Should Your Company Carry Crime Insurance?
Crime insurance protects organizations from loss of money, securities, or inventory resulting from crime. Common claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, disappearance and destruction of property, wire transfer fraud, counterfeiting, and other criminal acts.
Claims involve every possible scheme to take advantage of any potential weakness in your company’s financial controls. From fictitious employees, dummy accounts payable, non-existent suppliers to outright theft of money, securities and property. This includes theft or forgery committed by employees, as well as crimes committed by individuals outside of your organization.
How do you protect your business from the expenses caused by fraud and other types of business related crimes? Find out how by speaking with an expert at VANTREO.
What is covered by crime insurance coverage?
Crime insurance, which is also often referred to as fidelity insurance coverage, can address some of the common threats to your organization including financial loss resulting from employee dishonesty, credit card forgery, computer fraud and theft, and the destruction or disappearance of business owned property due to burglary.
While all policies may differ, based on the need of the insured, crime insurance will often include the following types of protection:
- Employee theft
- Forgery
- Robbery and burglary that takes place either inside or outside of the company premises (including the theft of cash or checks, as well as securities)
- Computer fraud
- Counterfeit money
- Funds transfer fraud
These types of losses are generally not covered by a company's commercial property insurance policy. Therefore, it is essential to consider crime coverage separately.
What to look for when shopping for the right crime insurance protection?
Crime insurance can be a necessary type of coverage for most any business, including both private and public companies and non-profit organizations. But not all crime insurance policies are identical.
Most crime policies offer a choice of benefits allowing the insured to choose those that apply. Some carriers offer specialized coverage endorsements for risk that fall outside of the standard benefits.
Today, with more and more business being conducted via the Internet and across the globe, there are more opportunities for wrongdoing than ever before. With that in mind, it is important that you assess all of your company's potential threats.
Why Choose VANTREO as Your Crime Insurance Advisor?
Employee theft and other criminal acts generally happen because they can…they are crimes of opportunity. Most employers just can’t imagine that their employees would steal from them. While affordable insurance is generally available to pay for crime losses, the best crime loss is the one that never happens. VANTREO can help you significantly reduce your risk of a crime loss and help you purchase the crime insurance protection that meets your needs.
When you work with VANTREO as your crime insurance advisor, you will have access to a team of experts who are focused on your company's specific needs. Contact us at (800) 967-6543 for more details on how you can reduce the financial effects of crime in your business or complete our contact form to request a complimentary consultation.
Discover the VANTREO difference.