Crime Insurance

You have worked hard to build your business and make it thrive. You do your best to protect what you have built. But have you protected your business from the leading cause of loss for modern businesses today? That would be crime.

Crime is a serious threat to businesses large and small in every industry. It may come from outside the organization or from within. Whether you are the victim of a robbery or perhaps even from one of your own employees embezzling funds, you have to assume the responsibility for any money, property, and data that was stolen.

Types of Crime Insurance

There are different types of crime insurance coverage for businesses. First party coverage deals with direct losses to the business from a covered crime. Third party coverage addresses accusations from others that a criminal act related to your business resulted in a loss. An example would be if someone accused one of your employees of theft.

Businesses need crime insurance to protect against employee dishonesty (with or without third-party collusion), embezzlement, forgery, counterfeiting, robbery, and fraud (including cyber fraud).

Mountcastle can work with you to formulate the best policy for your business needs. We will help you understand what limits to set based on maximum possible losses and budget, so that your business is protected.



Crime Insurance FAQs

Crime insurance is business insurance that covers these actions:

  • Alteration or Forgery
  • Computer fraud
  • Employee Theft
  • Theft outside the premises
  • Funds transfer fraud
  • Counterfeit money and Money Order fraud
  • Theft of Securities and money inside the business premises
  • Burglary of a safe or robbery inside the business premises

Crime insurance would be beneficial for your company if you

  • Give employees access to financial records and/or customer data.
  • Hire part-time employees or volunteers.
  • Do not have a strong security system.
  • Engage in cash, credit card, or check transactions.
  • Have products that can be easily used and/or taken from the premises by employees.
  • Are a small to mid-sized business with lack of funds to spend on security.

These are some of the items that factor into determining your cost:

  • How many employees you have
  • What kind of office security you have
  • Whether you have items in your office that are irreplaceable
  • Your annual revenue