Depending on the insurance policy, some types of crime may be covered. However, these policies can leave out some specific types of crime, such as threats against your security or theft of funds. If you would like to protect your business from these business types of felonies, you may want to look into crime insurance coverage. Depending on the insurer, you may be able to specialize your policy for whatever your business may be most likely to be afflicted by.
Why Is Crime Insurance Needed?
Unfortunately, there are dishonest people who may target your company or may be hired on as an employee without anyone knowing their intentions. Often times, what these people may steal from the business are not covered by general liability policies, so crime insurance coverage may be needed to take care of it, instead. Some cases of business crimes that can be covered by crime insurance are:
- Theft within the company premises
- Forgery of business notes, checks, etc.
- Funds transfer and computer fraud
- Robbery of money and goods while in transit
If claims are required to be filed against thieves, crime insurance coverage may also be able to take care of the legal fees. It should be noted, however, that crime insurance will not cover company errors or your own actions.