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

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