Protect Your Business With Commercial Crime Insurance

Coverage in the event of employee theft, robbery, and more.
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Protect Your Business From Crime-Related Losses Due To:

Employee dishonesty and theft original

EMPLOYEE DISHONESTY
AND THEFT

Robbery original

ROBBERY

Funds transfer fraud or forgery original

FUNDS TRANSFER FRAUD
OR FORGERY

Small Business – Big Risk

You may trust your employees because you work with them every day, but small businesses are especially at risk for catastrophic loss from employee theft. Many don't have measures in place to protect against internal threats. According to Forbes:
  • Businesses lose 5% of their annual revenue to employee fraud and abuse
  • Up to 30% of business failure is a result of employee fraud and abuse
  • 50% of embezzlement occurs at companies with 25 or fewer employees

For example, the owner of a retail store may suspect employees stealing from the cash register and conducts regular checks to discover and fire the culprit. However, the owner does not realize that the manager she hired eight years ago has been faking vendor payments and pocketing the money.

Discovering the crime in your business does not resolve the loss of money from employee dishonesty. Crime insurance coverage can make a huge difference to small business owners recovering from employee fraud.

Cover Losses From Robbery

Most commercial property insurances do not extend coverage for loss due to crime, so your money or merchandise stolen by a third party won't be accounted for.

You can bundle your crime insurance with your other business insurance policies, or you can purchase it standalone. Consult one of our experienced insurance agents to find what is right for your business.
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The Rise of Impersonation Fraud

Commercial crime insurance is especially important to businesses utilizing online payments. Computer fraud and data breaches are responsible for more and more substantial losses of money and securities. Business email compromise has cost businesses more than $26 billion since 2016 (CNBC).

Consider if your billing department wired a huge sum of money to an account per your request – but it was not your request. Social engineering (impersonation fraud) is when an individual impersonates an executive, often with nearly identical email or credentials, in an effort to steal. This could be a huge loss to your company, just because an employee thought he fulfilled your request.
  • Fraudsters can impersonate your executives or vendors
  • Requests to wire money to fraudulent accounts may seem legitimate to your employees
  • Without criminal insurance or cyber liability, you could suffer substantial monetary loss

Having business crime insurance could save your company's wrecked balance sheet after crimes like social engineering, forgery, or alteration.
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How much coverage do I need?

The amount of insurance you need is going to vary based on your assets, coverage needs, and your level of comfort on the limit options. When there are so many cars on the road with values up to or higher than $100,000, it is our recommendation that $300,000 be a minimum starting point for your liability and property damage coverage limits.
 
  • The vehicles on the road around you can be expensive
  • It's recommended that you start at $300,000 for your liability
  • Get more coverage with liability insurance
     
By adding a personal umbrella policy, you can really go as high as you want on your liability insurance coverage.

Learn about our personal umbrella policies
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What is commercial crime insurance?

Crime insurance provides coverage for losses related to criminal acts like fraud, embezzlement, theft, forgery, and any other business crime. This policy covers losses in:
  • Cash
  • Assets
  • Merchandise
  • Other property

Your commercial crime insurance can be bundled with your existing business insurance policies, or you can purchase it standalone. Buying crime insurance as its own policy allows you to specify which types of crime you want to insure against. This can be helpful to businesses that may be prone to one type of crime but not others.

For example, a retail store may not need social engineering coverage for impersonation fraud, but it would need coverage for losses due to robbery. That would not be a concern for an investment management firm that may be more prone to embezzlement or forgery.
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What is crime and fidelity insurance?

Crime insurance and fidelity bonds offer similar protections to businesses. Both insurance options protect you from losses due to a crime committed by employees or third parties. Some states require you to purchase a fidelity bond to obtain a business license.

Some key differences between fidelity bonds and crime insurance include:
  • Crime insurance offers higher limits in coverage
  • Fidelity bonds can help reimburse your customers in the event of a crime
  • Crime insurance can be added as an endorsement on BOP insurance and other commercial insurance packages
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Why do I need commercial crime insurance?

Businesses dealing with cash or online payments are most susceptible to business crime. In the same regard, small businesses are especially vulnerable to extreme loss from employee fraud. Many businesses do not take the steps necessary to protect themselves from loss.

Purchasing the correct insurance for your business is a responsible move to protect your assets when the unexpected happens. It's important to know what your insurance does or doesn't cover. Commercial property insurance often does NOT cover losses due to crime.

You don't want to be left financially responsible for the crimes of others. Specify to your insurance agent that you want commercial crime insurance added to your business insurance portfolio.

Do you have a question about commercial crime insurance?

Our agents are ready to answer any of your questions.
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