What Does Crime Insurance Cover?
When your organization experiences loss due to crime, an insurance policy will reimburse your company immediately to ensure there are no stoppages. Here is a closer look at some of the areas where this insurance can provide coverage.
Premises Theft And Robbery
Crime insurance can protect the property inside your premises during your operating hours. It also provides coverage if you or your employees are robbed in the course of conducting business offsite.
Employee Theft and Dishonesty
This type of insurance can protect you against dishonest acts that are carried out by those working for you, such as the theft of property or money. For example, some employees may collaborate with other parties to carry out shoplifting operations. Another type of employee crime involves providing competitors with sensitive information in exchange for money or other assets.
Theft Of Money And Securities
You and your employees can be protected both onsite and offsite against the theft, destruction or disappearance of your money or securities.
Crime insurance can cover losses when third-party hackers or employees commit fraud or theft using computers. However, it is important to keep in mind that it doesn’t usually cover losses related to data breaches; a separate cyber liability policy is needed for that type of coverage.
Common Crime Insurance Exclusions
Like all types of insurance, there are a few common exclusions to crime policies that limit coverage, although some may be covered using enhancements or endorsements that are added to your crime policy to address your specific areas of concern.
- Indirect losses
- Loss of income
- Crimes committed by executives, business partners, or employees in coordination with business partners
- Cybercrime-related losses such as trade secrets, lists of customers and lost patents
- Exposures that are already covered by other policies
- Third-party liabilities stemming from crime-related losses
What Businesses Need Crime Insurance?
Crime insurance is an affordable way to protect your assets, so it’s recommended for all types of businesses. However, there are a few types of businesses that have a greater exposure to problems like petty theft. These include businesses that:
- Manage inventory
- Keep expensive equipment on the premises
- Carry out cash transactions
- Hire part-time employees
In addition, certain types of companies have greater exposure to digital theft, such as those businesses that deal with:
- Sensitive financial records
- Digital transactions
- Customers’ personal data.
How Much Does It Cost?
At Burton & Company, we’ll tailor a crime insurance policy to suit your business’s specific needs. Some of the common risk metrics that will influence how much you can expect to spend include:
- Office Security — What basic safeguards has your business put in place to prevent crime?
- Revenue — Companies with greater revenue streams are more attractive targets and have more to lose
- Employee Numbers — How many people work for you, and how many work at the same location?
Reach Out To Burton & Company
At Burton & Company, obtaining comprehensive crime insurance coverage is easy. We offer tailored policies that take your business’s unique needs and risks into account, giving you the reassurance that you’ll be protected in the event of criminal activity. For more information about crime insurance, contact Burton & Company by phone at (888) 652-1325 or request a quote online today.