Top 5 Crime Insurance Questions

1. What does a crime policy cover?
Allows coverage for crime losses that are not insured under other insurance policies. Typically covering money, securities, and other property against a variety of criminal acts like employee theft, robbery, forgery, extortion, and computer fraud.

2. How do I get crime insurance for my business?
Crime insurance typically can be endorsed on a policy or written as a stand alone policy.

3. What are the limits for crime insurance?
Crime insurance can be endorsed on a policy and have a sublimit as low as $25,000 or written with limits as high or higher than $1,000,000 in coverage.

4. What are precautions to take in order to prevent crime insurance claims?
The best precautions are to have employee screening process for new hires. Many claims for crime coverage happen “in house” and are from people who know the business best. Video cameras and alarm system will help. Having the proper channels for accounting and keeping up with your inventory also help you keep track of knowing what the business has. When these numbers change for unknown reasons, there is a good chance something strange is going on.

5. What is the most common claim on crime insurance? Unfortunately, most claims on crime insurance happen by those that you employ or with someone who is related to one of your employees. We reiterate this along with question number 4 because most people think that they do not need crime insurance because they don’t think a robbery will happen to their business or some other crime due to the location of their business. Many of the times though, crime insurance is needed because of some sort of employee dishonesty.