Crime insurance is designed to protect businesses from losses arising from criminal activities such as theft, embezzlement, forgery, fraud, and employee dishonesty. The specific coverages you need for crime insurance can vary depending on your business’s nature, size, and the level of risk you want to mitigate. However, here are some common coverages to consider:
- Employee dishonesty coverage: This coverage protects against losses resulting from theft, embezzlement, or other fraudulent activities committed by your employees.
- Forgery or alteration coverage: This coverage protects against losses caused by forged or altered financial instruments such as checks, promissory notes, or counterfeit currency.
- Computer fraud coverage: This coverage protects against losses resulting from unauthorized access to your computer systems, network, or data, including fraudulent fund transfers or theft of information.
- Funds transfer fraud coverage: This coverage protects against losses resulting from fraudulent instructions or unauthorized transfers of funds from your accounts.
- Money and securities coverage: This coverage protects against losses of money, banknotes, coins, and securities due to theft, disappearance, or destruction while on your premises or during transit.
- Extortion coverage: This coverage protects against losses incurred as a result of threats, extortion demands, or ransom requests.
- Identity theft coverage: This coverage helps cover expenses related to identity theft, such as legal fees, credit monitoring, and identity restoration services.
- Social engineering fraud coverage: This coverage protects against losses resulting from deceptive schemes where criminals manipulate individuals within your organization to transfer funds or disclose sensitive information.
- Safe depository coverage: If your business uses a safe or vault, this coverage protects against losses resulting from damage, destruction, or theft of the contents.