Crime Coverage protects your business from any type of loss resulting from a criminal act involving theft, robbery, embezzlement, forgery, and other actions that cause financial ruin.

Key Points to Consider When Purchasing Crime Coverage

Why Would I Need This Coverage?

Any business that has employees, conducting fiduciary duties and financial transactions should have this coverage. Accountants, Retailers, Restaurants, Fast Food, Churches, Hotels, Hospitals, and many more businesses typically have a Crime policy.

What Is Covered?

Crime Coverage will pay a claim up to the policy limit for a financial loss resulting from a criminal act. Some examples of claims are: 1. Female employee embezzles $300,000 from the non-profit she works for. 2. A delivery driver was robbed at gunpoint, and $50,000 of electronics were stolen. 3. A bookkeeper embezzled $300,000 over three years to pay her own personal expenses.

What Limits Should I Have?

This will depend on the size and type of your business. Smaller businesses typically will add this as an endorsement to their General Liability policy or their business owner’s policy. However, coverage terms and policy limits will be restricted. To determine coverage limits, look at your gross revenue per year, this is a great way to determine how much Crime Coverage you need.

Is Crime Coverage Expensive?

It depends on your coverage limit, deductible, gross revenue, business type, and what coverage options you select. Again, costs can be low if you choose this coverage as an endorsement to your General Liability or Business owner’s policy. Beware of coverage limitations, and low cover limits.

How Should I Obtain Crime Coverage?

Crime Coverage should be purchased from a commercial insurance agent that understands your business. For instance, if you’re a Non-Profit, you would want to make sure that volunteers, directors & officers, and guest students would be covered under the Crime policy. If you’re a consulting firm that travels overseas, you would want to make sure your Crime Coverage provides Worldwide protection. The point is, no Crime policy is the same. Make sure you work with an agent that understands your business, and can select a Crime policy to fit your needs.