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Is My Business Protected Against Insider Crime?

Insider crime

Insider crime comes in many forms. You may not be protected against it. Commercial crime insurance is either bundled into your Business Owner’s Policy or purchased as an add-on for an additional premium amount. Crime insurance unsurprisingly covers your business against robbery and burglary. It also includes coverage for money and securities. You may be surprised to learn that theft of money and securities is not covered under a standard commercial property policy.

What is insider crime?

Crimes like embezzlement, fraud or forgery are considered insider crime because they are committed by people within your organization. Insider crime is not typically covered on a standard commercial policy. You must purchase crime insurance or ensure that it is included in your business owners policy in order to protect your business from losses resulting from employee theft, embezzlement, forgery and more.

How Can I Protect My Business?

The Association of Certified Fraud Examiners reports on just how serious white-collar crime is globally. You can view their website here. Your organization can put measures in place to prevent insider crimes like frequent accounting audits and reporting systems, but you still may not be able to totally protect your business from insider crime taking place. However, you can purchase insurance that can help indemnify you in the event of a loss from insider crime. Indemnify means to make it right. It means to put you back as you were before the loss occurred. If you own a business then it is critical that you have crime insurance in place. Owner’s of small businesses might be able to have the coverage included in their insurance bundle.  If you have a mid to large size business then you will want to be sure you have a separate crime policy in place.

Call us today to take a look at your commercial policy to ensure that you have the right coverages and adequate coverages to protect your business from insider crime.


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