Commercial crime insurance protects a business from financial losses caused by illegal acts such as employee theft, forgery, fraud, and embezzlement. Since these types of internal crimes are typically excluded from other business policies, this coverage is essential for safeguarding company assets, especially for businesses that handle cash or have employees with access to financial records.
- What It Is: A policy that protects a business from financial losses due to crimes like employee theft, forgery, or fraud.
- What It Covers:
- Employee Dishonesty: Embezzlement or theft of money or property by an employee.
- Forgery or Alteration: Forging checks or business documents.
- Computer Fraud: Hacking to transfer funds.
- Who It’s For: Businesses that handle cash, have valuable inventory, or give employees access to financial accounts.
- Key Considerations: These crimes are often excluded from a standard commercial property policy.