You may think that crime only happens externally, but the people you thought you could trust within your business can commit crimes against you as well. Whether you suffer losses due to internal or external acts, complete crime insurance from HH Insurance can protect you.
Why Do You Need It?
Every business owner hopes to be able to trust their employees. Unfortunately, some employees may end up stealing from their employers. In the event that this happens to you, you can protect yourself with commercial crime insurance. You will be protected against alteration or forgery, employee theft, theft of securities and money inside the business premises, theft outside the premises, funds transfer fraud, computer fraud, and counterfeit money and money order fraud. However, it does not cover your actions or your partners’, your liabilities due to crime-related losses, your accounting errors, or certain specific occupations.
There are many instances in which crime insurance comes in handy. Crime insurance is beneficial if your business is small or medium-sized with limited resources to spend on security. You may consider purchasing commercial crime insurance if you have inventory, stocks, and products that can easily be used and carried out by employees and if employees are allowed to handle financial records and customer data. If your business engages in cash, credit card, or check transactions and does not have a good security system in place, crime insurance is the right choice for you.
Examples of Commercial Crime Insurance Claims
Employee forgery may occur if your business accepts payments in the form of checks from your customers. If an employee alters some checks to make them payable to themself and deposits the checks into their own account, your commercial crime policy would cover your losses from the theft.
Computer fraud and funds transfer fraud can occur if an admin processes a request for an immediate wire transfer of funds that appears to come from the company’s CFO, later to find that the email was fraudulent. The commercial crime insurance policy will cover the cost of the fraudulent transfer.
Crime Prevention Tips
To prevent crime within your business, check daily cash register receipts against your deposits and immediately mark any checks received as “For Deposit Only.” Protect your property by keeping a safe on-site to store important documents, small amounts of cash, or other valuable items. Change the safe’s combination periodically. Conduct background checks on applicants and train employees on what they should do in case of robbery.
Crime Liability Insurance enables you to recover from losses caused by criminal acts that are not covered by other insurance plans. It is necessary for all business sizes and types to be protected from losses due to internal and external acts. We work with exclusive insurance markets that deliver you better coverage at the lowest rates. Contact us!