Commercial Crime Insurance
What is Crime Insurance?
Crime insurance primarily concerns the cash within your business, and protects business against direct losses. It’s too easy to think of crime insurance as theft from the till. Nowadays company crime losses can be far more complicated, and the crime insurance policies offered by insurers have widened to meet the increasing needs of businesses. One of the most common crime losses involves employees with access to company cash and assets.
What does Crime Insurance Cover?
Crime insurance protects the a companies financial assets from losses such as:
- Employee dishonesty / Theft by Employees: Theft by employees is a risk to most, if not all businesses, and should always be included within a comprehensive crime insurance policy. All businesses should have controls in place, but in order to operate the a business effectively, directors and business owners must place a certain degree of trust in its employees. Higher level employees will often have access to large amounts of cash immediately and often very aware of the mechanisms in place to prevent business losses (and therefore sufficiently informed to prevent detection) . Employees in lower level roles, may also have access to cash in smaller values, in which case businesses can be liable to theft of smaller amounts over long periods of time, that can often result in large losses if the dishonesty goes unnoticed. Unfortunately, the number of crime claims tends to be linked to the economy. When businesses and employees are faced with a more challenging economic environment the number of crime claims is often higher.
- Computer fraud and funds transfer fraud: Crime insurance should cover claims relating to fraudulent transfer of cash directly from your business bank accounts. Don’t think your bank will always pick up the cost of fraudulent transactions. The financial protection offered by banks for computer fraud and fund transfers fraud is often very limited, whereas the cover under a crime insurance policy is far broader. In some circumstances the banks only provide cover up to a certain amount, and only when they are directly responsible (i.e. where failure of the banks security mechanisms have directly contributed to the crime). In fact, the protection is for businesses with banks is often far more restricted than the protection afforded to consumers.
Crime Insurance with Whinney Insurance Brokers
We have experience arranging crime insurance for business of all sizes. As an independent broker we have access to large panel of specialist crime insurers. We can do all the leg work for you, comparing quotes from all the leading crime insurance providers and advising which is the most suitable for your circumstances and your business.