Crime Insurance

Crime insurance is a broad protection option that will cover you and your company from a whole range of business-related crime, including forgery, theft and cyber crime. 

Protect your business from criminal activities

With crimes becoming ever-more sophisticated it is important to ensure your crime insurance policy is up to date to mitigate the risks. Strong internal protocols are important, but even the most well-run companies are subject to internal risk from dishonest employees capable of circumnavigating those processes.

With that in mind, your crime insurance policy must cover losses caused by both employees and external threats. Losses can occur from any of the following: 

  • Theft, damage or destruction of money, including instances of employee theft 
  • Theft, damage or destruction of securities or other property on company premises or in transit
  • Forgery of checks, counterfeit currency, and record alteration 
  • Instances of fraud including credit card fraud, manipulation of internal systems and data, viruses and other cyber attacks that result in financial losses
  • Money laundering, which can include the use of a business or organisation to launder illegally obtained money
  • Social engineering fraud, where fraudsters impersonate a business to deceive and manipulate victims into transferring funds
  • Embezzlement, including the misappropriation of funds by employees. 

Coverage provisions

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

Complete service from a team you can trust

At Risk Advisory Hub we’ve worked with hundreds of businesses across varied industries, delivering tailored crime insurance solutions that best serve their needs. In order for us to recommend the right policy for you, we invest the time to understand your business completely, to best determine your level of risk and the coverage that best aligns with that level.
Considered factors include:

  • Company size
  • Industry/industries 
  • Existing security systems and controls
  • Employee access to high-value items 

If you find that your circumstances change or you would like to amend parts of your policy we will also work with you to review your coverage and offer expert advice to ensure you aren’t left in a vulnerable position. 

Get in touch

Please get in touch to discuss your business and commercial insurance requirements or for a free, no obligation quote.