Commercial Crime Insurance & Employee Dishonesty Coverage
On Point.
Commercial “Crime Insurance & Employee Dishonesty” coverage helps protect businesses of all scale and scope from losses due to crime that can occur within or outside your organization. Items such as counterfeit money, automated teller fraud, employee dishonesty or deposit forgery are just a few examples of losses you are covered from.
Commercial Crime Insurance & Employee Dishonesty Coverage
The Blindspot
Businesses can easily overlook the risk of crime or employee dishonesty. Most liability or property insurance policies do not cover crime or employee dishonesty and you may find your day to day operations suddenly at risk if you are a victim of crimes such as depositor forgery or debit fraud.
Commercial Crime Insurance & Employee Dishonesty Coverage
The Solution
A Commercial Crime & Employee Dishonesty insurance policy covers gaps left behind by your liability or property insurance policy. It can offer coverage and security you might not have today.
Did you know this coverage used to be called the 3D policy, which stood for comprehensive dishonesty, disappearance and destructive rider. Unfortunately with the rise in methods criminals are using to attack your business our policies have changed and expanded.
Commercial Crime Insurance
& Employee Dishonesty Coverage
can protect businesses from several different losses such as
(but not limited to) the following claims:
- Depositor forgery
Offers coverage if your bank accepts any cheques that may have been used for fraudulent purposes or were stolen. - Employee dishonesty
Covers fraudulent acts that have been committed by any of your staff, such as forged signatures. - Loss of revenue inside/outside property
Covers money stolen from a night deposit bag or cash register. - Counterfeit money
Covers purchases that were made with counterfeit money. - Credit/debit/automated teller card fraud
Offers coverage for losses incurred due to falsification or the forgery of any document required when using a credit, debit, or automated teller card. - Professional fees
Offers coverage for reasonable professional fees to reimburse the amount of loss.
Can you give me a few examples
of ‘coverage’ in action?
How much does Crime Insurance & Employee Dishonesty Coverage cost?
The amount of Crime Insurance you require will impact how much your coverage will cost. Your business needs, industry, business size, your staff, physical location, insurance history, and many factors will contribute to this overall estimate. As is, Crime Insurance is a small cost next to what it could take to bounce back from criminal activity inside or outside of your business. For more ways to save, discuss with an Excalibur commercial insurance broker. We can also answer any questions you may have about affordability and coverage needs.
Do I need Crime Insurance &
Employee Dishonesty Coverage?
While Crime Insurance is not mandatory, it is highly recommended if you want that added layer of protection for your business. While this protection can help preserve your peace of mind and help your business to bounce back following a loss, the best way to ensure that your business may never have to deal with the repercussions of criminal activity is to prevent crime in the first place.
How do I prevent crime in my business?
Your reputation is built upon the trustworthiness of your employees – but also your relationship with clients and those who attend your business property. Being a business owner may mean you will need to be conscious of the new ways that crime is attempted. You can reduce the chances of being a victim to crime by following the listed measures below:
- Run your new employees through a security check. It’s always good practice to assess your newer employees – especially given that those attempting to commit fraud will generally have great references and clean resumes. Some HR firms will offer security check services.
- Implement inventory control. Your products, equipment, tools, and inventory are critical to your business. You may wish to implement inventory control, such as having equipment listed and checked out through a structured procedure.
- Restrict access to credit card terminals. Don’t leave credit card terminals directly in front of your entrance and lock them up whenever they are not being used.
- Practice strong cyber security protocol. Use strong passwords and different passwords for multiple accounts. Educate yourself on the latest cyber attacks and consider purchasing Cyber Liability Insurance for a last added layer of protection.
- Purchase security cameras. Beyond analyzing everyone who comes in and out of your building, consider purchasing security cameras or installing security systems – and making them physically evident or posting signs. If someone is aware that they are being monitored, they may be less inclined to thieve.
- Require all employees who have the ability to make payment receive financial crime training.
- Ensure any payment or transfer greater than $2000 undergo a two-party sign off process.
- Require the verification of any request to process payment or change your vendor account details by making an answered phone call to the number held on file for the vendor to find an authorized person before making those changes or payment.
You – as the business owner – are the main line of defense for your business. While Crime Insurance & Employee Dishonesty Coverage are great means of reducing the risk for your business, they aren’t everything. Preventing crime at its source is the best way to ensure your business is protected.
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