BUSINESS CRIME INSURANCE
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What Is Business Crime Insurance?
Business crime insurance, also known as commercial crime insurance, is a type of insurance policy that a business can buy to protect itself from losses from business-related crime. Protection through the policy can cover cash, assets, merchandise, or other property loss when someone perpetrates fraud, embezzlement, forgery, misrepresentation, robbery, theft, or any other type of business-related crime on the company.
How Business Crime Insurance Works
Business crime insurance is available because most commercial property or business policies do not cover crime-related losses. Companies can purchase business crime insurance as part of an industrial package policy, also called "special multi-peril insurance," which is a package of different policies to protect the business from crime, property loss, liability, and other types of potential loss situations a business could encounter.
A business can also purchase business crime insurance as a standalone policy to add to the other insurance policies or packages it has purchased. Purchasing a standalone policy allows the business to specify which types of crimes it wants the policy to cover, which can be useful for businesses that are vulnerable to certain types of business crimes but not others.
Through whatever means they purchase insurance, companies should be aware that business crime insurance isn’t automatically covered in a commercial business package policy unless they specifically include it in the package.
Examples of when a business insurance policy would payout to a business would be when cash was stolen from a cash register by an employee, money was embezzled by an employee through an electronic payment system, merchandise was stolen by a robber, money was lost by forged checks or payment authorizations, or when inventory walked out the door during a busy time of day without being accounted for, or any other similar situations.
Discover the benefits of commercial Auto Insurance. Call us today at 707-862-4088 to learn more about our insurance options and how we can help your business.
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About Benadette
Bernadette is a businesswoman who has the Heart, Experience and Knowledge and who professionally possesses an affectionate and caring attitude to the consumers, clients or people in general. She achieved the licenses she holds to be able to contribute to the community by assisting colleagues, peers, families and friends and the general public.Bernadette is a businesswoman who has the Heart, Experience and Knowledge and who professionally possesses an affectionate and caring attitude to the consumers, clients or people in general.
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