Crime can impact any business. Even yours. A study by the Association of Certified Fraud Examiners (ACFE) estimates the average business loses six percent of its total annual revenue, an average more than $9 per day per employee.
Crime Insurance, sometimes called Fidelity Insurance, helps you to fend off financial damages related to an entire spectrum of criminal activities that could have a devastating effect on your business.
Crime Insurance liabilities fall into two broad categories: money and security coverage, and employee dishonesty coverage. Money and security coverage will reimburse a business for securities taken by burglary, robbery, theft, disappearance, and destruction. Employee dishonesty coverage pays for losses resulting from employee embezzlement or theft.
Crime Coverage includes, but isn’t limited to, crimes such as:
- Computer fraud/hacking
- Employee dishonesty
- Guest’s property, on premises
- Guest’s property, safe deposit liability
- Safe burglary
- Securities deposited with others
- Wire transfer fraud
Often, a business doesn’t consider Crime Insurance until it’s too late. Loss due to criminal activity is generally not covered by commercial property insurance. That’s why it is vital to ensure your company’s protection with a Crime Insurance policy. This type of coverage, also known as Fidelity Insurance, fills essential insurance gaps and, in some instances, may even be the difference between keeping you in business or shutting down.
Crime Insurance Protects Against Cash Loss
Business property insurance does not always include reimbursement in the event of thefts of cash and checks. By choosing a fidelity insurance policy, a company’s ready money is provided protection against such occurrences, per coverage.
Snyder Insurance can provide essential commercial crime insurance that’s effortlessly tailored to your business needs and options. A policy option is also called an endorsement. Using endorsements, each policy is fitted to a business’ particular needs.
Crime Insurance Endorsement Samples
A Theft or Dishonest Acts Endorsement protects your company from theft of money or property, as well as a fraudulent act by a worker.
A Premises Theft and Robbery Endorsement covers losses that can occur during business hours. This coverage provides protection whether the robbery is committed in office, on site, or off company grounds.
A Theft of Money and Securities Endorsement protects against thefts, disappearances, or destruction of cash at your place of business or when a worker or business owner is off site.
An Employee Dishonesty Endorsement provides protection against damage incurred through dishonest behavior of employees. A loss in this case may include damages to the company’s personal property, or stealing money and securities.
A Computer Fraud and Funds Transfer Fraud Endorsement covers loss of money, securities, or other property related to using computers to perpetrate fraudulent acts, like transferring such articles out of the company’s ownership.
A Forgery or Alteration Endorsement covers loss resulting from forgeries or alterations of checks or comparable fiscal instruments.
A Money and Securities Endorsement covers losses of money and securities for business use whether on premises, home, or banking institution. This coverage includes theft or disappearance.
To learn more about these types of endorsements and others that may apply, call or contact us. Snyder Insurance representatives are here to help.