Crime Insurance

Crime Insurance protects businesses from business-related crime, including fraud, embezzlement, robbery, theft, and forgery. This policy typically covers property loss, such as cash, merchandise, and assets.  Crime Insurance is an important part of a business's insurance program because Commercial Property Insurance usually exclude crime related losses.

You can purchase Crime Insurance as a standalone policy, and even customize it to which crimes it will cover.  This is useful if your business is more vulnerable to certain types of crime than others.  Crime Insurance is typically an option to be packaged with Business Owner's policies and Commercial Package policies, however, it may need to be specifically requested.

Coverage Benefits

Depending on your policy, Crime Insurance typically covers:

  • Employee Theft: Any money or property stolen from a business by an employee - unless the business is aware the employee has previously stolen from the business.
  • Forgery: Checks, promissory notes, or other promises to pay money that are forged by someone other than an employee.
  • Theft (inside premises): Any money or securities located in the premises and are lost due to theft, disappearance, or destruction.  Loss must be caused by a non-employee.
  • Robbery (inside premises): Property (other than money and securities) taken by force, or under the threat of force from the premises by a non-employee.  Does not include non-violent shop lifting.
  • Safe Burglary (inside premises): Property (other than money or securities) taken from inside a locked safe by a non-employee. May also cover damage caused to building and safe during robbery.
  • Loss of Money or Securities (outside premises): Any money or securities that are lost due to theft, damage or destruction while outside your premises and is in the care of a messenger or armored car company. (example: en route to the bank)
  • Funds Transfer Fraud: Loss caused by fraudulent instructions being provided to your financial institution that leads to transfer of funds out of your account.

Important Exclusions:

  • Any Crime, Theft, or Action committed by you or a business partner, or in collusion between your employees and a business partner.  This may also include upper management.
  • Theft committed by an employee who was known to have committed dishonest acts previously.
  • Accounting errors
  • Loss of Income (See Business Interruption Coverage)
  • Data Breaches (See Cyber Insurance

Additional Resources

Contact Us

Craig Concklin
Craig Concklin

Craig Concklin
President

Craig Concklin, CIC, a graduate of Denver University and an esteemed insurance professional since 1981 became an owner of Concklin Insurance Agency in 1993. With vision and forward thinking, Craig Concklin has tripled its sales to $22 million. The firm’s sustained investment in state-of-the-art computer systems, integrated accounting and marketing programs, and creation of national insurance programs for various industry groups has made Concklin an industry leader. Craig’s knowledge and stellar reputation in the insurance industry continues to benefit his clients and enhance the presence of Conklin Insurance in the marketplace. He is currently a Pekin Insurance Board Member.

craig@concklin.com

Michael Mormando
Michael Mormando

Michael Mormando
Insurance Agent

Michael, originally from New York and a graduate of the University of Denver, enjoyed a long tenure in the hospitality industry as a restaurant owner/operator, prior to joining Concklin Insurance. Michael gained a unique perspective of understanding and appreciating the ongoing difficulties in what today’s economic environment brings to everyday business people. Starting his insurance career, Michael felt his natural customer service talents would work best assisting business owners in managing their insurance programs effectively to ensure proper coverages and very competitive premiums available through Concklin Insurance.

michael@concklin.com

Michael O'Donnell
Michael O'Donnell

Michael O'Donnell
Insurance Agent

Michael O’Donnell joined the Insurance Industry after graduating from Eastern Illinois University with a Finance Degree in 1992 and became a producer at Concklin Insurance Agency in 1995.  Mike specializes in insuring restaurant and Franchise business and has worked with franchisors to establish proper insurance requirements are established for their franchisees. He takes a hands-on approach to insurance and understands his clients’ diverse needs. Mike provides the caring expertise required to review and customize an insurance program that provides his clients with excellent coverage while balancing budgetary concerns.

mikeo@concklin.com