Crime Insurance
Crime Insurance covers businesses against theft, fraud, and embezzlement of money or securities.
What is Crime Insurance?
Crime Insurance is an essential policy for businesses to safeguard against losses from a variety of criminal acts such as theft, burglary, fraud, and forgery. This policy helps businesses manage potential financial losses due to criminal activity.
Why You Need It
To Protect Against Financial Loss
Crime Insurance helps cover the loss a business might face due to criminal activity, whether it be theft, fraud, or other illegal acts.
To Comply with Contractual Obligations
Some contracts or business agreements may require businesses to carry Crime Insurance to provide assurance of financial protection in the event of certain criminal acts.
To Safeguard Assets
Businesses often possess valuable assets that could be targeted by criminals. This policy provides coverage for the loss of these assets.
Worried About Theft of Money?
A crime insurance policy could be your answer. Get started on a crime insurance quote today.
What Crime Insurance Covers
Theft
Crime Insurance covers loss resulting from theft, whether it be by employees or third parties.
Fraudulent Transfers
If an employee or a third party defrauds your business via a wire or money transfer, Crime Insurance can help cover the financial loss.
Forgery or Alteration
Crime Insurance covers losses due to the forgery or alteration of checks, bank drafts, and similar financial instruments.
What Crime Insurance Doesn't Cover
Cyber Attacks
While Crime Insurance may cover certain acts of digital fraud (fraudulent transfer of funds), it typically doesn't cover losses from cyber attacks such as data breaches or malware. For comprehensive cyber risk coverage, businesses need Cyber Liability Insurance.
Non-Reported Embezzlement
If an employee embezzles money from your company and you refuse to report the incident to law enforcement, many policies will decline to pay the amount lost.
Known Prior Acts of Employees
An insurance company can decline the claim if a prior criminal history of an employee, such as theft or embezzlement, is established and that same act occurs in the future.
Theft of Property
Crime Insurance does not cover theft of normal business property, a commercial property policy would cover this. Crime covers theft of certain items normally excluded on a property policy, such as money and securities.
Reasons To Have Crime Insurance Coverage
Crime Insurance is a must have for businesses that need:
To Protect Against Financial Loss
Crime Insurance helps cover the loss a business might face due to criminal activity, whether it be theft, fraud, or other illegal acts.
To Comply with Contractual Obligations
Some contracts or business agreements may require businesses to carry Crime Insurance to provide assurance of financial protection in the event of certain criminal acts.
To Safeguard Assets
Businesses often possess valuable assets that could be targeted by criminals. This policy provides coverage for the loss of these assets.
What Does Crime Insurance Coverage Cost?
Costs can vary based on your location and the specific type of work you perform. Here are some examples of crime insurance quotes for small businesses:
| Software | Travel Agency | Telemedicine | |
|---|---|---|---|
| State | UT | CO | CA |
| # of Employees | 21 | 8 | 20 |
| Policy Limit | $1,000,000 | $500,000 | $1,000,000 |
| Retention | $10,000 | $5,000 | $5,000 |
| Cost | $10,000 | $1,000 | $2,500 |
Running a larger or more complex company comes with additional risk and increased premiums. Here are some crime quote examples for larger companies:
| Software | Software | Cyber Security | |
|---|---|---|---|
| State | CA | AZ | UT |
| # of Employees | 9,587 | 50 | 33 |
| Policy Limit | $10,000,000 | $5,000,000 | $3,000,000 |
| Retention | $500,000 | $50,000 | $30,000 |
| Cost | $110,000 | $18,000 | $27,000 |
Frequently Asked Questions
What Our Customers Are Saying
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
If integrity is an important element in your business dealings? LandesBlosch delivers. This company stands on timeless character strengths that have been the cornerstone of their business build. Exemplary customer service skills combined with astute knowledge in the industry equates to unparallel success for any individuals or businesses seeking solid counsel. I highly recommend LandesBlosch as your insurance partner, you will not be disappointed.
Cheri M.
Cover Employee Embezzlement
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