alteration of documentation including invoices
- Securities forgery and/or Cheque/credit card fraud
- Telephone fraud
Specifically covers dishonest acts of employees
Dishonest acts are not restricted to any particular group. Average people with average morals can be tempted to commit fraud if the opportunity exists and their situation is desperate enough. Companies have been victimized by the dishonest acts of strangers, dissatisfied customers, unhappy stockholders, and employees from entry-level workers to chief executives. However, most general insurance policies specifically exclude coverage for losses arising from dishonest acts committed by employees. Crime insurance can be used to fill this gap in coverage.
Covers fraudulent acts committed by third parties
In addition to employee fraud, most crime insurance policies cover dishonest acts (e.g., forgery, counterfeit currency scams, theft of company property) that are committed by a third party. Coverage is also available to protect your business against losses due to computer fraud committed by hackers who are after company funds, customer credit card numbers, or other financial data. Finally, coverage is available for cases of identity fraud committed by someone posing as an employee or agent, such as a delivery person.
Cover for irreplaceable items
The theft of one replaceable laptop computer of modest value could also mean the loss of irreplaceable data stored on the laptop. Coverage is available for items such as an author’s unfinished manuscript, historical company documents and records, and irreplaceable data and customized software that could halt business operations.
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