Crime Insurance provides protection to businesses and organisations against various types of financial losses resulting from criminal activities. It typically covers losses resulting from crimes such as theft, fraud, embezzlement, forgery, burglary, and employee dishonesty.
Here are some common types of crime insurance coverages:
- Employee Dishonesty Coverage – protects a business from losses caused by theft or fraud committed by employees. It can include acts like embezzlement, forgery, or alteration of company funds or assets.
- Theft of Money and Securities – designed to protect against the loss of money, securities, or other property as a result of theft, both on and off the business premises.
- Computer Fraud Coverage – helps protect against losses resulting from fraudulent electronic funds transfers, computer-based fraud, or the use of computers to commit a crime.
- Forgery or Alteration Coverage – covers losses caused by the forgery or alteration of financial instruments or documents, such as checks or promissory notes.
- Robbery or Safe Burglary Coverage – protects against losses resulting from the theft of property, money, or securities during a robbery or a safe burglary.
- Extortion Coverage – provides protection against losses incurred due to threats of extortion, kidnapping, or ransom demands.
- Money Orders and Counterfeit Money Coverage – covers losses resulting from the acceptance of counterfeit money or fraudulent money orders.
Your businesses can tailor its Crime Insurance policies to suit your specific needs by selecting the appropriate coverages. The level of coverage and premiums can vary based on factors like the size of your business, its industry, location, and specific risks it faces.
Crime Insurance is an essential component of a comprehensive risk management strategy for businesses, as it helps protect against financial losses resulting from criminal activities that may not be covered by other types of insurance policies, such as property or liability insurance.
ProAktive are here to help and can provide you with a tailored insurance solution and provide tips on how to manage your risk.
By Sandy Lockwood Cert CII – Commercial Account Handler