Many businesses have special types of risk that relate to crime exposures and if your business handles money or valuables, a crime policy may be right for you. Cash related to your business operations is at a high risk of loss, and this can include cash belonging to your business or cash of your customers or clients.
What Types of Crime is Covered?
The goal of a crime insurance policy is to protect the assets of your business and the property or assets of your customers against theft. This includes theft by your employees that may occur, but this coverage can be limited only to employees so crimes committed by business partners or crimes by any named insured person may not be covered under the policy.
Forgery is also covered under a crime policy. This often involves forgery with the intent to defraud your organization or a client of your organization.
The fraudulent transfer of funds using computers is becoming a more common and more serious risk exposure for businesses all over the world, and a commercial Crime Policy can protect your business from this type of fraud as well.
Losses of physical cash are common as well, and it pays to have high standards of conduct within your operation when it comes to the handling of cash. However, it is not always possible to stop 100 percent of thefts related to cash so a Crime Policy should be an important part of your risk management strategy.
There Are Limitations
While a Crime Policy provides a lot of valuable coverage, it does have limitations on the amount of coverage you can buy for specific types of crimes, and you may find that certain types of businesses are not eligible for crime coverage.
No business owner wants to discover that their existing commercial business policy won’t cover theft of cash or the fraudulent activities of their employees after an incident has already taken place. All businesses are at risk of theft or fraud so it is imperative that you address this exposure today by discussing options for a Crime Insurance policy with a qualified agent today.