Crime Insurance is Essential Coverage
Crime insurance is a crucial safeguard for businesses, addressing risks that other policies might not cover. Crime insurance coverage is a specialized risk management tool that helps businesses protect their financial interests from the wide array of losses that can result from criminal activity. Whether it’s employee theft, forgery, computer fraud, or other deceptive practices, crime insurance offers a financial safety net for losses that might otherwise be devastating.
Crime Insurance can provide protection against:
- Internal fraud – Crime insurance covers losses due to employee misconduct—such as theft, embezzlement, or forgery.
- External criminal acts-coverage for external computer fraud or funds transfer fraud.
Crime insurance is a little unique in that the policy can provide different coverages for different entities. A properly endorsed crime policy may cover the following exposures:
- Employee Dishonesty – provides protection against employee theft of funds and fraudulent wire transfers.
- Forgery and Alteration – protection from employees or a third party altering checks, invoices or other financial documents.
- Computer and Funds Transfer – Computer fraud is a growing problem that includes unauthorized wire transfers by deceit or other means.
- Extortion – such as demands for ransom for not exposing sensitive company information or releasing stolen assets.
Your Business Owners Policy (BOP) with optional endorsements may cost effectively provide the crime coverage needed. Cyber Insurance policies may also contain coverage for certain perils such as data breaches or computer hacking. Customize the crime policy to fill the coverage gaps that other insurance policies miss. You truly only pay for what you need.
Contact Us for Crime Insurance Information
Contact Me Today
Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080
