It is unfortunate that a business owner has to consider purchasing a crime insurance policy as it covers employees stealing from a company, committing fraud or being dishonest.  However, theft by employees happens at a very alarming rate and should be protected against by a business owner if warranted.  Crime insurance is a business owner’s best aid in covering damages caused by theft from an employee or a third party. Property insurance has plenty of benefits, but when it comes to covering theft, crime insurance policies are much more inclusive. Crime insurance covers property, merchandise, as well as cash. It also protects against theft and forgery by employees and third parties.

Actions by employees that lead to damages to money or property through forgery or theft are covered by crime insurance. It must be noted, however, that if a particular employee has previously damaged the business by stealing from it then crime insurance won’t cover damages caused by the same employee a following time. So you might want to be more watchful of employees who have a history of theft or forgery, or replace them altogether.

In the event that someone forged checks on your behalf, commercial crime insurance will cover the losses. Additionally, if you’re sued for refusing to pay for a forged check, then the insurance should also help to  cover legal fees in the dispute.

Crime insurance policies will cover any events of theft, robbery, or burglary inside the premises of your business. They will also cover theft of money from outside the premises of your business. Theft is the disappearance as money while robbery is the act of acquiring that money under the threat of force. If your business is robbed, crime insurance will cover any damages that were a result of the robbery.

Additionally, crime insurance policies can cover the fraudulent transfer of money through a computer and any losses that occur as a result of the use of counterfeit money. Of course, if you were aware of or took part in the fraudulent transfer of money or the acceptance of counterfeit money then insurance will no longer be able to cover you.

While it seems that criminal insurance is pretty inclusive, there are types of losses it won’t cover. As we mentioned, this includes crimes and thefts that you were a part of or had knowledge of. Crime insurance also isn’t responsible for accounting errors or data breaches. If your business loses money due to business decisions made by you or your partners then don’t expect crime insurance to cover them either.

Basically, crime insurance isn’t a safety net for business owners to take decisions without risks. Any losses you face as consequences to your decisions or any crimes you commit can leave you on your own and insurance policies won’t be able to help cover you. On the other hand, if you’re a victim of theft, forgery, or any fraudulent act then crime insurance will minimize your losses and cover the damages.

Crime insurance is important for all kinds of businesses and offices. All offices and companies are at risk of theft and robbery so everyone should be concerned about crime insurance not just large companies who have lots to lose. By getting crime insurance, you’ll sleep safe at night knowing your finances and property are covered when it comes to theft, robbery, and forgery.