Crime insurance is a broad term that is applied to insurance coverage that protects a business from damages or a loss of property due to a crime. This often includes losses that are incurred due to the theft of physical property as well as the theft of intellectual property, such as an employee securing and selling the client list of an employer to a competitor. In order to file a claim, the crime must be among those covered in the terms of the insurance contract. Many employers maintain some type of crime insurance at all times. A small business can obtain commercial crime insurance and thus provide protection from situations such as an employee choosing to steal the daily take rather than deposit the funds into the company’s operations account. The scope of crime insurance coverage will vary, depending on the level and type of coverage desired. While just about any crime insurance policy will cover situations where the theft of furnishings, computer equipment or machinery necessary to the function of the business takes place, it is often necessary to request coverage for the theft of intellectual property. While a small business may not see the need for anything other than protection in the event of theft of office equipment, it is often a good idea to at least consider what intellectual property could be stolen and damage the company. For example, the small business owner should consider what damage could result from the theft of the company’s client list, accounting software files, and other information related to the internal functioning of the business. This coverage can also be written to protect your business for the theft of your client property, trademarks, accounting information or monies in your care, custody and control during the course of your work. Business crime coverage protects you against losses by things like employee dishonesty, theft of monies, check forgery, embezzlement and destruction records.
Crime
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Crime
FAQ'S
What is Crime Insurance?
Crime Bond covers employee theft of money, securities or properties. It also covers losses due to dishonesty in writing, signing, altering checks and other financial instruments.
How can I obtain the coverage?
The documents required are a carrier specific application, financial records and loss history.
What is the cost for this type of policy?
The premium cost is dependent upon your organization’s revenue, the number of locations and prior loss history.
What are the benefits?
This coverage protects the organization from employee theft or theft at a client’s location.
How much coverage do I need?
The amount of coverage should be based on your organization’s overall exposure and contractual obligation, whether it be to yourself or your client.
What do I need to implement coverage?
Signed final proposal, supplemental applications and a premium check.
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