Employee theft and other business crime coverage

Why do you need business crime insurance coverage?

Here are a few reasons why you might need crime insurance to cover employee theft, fraud, and other illegal actions:

• Provides peace of mind that your assets are protected from business-related crime. 

• Recuperates losses due to unforeseen circumstances like employee theft.

• Bridges important coverage gaps between what is/ is not covered in a
  commercial property insurance policy.

• Save money. Your property and liability risks are bound in a single package with premiums that are typically less expensive than purchasing and renewing each coverage individually.

• For example, just like when you order a meal at a fastfood restaurant, when you buy the meal deal, it's cheaper than if you buy your sandwich, drink, and fries individually.

• Simplifies the insurance process and makes it easier for you to manage multiple coverages in one business owner’s policy.

• It’s invaluable to have the peace of mind that you are properly protected through a range of coverages included in one business owner’s policy so you can focus on growing your business.

What risks beyond employee theft does business crime insurance cover?

Business crime insurance covers a wide range of risks your business faces.
Here are just a few examples:

• Forgery and fraud: A member of a nonprofit organization could forge checks for deposit in their personal account.
  

• Employee theft: A retail employee with after-hours access could steal a large amount of inventory. 

• Contractor crimes: A member of a contractor’s team could steal laptops while inside a client’s home.

• If cyber criminals hack a medical outpatient facility (ex., a dentist office) and confidential patient information is compromised, the business owner would be liable.

• If a clothing boutique stores its employees’ social security numbers in the cloud and that data is compromised, the store owner is at risk of legal action by the employees.

• If a logistics company is victim to ransomware after an employee unknowingly downloads a suspicious attachment, the financial burden can be heavy without cyber insurance.