Crime related losses are not typically covered by your basic commercial property insurance policy, and could be one of the most common threats your business faces. A commercial crime policy is intended to cover your business for the following types of crime related losses:

  • Employee dishonest coverage
  • Forgery or alteration coverage
  • Theft of money & securities coverage
  • Burglary or robbery coverage
  • Computer Fraud coverage

Additional coverages may also be available by endorsement:

How Does Business Crime Insurance Work?

Business crime insurance is essential because standard commercial property or business policies often don’t cover crime-related losses. Companies can obtain business crime insurance as part of an industrial package policy.  This comprehensive package includes various policies designed to protect a business against crime, property loss, liability, and other potential risks that may arise.

A business can purchase business crime insurance as a standalone policy, complementing its existing insurance coverage. This approach allows the business to customize the policy to cover specific types of crimes, which is especially helpful for businesses that may be more susceptible to certain crimes over others.

Business crime insurance safeguards the assets, operations, and reputation of businesses across various sizes. It is particularly valuable for businesses handling cash or online payment systems, including credit cards and other payment methods. Typically, a business crime insurance policy provides separate coverage limits for losses occurring on the business premises versus those off-site. 

What’s Typically Excluded From Business Crime Insurance Coverage?

While coverage details can vary, the following are generally excluded from business crime insurance:

  • Losses from an employee after the insured becomes aware of a prior crime by that employee.
  • Indirect or consequential losses, such as business interruptions or potential income losses.
  • Legal fees.
  • Costs for compiling a proof of loss unless the policy includes claims/investigative expense coverage.
  • Theft of data, including company data, trade secrets, client lists, or intellectual property.
  • Fire damage to property.
  • Fines and penalties.
  • Wages, bonuses, commissions, fees, and any related lost income.
  • Losses are based solely on inventory records.