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Crime Insurance
A Crime Insurance policy can shield your business against crime related perils.
Crime insurance is a type of insurance policy that a business can purchase to guard against losses from business-related crime. Protection through the policy can cover cash, assets, merchandise or other property loss when a someone perpetrates fraud, embezzlement, forgery, misrepresentation, robbery, theft or any other type of business-related crime on the company.
A new study by Hiscox, a global specialist insurer, found that U.S. businesses affected by employee theft lost an average of $1.13 million in 2016. Small and midsize businesses were hit disproportionately, representing 68 percent of the cases. Their median loss last year was $289,864.
Business crime insurance is available because most commercial property or business policies do not cover crime-related losses. Companies can purchase business crime insurance as part of a commercial package policy, also called “special multi peril insurance,” which is package of different policies to protect the business from crime, property loss, liability and other types of potential loss situations a business could encounter.Purchasing as a standalone policy allows the business to specify which types of crimes it wants the policy to cover, which can be useful for businesses that are vulnerable to certain types of business crimes but not others.
What's Included?
A typical Crime Insurance policy coverage includes:
- Employee Theft / Dishonesty
- Forgery coverage
- Counterfeit Currency fraud coverage
- Premises coverage
- Client coverage
- Credit Card fraud coverage
- In Transit coverage
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