What does Crime Insurance cover?
- Your business
- Acts of cyber crime and social engineering
Coverage for the misuse of funds
It is likely that a number of your employees have access to company funds or financial information. In some cases, employees may abuse this access for personal gain. Crime insurance can protect organizations from the misuse or illegal transfer of funds.
Employees and outside actors can extort a company for funds by holding a director or officer hostage or through other illegal methods.
Insurance for goods in transit
Goods in transit are particularly vulnerable to employee theft and, in some cases, organizations may not notice anything has been stolen until it is too late. What’s more, if the theft takes place outside of the organization’s premises, it can difficult to prove, often leading to drawn out and expensive legal battles.
Coverage for forgery and alteration
In some cases, your employees have access to cheques that they can easily alter for their own gain. Effective crime insurance policies provide coverage for losses that result from the forgery or alteration of a cheque.
What does Crime Insurance NOT cover?
- Government seizures
- Loss of income
- Part-time employees who are not working on your premises
- Independent contractors
- Employees who have been caught previously committing a dishonest act
- Legal losses