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The Importance of Good Crime Insurance Coverage

As your business begins really taking off and you decide that you’re ready to hire a few new employees, this process may invite some unforeseen risks. You want to be able to trust your employees, not only with the task of customer satisfaction, but also with your products and any cash on hand. For example, you may be experiencing an increase in sales, but also find that the receipts aren’t quite adding up at the end of the day.

Decidedly, you should take the time to go over the books to check for any discrepancies. If you come to the conclusion that your new bookkeeper has been siphoning money from the business then you’ll need to deal with this issue immediately. As disappointing as this scenario is, it unfortunately happens to a lot of businesses, hence the need for crime insurance coverage.


Crime insurance helps to reduce your exposure

A crime Insurance policy can certainly help to reduce your company’s exposures. A specialist in this area of coverage can help you to protect against many such losses and damages to your business. While you may think that robbery or embezzlement is among the most common crimes to businesses, unfortunately there are many other concerns as well.

Companies large and small will at times discover that their own employees are stealing from them, often in new and creative ways. Most companies purchase crime insurance coverage, either as a stand-alone policy or an add-on to other policies they carry. Look into a comprehensive program that will map out the parameters for this type of insurance and also provide you tips on how to get employee dishonesty claims paid quickly and easily.

Coverage offered for the various risks you may face include, but are not limited to:

  • Employee dishonesty
  • Robbery and burglary committed on insured premises
  • Mysterious disappearance or destruction of money and securities
  • Off premises hold-up and robbery
  • Acceptance of counterfeit money and money orders, and
  • Check forgery

You may also want to look into computer fraud coverage, extension of credit on the basis of forged securities, extortion, credit card forgery, the cost of investigating and proving an employee dishonesty loss, mail coverage, ERISA bonds, and, if applicable, financial institution bonds.

Because financial institutions generally have a large number of employees handling cash, securities and high-value goods, it’s particularly important to be extra vigilant in protecting against crimes of this nature. Crime insurance coverage can be tailored to address your specific needs and concerns.