Crime Insurance

Commercial crime insurance, also known as fidelity insurance or crime bond, protects businesses from financial losses caused by fraudulent or criminal activities committed by employees, third parties, or external sources. It acts as a safety net beyond standard business insurance policies, offering crucial financial protection against various crime-related threats.

Who needs it?

Any business exposed to potential financial losses due to criminal activity can benefit from commercial crime insurance. This includes businesses of all sizes and industries, particularly those handling large sums of money, valuable assets, sensitive data, or dealing with high-risk transactions.

What does it cover?

Commercial crime insurance policies can cover a wide range of criminal acts, depending on the specific policy wording and chosen endorsements. Some common covered events include:

Benefits of commercial crime insurance:

• Financial protection: Reimburses your business for losses incurred due to covered crimes, minimizing financial impact and aiding recovery.
• Investigation and legal expenses: Covers costs associated with investigating the crime, gathering evidence, and pursuing legal action against perpetrators.
• Peace of mind: Knowing you have comprehensive crime protection can allow you to focus on running your business with confidence.

Important things to consider:

• Coverage limits: Choose a policy with limits sufficient to cover potential losses based on your business size and risk profile.
• Exclusions: Carefully review the policy exclusions to understand any uncovered events or situations.
• Claims process: Ensure you understand the claims process to facilitate smooth reporting and resolution in case of an incident.
• Cost: Weigh the cost of the policy against the potential benefits and financial risks associated with your business operations.

Consulting with an insurance professional is crucial to assess your specific risk profile and identify the most suitable coverage options for your business. They can help you customize your policy to address your unique needs and ensure adequate protection against potential financial losses stemming from criminal acts.