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What is Commercial Crime Insurance?

If you own a business, buying commercial crime insurance is just one of the many different types of commercial insurance you can choose from as part of your overall insurance package. Here, we explain everything you need to know about commercial crime insurance coverage, including what it will and will not cover, along with who needs to buy it.

What exactly is Commercial Crime Insurance?

When you buy commercial crime insurance coverage, this could cover any crimes that are committed by employees or third parties. It can help to safeguard your business from any significant losses in the event of a crime.

Third-party coverage can protect your company if another entity makes a claim that your business was involved with a crime that caused them a loss. First party commercial crime insurance coverage can safeguard your company from any of its own damages or losses that arise as a result of criminal activity.

Why Do You Need Business Crime Insurance?

Buying commercial crime insurance can mitigate the risks associated with any losses from crime. It can provide peace of mind and reassurance at a time of uncertainty for your company.

Do You Need to Buy Commercial Crime Insurance?

If your business has any type of valuable assets, then buying crime insurance is a good idea. There are certain types of companies that should always purchase this type of coverage; here are just a few guidelines that are in no wat exclusive but provide you with a good indication of whether you should buy commercial crime insurance.

  • If you employ seasonal or part-time employees
  • If you have more than five members of staff
  • If you take cash payments or have a high-volume of debit/credit card transactions
  • If your team have access to financial records or sensitive client data
  • If your company sells products that can be easily resold online
  • If your business is situated in an area that has a public footfall
  • If you are a store or you have a commercial premise that is accessed by the general public
  • If you employ security staff or have CCTV or other security systems in place
  • If you offer an employee-sponsored pension plan, the ERISA will require you to have a specific level of commercial crime insurance in place

If you have property insurance or commercial liability coverage, then it’s important to remember that these policies will not usually cover any losses from a crime. In most cases, unless you pay for an endorsement, things such as employee theft will not be covered, and if third-party crimes are covered, there may only be a limited amount of coverage included.

As an unwritten rule of thumb, if you deal with data, customers, digital transactions and/or sensitive transactions, you should buy a commercial crime insurance policy.

What will Commercial Crime Insurance Cover?

Business crime insurance will cover any losses that arise from crimes committed by third parties, employees, customers, and/or vendors. Here are some practical examples of what a business crime insurance policy can cover you for.

  • Theft of Money and/or Securities

This may include the theft of any checks, notes, cash, and other such securities.

  • Employee Dishonesty

This is one of the most common criminal acts that businesses face, and it can provide you with a reimbursement of any lost cash.

  • Theft of Property from a Client

This is an element of commercial crime insurance coverage that you will usually need to pay an additional amount for. It is a popular choice with cleaning companies, agencies, and moving companies.

  • Theft, Burglary, and Robbery – On and Off-Premise

A commercial crime may involve assets that are not cash, and it can happen on and off your business premises.

  • Funds Transfer Fraud

This is usually relevant if a business gives employees access to sensitive information or financial records.

  • Forgery and Counterfeiting

If you suffer a loss due to any forgeries or counterfeit money, then a crime insurance policy can cover you for this loss.

  • Computer Fraud

If there is any unauthorized use of your company computer systems, this could be covered under computer fraud. It is not the same as cyber liability insurance, but if one of your employees was to hack into your payroll system without being authorized to do so, this might cover any lost funds.

  • Ransom, Extortion, and/or Kidnapping

This element of a commercial crime insurance policy is not as common as some of the other included coverages, but it can happen. It does not include cybercrimes where an unknown will hack into your systems and demand a ransom. But, if an employee or owner of the business is kidnapped and a ransom payment is requested, this is one such example of a covered event under this section.

What Is Not Covered By Commercial Crime Insurance?

Commercial crime insurance will provide coverage for computer fraud, but it will only cover limited losses that involve a theft by an employee or a third party. If your company suffers a data breach, this is not covered by business crime insurance; you will need to buy a cyber liability policy to get this coverage.

Understandably, most modern businesses operate an e-commerce element, and for this reason, it is wise to buy review both cyber liability insurance and crime insurance policies.

How is the cost of commercial crime insurance calculated?

As with most types of commercial insurance, there are a number of critical factors that will impact the price you pay. Some of the metrics used to assess your risk may include those listed below.

  • Company revenue
  • Number of employees
  • Security measures in place
  • Financial and data controls
  • Value of inventory
  • Value of assets
  • Location of the business
  • Previous claims history

Getting Quotes for Commercial Crime Insurance

If you want to buy business crime insurance, you should always speak with an expert commercial insurance agent to get quotes for the best level of coverage for your individual business needs. They can help you understand the terms of the policy and offer guidance about the right level of coverage and limits for your company.

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