Commercial Crime Insurance
Crimes hidden in the workplace can erode your organization over the years and causing huge losses to your business organization. Crime insurance can fully protect your business and manage the losses caused by commercial crime and protect your business from a series of risks. Whether it’s fraud, property damage or cybercrime. A well written crime insurance will give you great protection against crime risks.
What does commercial crime insurance cover?
Commercial insurance generally covers the following items:
- it covers any direct financial loss resulting from fraudulent or disloyal behavior by an employee, such as theft of money, securities, or property
- External crime – it covers third party computer crime, third party forgery, third party imitation
- Theft, material loss, or damage – it covers permanent loss of money, securities or property caused by a third party; the destruction or loss of money or securities
- The customer loss – it may also cover the insured party is responsible for the custody and control of the customer’s money, securities, or property, which has suffered a loss under the primary insurance
- Fees, costs and expenses – if a crime happened, it will help you cover audit or investigation fees for identifying losses; attorney’s fees incurred to settle claims or claims arising from the loss; reasonable cost of computer maintenance resulting from the loss
Why do you need crime insurance?
With the rapid development of technology in recent years, it has gradually become a hidden concern in the company’s operations. Due to the global downsizing and mergers and acquisitions activities, employees have more opportunities to engage in improper behavior. Even if the company has a sound internal control mechanism, the company’s rights and interests are still being affected. The possibility of abuse by employees or third parties. Therefore, fraud incidents resulting from information have become an important issue, and insurance company claims have increased rapidly. The most effective way to protect company assets is to purchase commercial crime insurance. in addition, most commercial property insurance policies do not cover losses from crimes committed by employees and offer limited coverage for losses from crimes committed by other third-parties. Adding a commercial crime policy to your portfolio of insurance coverage can provide valuable protection for your business.