Safeguard Your Business with Crime Insurance
What is Crime Insurance?
Crime insurance is a type of business insurance policy designed to protect companies from financial losses caused by various criminal acts. From owning a small retail shop to a large corporation, your business is vulnerable to crimes like employee theft, forgery, fraud, and burglary. It is even more critical for companies in high-crime areas or industries that are more prone to theft, such as convenience stores. Without this coverage, recovering from these crimes can cause financial strain.
What is Included in a Crime Insurance Policy?
Crime insurance policies are designed to address criminal risks that businesses encounter in their daily operations. It functions as a component of an organization’s risk management strategy. The scope of this insurance also extends to numerous internal threats, such as employee dishonesty, which can manifest as theft or fraud committed within the organization. It also includes external threats that can impact a business outside its walls. Now, let’s look at what is typically included in these policies.
Employee Theft
This policy covers losses when an employee steals money, goods, or information. Businesses rely on this coverage against financial damage by dishonesty.
Burglary and Robbery
It covers losses from break-ins or robberies where money, equipment, or other valuable items are stolen and helps swiftly recover from theft incidents.
Forgery and Alteration
If someone forges company checks, this coverage helps businesses by protecting them from fraudulent activities that manipulate documents for personal gain.
Theft of Money and Securities
This coverage protects against the loss of cash or securities stolen from your business premises, during transit, or even from a storage facility.
Credit Card Fraud
If company credit cards are misused, this coverage helps businesses recover the lost funds. It includes unauthorized transactions and associated risks.
Computer Fraud
Crime insurance protects against cyber threats and covers financial losses from hacking, phishing, and unauthorized access to your accounts or data systems.
Social Engineering Fraud
This protects businesses from scams where criminals trick employees into transferring money or sharing data and may involve fake emails or phone calls.
Loss of Property Due to Employee Dishonesty
If employees steal or misuse company property, this coverage helps the business recover. It applies to stolen equipment, goods, or financial resources.
Theft from Outside the Premises
This covers theft of assets that happen outside your business location. It makes sure that assets like cash, securities, or equipment are protected.
Funds Transfer Fraud
It protects against financial losses from unauthorized money transfers from your business accounts. It could be due to hacking, phishing, or fraud.
What is Not Covered Under Crime Insurance?
Employee Theft (unless specifically covered)
Theft of Personal Property
Damage to Property (covered under property insurance)
Losses Resulting from Unlawful Activities Not Related to Business Operations
Losses from Vendors or Third-Party Fraud (unless covered by specific policy endorsements)
Losses Due to War or Terrorism
Cybercrime or Data Breaches (unless specifically included)
Loss of Funds Due to Fraudulent Business Decisions
Theft Not Reported within the Specified Timeframe
Forgery or Alteration by Non-Employees (unless specifically covered)
How Much Does Crime Insurance Cost?
The cost of crime insurance varies based on the size of your business, industry, location, and coverage limits you choose. Small businesses with basic coverage pay between $650 and $2,500 annually. Premiums may be higher for larger firms or those in high-risk industries like retail or financial services.
Who Needs Crime Insurance?
Crime insurance is for all businesses that are at risk of both internal and external theft, fraud, and cybercrime. It provides an essential safety net, helping to mitigate financial losses and helping owners focus on what is important. Retail, finance, and hospitality industries are exposed to these risks. However, the need for crime insurance extends to any business that deals with cash, sensitive information, or valuable assets. Here is a list of people who mostly benefit from this type of insurance:
Retail Store Owners
Restaurants and Food Service Businesses
Manufacturers
Franchise Owners
Hospitality Businesses (Hotels, Motels, etc.)
Real Estate Agents and Brokers
Healthcare Providers
Construction Companies
Technology and Data Companies
E-commerce Businesses with Physical Locations
Non-Profit Organizations
Transportation and Logistics Companies
Banks and Financial Institutions
Landlords and Property Managers
Professional Service Providers (Lawyers, Accountants, etc.)
Get a Free Crime Insurance Quote
Are you looking for the perfect crime insurance to protect your business? Getting a quote is simple! First, enter your full name and phone number. Then, choose the type of business property you own and hit submit. You will be directed to a form with questions comprising personal information, property details, location address, and current insurance provider. Upon submitting, we will reach out to you soon.
Need a more personalized experience? Visit us online or call us today for a free quote with Insure C-Store!