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Whether you’re a locally-owned convenience store or a national contracting company, businesses face a multitude of crime threats on a daily basis, including from within their own organization.
Crime insurance coverage can help you recover after a loss. A BrokerLink insurance advisor will help you review your policy to ensure your crime coverage is tailored to your business needs.
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Crime insurance, also known as fidelity insurance, protects businesses against money, property, stocks or securities being stolen by either employees or third-parties. In addition, if your business is legally responsible for clients’ money or property, crime insurance can also help to support these type of losses.
Crime coverage can be included within your property policy. However, some businesses may require a stand-alone crime policy due to the nature of your operations or if there is an increased risk of crime claims in your industry. Talk to your broker to ensure you have the coverage that matches the needs of your business.
Large or small, your business can be a target of crime at any time. From fraud and employee theft to forgery, crime insurance will step in to help you recoup these losses and help your business recover. Fraud can go undetected for years, while quickly racking up a hefty financial loss by the time it’s discovered. A criminal can deceive even your most diligent employees.
In addition, crime insurance can help cover the costs associated with the crime itself, including the investigation process, repairing financial records and the restoration of data.
A controller at a car dealership received an email from the owner requesting a wire transfer that day. The owner’s email address and email signature appeared to be authentic. The controller set it up and asked for the details of the transfer. Eight days later, the same request to transfer additional money came through. The controller believed the entire time that they were dealing with the owner. The scam was timed for when the owner was away on holidays. The total loss was over $50,000, plus the time and staff resources required to recover from the crime.
Crime costs. While it helps to have preventative measures in place, criminals are crafty and are finding smarter ways to sabotage your business. Crime insurance coverage is there to help your business should crime strike when you least expect it.
Your crime policy can include many types of coverages. It is best to review your policy and the coverage included with your broker. The following are some of the key coverages that might be included within your crime policy.
*Social engineering fraud and funds transfer fraud also could be covered under a cybercrime policy.
The cyber landscape is ever changing and cyber criminals are using advanced technologies to deceive their victims. Therefore, many businesses have cybercrime policies leading to a growing confusion between a crime policy and cybercrime policy.
Basically, a crime policy covers the direct loss of funds due to theft of physical property, employee dishonesty, or social engineering. You can think of it as “old school crime.”
A cybercrime policy covers economic damages from a network security failure, like phishing scams, email and internet fraud, identity fraud, and cyberextortion.
Business fraud and scams cost Canadian corporations millions of dollars each year. It’s important to implement crime prevention strategies to manage risk your business faces. We’ve listed some tips below to help you get started.
You put a lot of work and passion into your business. Crime is demoralizing and invasive, and can set any business back. BrokerLink insurance advisors are here to help you navigate insurance and risk, so you can focus on running a successful business. Get in touch to review your insurance policy and to discuss crime coverage options that fit your needs.
A crime insurance policy is void if the policy holder commits a crime. Crime insurance only covers crimes by employees and third-party vendors. In addition, non-material losses caused by external incidents like war, are generally not covered. Each crime insurance policy is tailored to the business’ needs. Talk to your insurance advisor to understand what is covered by your crime insurance policy.
Unfortunately, all businesses are susceptible to crime. Therefore, any business is eligible to purchase crime insurance coverage. Talk to your insurance advisor to learn more about your options.
Should a crime event happen to your business, first call the police. Then call your insurance broker to start the claims process. As your insurance advisor, they have the expertise to guide you through your claims process and are there to answer any questions you have.