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One of the ABC's of Business Insurance: Always Buy Crime Coverage!



 Crime

If you are like many business owners, you will be able to start the initial business and / or be the insurance company.

According to the 2018 Hiscox Embezzlement Study, the average loss was $ 357,650. In addition, the study notes that "companies that were victims of embezzlement lost more than money: they lost customers, had more difficulty attracting new customers, and lost business partners."

Keep in mind that these statistics only pertain to the situation and don't account for theft committed by third parties. Outsiders can obviously steal from you as well as use a variety of methods to steal your money and / or property, including increasingly sophisticated attacks via computer.

Without getting too far into the weeds , a high-level overview of some of the most common types of crime insurance for businesses:

  • Employee Dishonesty : covers the loss of money, securities, and other property committed by an employee.
  • Forgery or Alteration: provides protection against checks, promissory notes, written orders / directions, etc. that are forged or altered.
  • Theft of Money and Securities: coverage for this type of situation is typically written with two different limits of insurance – one for inside your premises (or inside the premises of a financial institution) and another for outside the premises.
  • Robbery or Safe Burglary of Other Property: glary of non-monetary items in a safe along with situation where there is harm or threat of bodily harm
  • Computer Fraud and Funds Transfer Fraud: computer fraud coverage applies when money, securities, or other property is transferred or paid due to fraudulent computer entry, while funds transfer fraud is fraudulent when they are provided to a financial institution.
  • Social Engineering (fraudulent impersonation of a customer or vendor): this is a newer type of coverage that protects you against having transferred money, securities, or other property based upon impostor providing transfer instructions (eg Someone posing as a vendor you utilize and they send you a fake invoice.]
  • Clients 'Property: provides coverage for your clients' money, securities, and other property when committed by one of your employees

This is a complete list of types of crime insurance coverage available. Like many other areas of insurance, crime coverage continues to evolve to new risks that business owners face. Criminals are becoming more creative in their tactics, so you want to make sure your insurance program evolves as well

Your best bet is to speak with your local independent agent about the types of scenarios that most concern you and then or she can advise you on the various coverage options that are available. They can also point out some of the crime situations that had been considered along with the appropriate solutions to protect you from them.

. Please read your policy in its entirety to determine your actual coverage available.

[1] https://www.hiscox.com/documents/2018-Hiscox-Embezzlement-Study.pdf


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