Commercial Crime Insurance

Embroker helps you get commercial crime insurance to protect your business from losses due to crime-related issues such as petty theft, fraud, and burglary committed by both your employees and outside entities.

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What Is Commercial Crime Insurance?

Commercial Crime insurance can help protect your company from significant losses caused by both third parties or internal employees. It provides coverage for loss of money or other assets against theft, fraud, social engineering, and more.

First-party coverage protects your business from its own losses that occurred as a result of some type of criminal activity. Third-party coverage protects your business if another business or entity claims that a criminal act perpetrated by your business caused them direct losses.

Although strong internal controls, audits, and a good outside CPA firm can greatly reduce employee theft, even the most vigilant companies have sustained significant multi-million dollar losses. According to a recent report, companies around the globe lost an estimated $4 trillion to fraud in 2017. The right crime policy can safeguard your business from the risk of corporate asset theft to more sophisticated computer and online schemes.

Who Is Crime Insurance For?

We advise our clients to consider crime insurance because it’s a simple risk transfer mechanism for theft and manipulation.

Businesses that do the following are more exposed to petty theft:

  • Hire part-time employees
  • Engage in cash transactions
  • Manage inventory
  • Have expensive equipment in the office

Companies that deal with the following are more exposed to digital theft and manipulation:

  • Customer data
  • Digital transactions
  • Sensitive financial records

Why Do You Need It?

In order to mitigate this risk, businesses buy insurance directly related to crime. Losses related to criminal acts can be frustrating and costly. In the digital age, manipulation and digital crime can be disruptive and this simple line of insurance can help.

What Does Crime Insurance Cover?

At the most basic level, crime insurance typically covers dishonest acts like petty theft and funds transfer fraud committed by part-time staff, volunteers or contractors, property damage, and burglary.

As the digital world has evolved, so has crime insurance. Now crime insurance can also cover digital crime, including theft of business information, money or property by hackers or con artists.

This often includes acts of forgery, and any instances of counterfeiting and impersonation that can do harm to your business.

What’s Not Covered?

One common misunderstanding regarding crime insurance is related to computer fraud. Commercial crime insurance will often cover losses in which employees or third-party hackers committed fraud or theft via computers, but crime insurance will typically not cover losses as a result of data breaches – this is covered separately, under your cyber liability insurance policy.

If you’re concerned about digital theft, manipulation, and attacks, we encourage you to explore both crime and cyber insurance concurrently.

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