Business Crime Insurance Coverage

​With business crime insurance, your company can be protected from losses or damages due to fraud committed by your employees or third parties. A business crime insurance plan can generally cover any crime-related losses.

This article will discuss the purpose of business crime insurance and what it may cover for you and your company.

Defining Business Crime Insurance
Business crime insurance (or commercial crime insurance) gives you coverage for loss of money or other assets caused by theft, fraud, burglary, and more, which your employees or third parties do.

First-party coverage covers losses from your business obtained from criminal acts. Third-party coverage protects your business if an outside company claims that your business did criminal acts that resulted in direct losses.

Crime Insurance Coverage
A business crime insurance plan can help protect your business from numerous criminal acts that result in losses. Here are some examples of common business crimes:

1. Cybercrime - While cyber insurance covers losses from acts such as data breaches, crime insurance covers losses due to theft or fraud using computers which your employees or third-party criminals either do. 
2. Employee Theft - Business crime insurance also covers losses from multiple types of employee theft, such as stealing merchandise, money, and inside information.
3. Forgery - This is also covered by crime insurance and protects you from losses from invalid writings or signage in any financial document. 

What Isn't Covered by Crime Insurance?
Even with crime insurance covering the majority of criminal business acts, there are a few exclusions, such as:

• Criminal acts from partners or executives
• Indirect losses
• Loss of income
• Criminal acts from employees with criminal records
• Data breaches

Does My Business Need Crime Insurance?
Businesses, especially small businesses that deal with any form of financial transactions, benefit from a business crime insurance plan. Crime insurance may cover the losses if an employee commits fraud to the customer or your company.

Conclusion
Business crime insurance reduces any risk of loss that is directly related to criminal acts. Any form of crime can be destructive for a business, and crime insurance can make sure you can recover from it.

At Appletree Insurance, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We will make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (603) 881-9900 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!