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Business crime insurance (also known as commercial crime or fidelity insurance coverage) protects businesses from losses related to employee theft, fraud, or other illegal or dishonest actions by third parties like consultants, freelancers, and contractors.
This insurance is for any business whose assets, for example, cash on hand, inventory, or securities, might be susceptible to employee theft or fraud. This type of insurance is particularly important for businesses or nonprofit organizations that work heavily with cash or online payments, and they can be especially devastating for small businesses with limited resources.
It’s important to note that crime insurance doesn’t cover crimes by the business partners or executives.
Have assets, like inventory or equipment, that can be stolen or damaged.
Risk customer injury or property damage due to your operations.
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.
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.
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.
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.
By now you understand how important it is to be properly insured. What’s next?
Call (380) 225-5242 to connect with an experienced insurance agent who understands the nuances of your business and industry.
By now you understand how important it is to be properly insured. What’s next?
Call (380) 225-5242 to connect with an experienced insurance agent who understands the nuances of your business and industry.