Any business that may incur financial loss as a result of criminal activity should invest in crime insurance. Ensuring you’re covered with a comprehensive crime insurance policy means financial protection from criminal activity as well as mitigated risk of reputational harm. 

A typical crime insurance policy may feature the following: 

• Written on a ‘named perils’ basis, meaning that a loss must fall into one of the specified categories of crime listed in the policy in order to be covered
• An unaggregated limit if the policy is specifically for commercial crime, so the limit applies separately to each loss incurred
• A series of acts from the same person or group are deemed to be a single loss, subject to one limit and one deductible. 
• If yours is a commercial crime policy, coverage is offered in two scenarios: ‘loss discovered’ during the policy period regardless of when the loss took place, and ‘loss sustained’.
  
  

Things that are typically not covered by crime insurance include: 

• Legal expenses
• Indirect or consequential loss such as an interruption in business operations
• Data theft including client lists and intellectual property 
• Property damage caused by a fire
• Fines and penalties