Crime insurance is often an overlooked business necessity, leaving entrepreneurs vulnerable to financial loss. Crime-related losses are not typically covered by standard commercial property policies, so it’s important to make sure your business is protected.
Employee Theft Coverage
This coverage protects businesses against theft of money, securities, and other property by employees. It is also called employee dishonesty coverage. Employee theft coverage may be written alone or in conjunction with other crime coverages, such as Computer Fraud Coverage, under a commercial crime policy. Crime coverage is a type of commercial property insurance.
Computer Fraud Coverage
Protects businesses against theft of property by a thief who commits the crime using a computer. This is a crime coverage form that insures against theft of money, securities, or property by using a computer to transfer covered property from the insured’s premises or bank to another person or place.
Money and Securities Coverage
Covers the loss of money and securities if the loss takes place inside your premises or a banking institution, or outside your premises. This is a policy that insures against loss by theft, disappearance, or destruction of the insured’s money and securities inside the insured’s premises (or insured’s bank’s premises) as well as outside the insured’s premises while in the custody of a messenger.