Commercial Crime Insurance

In-spite of the "Ten Commandants" exhortation "Thou Shall Not Steal," crime is part of the human condition and business environment. You do what you can to minimize your venture's vulnerability to theft, burglary and other crimes but some risk is unavoidable. Business insurance can help protect your enterprise with specific crime coverages. It is important to know you crime insurance coverage now and not after a crime as impacted your business.

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What Is Crime?

Crime is defined as a forbidden act punishable by law.

Most insurance coverages are focused at property crimes, the unlawful taking of property. Such crimes include theft and burglary (forced entry with intent to steal property). It is unusual that a single burglary or theft will cause an immediate business closure. However, the overall impact of crime losses accumulated over time will reduce profitability and could contribute to a long-term business failure.

Vandalism, the willful damage or defacement of property, can also impact business profitability. While it is often overlooked as a "petty crime," vandalism marks your business as vulnerable and often is the precursor of burglary and other more serious crimes. There are business costs both in repairing the damage done and security measures needed to avoid future vandalism.

Employee dishonesty is a important and often overlooked serious crime risk. Loss of funds and property to employee theft is an ongoing and frequent business situation. Examples include: a trusted employee steals funds from petty cash, a cashier pockets funds presented for a purchase or a trusted bookkeeper falsifies a check and pockets the funds. An employee that is stealing can remain hidden for years and cause major losses of business resources. Employee pre-hiring screening, ongoing sensible account practices / cash controls and prudent oversight are all key defenses.

Business vehicles, like personal autos, are exposed to theft, vandalism and burglary (damage to vehicle by the forced entry plus loss of contents). Many businesses have substantial investments in their autos that need to be protected. Theft and damage to business vehicles is part of Business Auto Insurance insurance policies. See Business Auto Insurance for more information. Theft of vehicle contents can be included on the main Business Insurance package as optional "off-premise" coverage.

Crime Insurance Coverages

Insurance protection from crime risks is normally "packaged" with the property insurance component of the overall business insurance policy. Since crime is such a large risk, the insurance coverages are normal very specific, defined and limited. Often separate higher deductible apply to crime losses.

Money & Securities - Many business handle cash, checks and other "securities" as part of their day-to-day business activities. Insurance coverage for business funds is normally available only as an optional added insurance coverage. Be alert to coverage for funds both on-premise (at the business location) and off-premise (such as driving the daily deposit to the bank) --- often, separate limits will apply.

Employee Dishonesty - Theft and other dishonest acts by employees can cause substantial business losses. Insurance for these risks can be offered as part of an overall business insurance policy.

Theft & Burglary - Most property coverage does not include the perils of theft and burglary. If your business is exposed to these perils (most are), be sure to request this coverage. Many insurers will offer theft coverage if appropriate safeguards, such as a monitored alarm system, are in place.