Crime insurance is an important form of business insurance that provides coverage for losses related to crime. Without this type of coverage, businesses are left vulnerable to losses from theft, fraud, and other criminal acts. If you own a business, it’s important to understand the basics of crime insurance so that you can determine if it’s right for your organization.
What Does Crime Insurance Cover?
Crime insurance covers a wide range of losses associated with criminal activity at your place of business. The most common types of coverage include employee dishonesty (theft by employees), money and securities (losses due to theft or embezzlement), computer fraud (unauthorized access to computer systems or data), and robbery/burglary (theft or damage caused by a break-in). Depending on the policy, some crime insurance policies may also provide coverage for cyber liability, cyber extortion, and physical damage resulting from a crime-related incident.
Why Do You Need Crime Insurance?
Crime insurance is an essential part of any comprehensive business insurance policy because it provides protection against unexpected losses due to criminal activities. Without this type of coverage, businesses are exposed to potentially significant financial losses if there is a theft at their location or if one of their employees commits fraud or embezzles money from the organization. In addition, cyber liability and cyber extortion coverage provide essential protection in today’s digital world, where malicious acts can cost companies millions in lost revenue and reputational damage.
In summary, crime insurance is an important form of business insurance that provides coverage for financial losses resulting from criminal activities such as theft, fraud, embezzlement, and more. It’s essential for businesses looking to protect themselves from unexpected expenses due to these types of incidents. If you own a business and want peace of mind knowing that you’re protected in the event of a crime-related loss, contact your local independent agent today to learn more about adding crime insurance to your existing business policy.
