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Save up to 35% on smarter business insurance for Crime (Employee Dishonesty)
What is Crime Insurance for Businesses?
Businesses use crime insurance specifically to cover their cash. Crime insurance protects a business against all sorts of wrongful activity that can occur when it comes to money - including employee dishonesty, theft, fraud, forgery, or anything else of that nature. Crime insurance covers two primary classifications of theft. Inside theft refers to money stolen on a business’ premises. Outside theft refers to money stolen outside of the business’ location, such as en route to make a bank deposit.
Who Needs Crime Business Insurance?
Crime coverage is especially valuable for small business operations that have unformalized processes, policies and internal control measures in place. While larger corporations may have the budget for close monitoring and multiple layers of protection, smaller businesses can be incredibly vulnerable to fraud or employee dishonesty, especially when those employees are within the trusted inner circle.
Examples of Commercial Crime Insurance Claims
Bookkeeper Dishonesty
Employee Dishonesty
Skimming from cash deposits
A bookkeeper for a small corporation is entrusted to handle the company’s finances. The bookkeeper is given a sizable cheque signed by the President and asked to fill in the details for a key supplier awaiting payment. Instead, they doctor the check, and deposit it into their personal account. Crime business insurance would help cover the associated losses.
Frequently Asked Questions
Why Should You Get Crime Insurance Coverage?
If your business deals with significant amounts of cash, and anyone besides the owner is handling that cash, then crime insurance coverage is always a smart idea. New employees are always a risk if they think that they can manipulate holes in a system, and even longstanding employees can make serious errors in judgment. Crime coverage helps protect your business from these vulnerabilities.
What Can Affect the Price of Crime Business Insurance?
The price of crime coverage will be determined by the number of employees, but also by the amount of cash that your business is handling. If the business has a series of past claims, or is looking for a significant policy limit because it is handling large volumes of cash, that can all impact the price of coverage. Number of employees, volume of cash, past claims, limits that you want
When Should Businesses Purchase Commercial Crime Insurance?
Crime coverage is often factored into fuller plans such as a business owner’s policy, more commonly known as a BOP. It is included as an add-on in the event that businesses are dealing with cash, as many are. However as an isolated policy it should be purchased as soon as a business either begins handling large amounts of cash, or if anyone besides the business owner becomes responsible for handling those monies.
