As your business grows, your financial risks become more complex.
You may have more employees, more bank activity, more vendor payments, more electronic transactions, more people handling money, and more contractual requirements. Crime Insurance helps protect your business from certain financial losses that may not be addressed by your standard insurance policies.
For a business, that difference becomes significant as the organization grows, handles larger sums of money, delegates financial authority to more employees, uses electronic banking, acquires businesses, or becomes increasingly dependent on digital payment processes.
Your organization may have:
- online banking
- EFT authority
- wire-transfer capability
- automated payment systems
- remote employees
- vendor payment portals
- interconnected accounting software
- employees routinely receiving electronic payment instructions
UNDERSTAND KEY COVERAGES
Crucial areas of crime insurance
Businesses of all sizes are constantly at risk of fraud. Strong internal controls may help an organization reduce its overall exposure, but they can’t eliminate the risk. Fraud schemes tend to be elaborate, difficult to uncover and very expensive, especially when committed by a company’s own employees. Some of the common coverages for crime insurance include:
Employee Theft & Dishonesty
Coverage for direct financial loss arising from theft, embezzlement, fraud, or other dishonest acts committed by employees.
Forgery & Alteration
Protection against losses resulting from forged cheques, drafts, or other financial instruments.
Computer Fraud
Coverage for losses caused by unauthorized electronic entry into computer systems to transfer money, securities, or property.
Funds Transfer Fraud
Protection for fraudulent instructions directing a financial institution to transfer funds from the insured's account.
Social Engineering & Fraudulent Impersonation
Coverage for losses caused by criminals impersonating executives, vendors, customers, banks, or trusted third parties.
Money, Securities & Property
Protection for theft, disappearance, destruction, or unlawful taking of money, securities, or other covered property.
Credit Card Fraud
Coverage for unauthorized use of corporate credit cards and payment instruments.
Robbery & Safe Burglary
Protection for losses involving robbery, theft, or burglary occurring at business premises.
Expense Coverage
May reimburse certain expenses incurred to investigate and establish a covered loss.
WHY CHOOSE NAVACORD?
Our experts give your business an advantage
As your business grows, your financial risks become more complex. At Navacord, were here to make sure that when a crime happens to your business, you’re covered.
Tailored to your business
We have commercial insurance experts in your industry who will recommend a specialized crime insurance policy for your unique needs.
Flexible options
Have a change to your business operations? Our advisors will review your crime policy with you annually and adjust as needed.
Crime claims support
Our experienced in-house claims team is here to support you through complex claims, helping you navigate the process and advocating for a fair result.
Learn from our crime insurance experts
Crime losses often exploit the gap between how a business’s financial controls were designed and how payments are actually handled today. As your operations evolve, your crime coverage should be reviewed alongside your banking authorities, payment processes and employee responsibilities to make sure new exposures haven’t been overlooked.
FAQs for crime insurance
Businesses across various industries can experience financial losses from crimes that occur within and outside of their company. We recommended that businesses of all sizes strongly consider a crime insurance policy.
Individual crime insurance policies vary, and our advisors will work with you to provide the ideal crime insurance for your business needs. However, many crime insurance policies include coverage for employee dishonesty, theft, forgery, robbery, and certain types of fraud.
Crime insurance for your business typically doesn’t cover property damage that occurs because of a crime. For example, if a break-in results in a broken window, crime insurance wouldn’t cover the damage, but commercial property insurance may. Crime insurance also does not cover theft of equipment or goods by third parties.
Crime insurance is an affordable addition to your overall commercial insurance. The cost of your crime coverage will depend on a variety of factors including your industry and revenue, the number of employees, and your claims history.
Many people believe they are covered for theft by their commercial property insurance. While property insurance may cover damages caused by theft, only crime insurance can cover the theft of the items themselves.
