Every business owner knows that liability insurance is necessary, especially in these days when liability claims are so common. Financial losses that are the result of certain types of crime are sometimes covered by a commercial property liability policy, however, if the crime was committed by an employee of the company, the average commercial property insurance policy won’t reimburse for any financial losses. That’s why it’s important to consider commercial crime insurance.
What Does Commercial Crime Insurance Cover?
A commercial crime insurance policy can cover the business’s property as well as cash and merchandise stolen by employees. Other security concerns, such as embezzlement and forgery, can also be covered. This insurance can also protect against third parties who have committed these illegals acts.
Examples of commercial risks covered under crime insurance policies include:
- Theft – Any money that is stolen or any destruction of property caused by an employee would be covered.
- Dishonesty – If an employee forges documents, this type of theft is reimbursed. If forged checks are written by a third party, the insurance will also cover the loss and any legal fees that have resulted from the forgery.
- Computer Fraud – When a fraudulent transfer of money or other securities takes place, the policy covers losses and any resulting damage.
Keep your business protected from employee-related theft and fraud by looking into commercial crime insurance.