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Coverage Basics: Commercial Crime Insurance

Do you know that business-related crimes such as theft, forgery, or fraud can impact any organization in possession of money, property, or other valuable assets?

Are you prepared to handle the consequences that could occur in the event that such a crime affects your business?

Commercial crime insurance can protect from losses following a business-related crime. Covered events typically include burglary, forgery, fraud, extortion, employee dishonesty, and the theft, destruction, or damage of money securities, or other property.

These policies can provide coverage both at your place of business and while you or your employees are conducting business off-site.

Even with proper security measures and internal protocols in place, crime can still affect your business. What's more, standard insurance policies typically exclude losses that result from crimes committed by employees and offer limited protection of crimes committed by third parties.

An Example of Crime Insurance in Action

You own a software store, selling and fixing various devices such as computers, phones, and entertainment systems. When conducting an inventory check, you discover that ten thousand dollars worth of store merchandise has recently been stolen upon investigation, the police revealed that one of your employees was the culprit. Although commercial property insurance would likely exclude coverage for such an incident, a crime policy could provide compensation for the stolen items.

To learn more about crime insurance and secure policy of your own, contact us today.

This article is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact a Cottingham & Butler representative directly for appropriate guidance.


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