As a business owner, you work hard to build your company's success. But crime happens, and it only takes one significant fraud or theft to devastate even the most thriving business. That's why commercial crime insurance should be an essential part of your risk management and risk transfer strategy.
What Exactly Is Commercial Crime Insurance?
Commercial crime insurance covers financial losses your business suffers directly due to criminal acts like employee theft, forgery, computer fraud, wire transfer fraud and more. It steps in when crime hits your bottom line.
Who Needs This Cover?
Any business other than a bank or financial institution should consider crime insurance.
What Does The Policy Cover?
Most commercial crime policies use a named perils with cover tailored to your risks. Common options cover employee theft, computer crimes, wire transfer fraud, counterfeiting and forgery. As you evaluate policies, understand all exclusions and reporting timeframes to ensure your risks are addressed.
Reporting Claims Correctly Matters
Pay attention to "loss sustained" versus "loss discovered" reporting. Loss sustained means cover kicks in when the criminal act occurs. Loss discovered policies cover you when the crime is first discovered, even if it happened earlier. Both have implications, so choose carefully.
Effective Risk Management Controls Premiums
Insurers determine premiums based on your risks, so effective risk management does reduce premiums. The good news? As you build risk management foundations like employee oversight procedures or cybersecurity protocols, your business becomes more resilient. That's a win-win for your company and insurance rates.
Crime Happens. Insure Your Business Appropriately.
While no business is immune to crime, with commercial crime insurance in place, your company's financial health and longevity remain secure. Don't wait for disaster to strike. Contact us today for guidance on the right cover for your risk profile.