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Crime Insurance

What is Crime Insurance Coverage?

Crime Insurance (also known as Commercial Theft Insurance) protects your business against losses of money, securities or inventory resulting from crime, either on your premises or in transit. Crime Insurance can be tailored to the needs of your business, and may include:

• Employee Dishonesty coverage provides protection against theft of money or property and dishonest acts committed by your employees.
  
  
• Forgery or Alteration coverage protects your business in the event of forgery or alteration of your companies business checks, promissory notes, drafts, consignments, or similar documents. An attached endorsement can protect against loss due to incoming documents as well.
  
  
• Theft of Money and Securities coverage provides protection of the theft, disappearance or destruction of your money inside your place of business or with an employee or owner off-site.
  
  
• Premises Theft and Robbery Outside the Premises coverages protect your property inside your premises and provides protection when loss occurs while you are open for business. You're also covered for robbery of yourself, your partners or employees when outside your premises.
  
  
• Robbery and Safe Burglary coverage provides protection in the event of a loss of stock or property due to a robbery in which you or your employees are forced to relinquish goods, or where a safe is burglarized and a similar loss results. A Selling Price Endorsement will provide a reimbursement on the actual profits lost when a loss of stock occurs due to an insured crime peril.
  
  
• Guest Property coverage protects against the burglary, loss or destruction of a guest's (such as customer or vendor) property for which you are responsible for safekeeping.
  
  
• Computer Fraud coverage protects your business against loss resulting from malicious misuse of your computer system with the intention of financial gain by an individual or group, or with the intent to cause a loss of property, monies or securities.
  
  
• Wire Transfer Fraud, Money Order Fraud and Counterfeit Fraud.
  
  
• Kidnap / Extortion coverage protects against loss due the extortion (kidnap) of an insured's employees or family member in exchange for ransom, whereas the individual(s) or property is subject to damage or harm.

Shopping for Crime Insurance? 

Brunswick Companies provides a variety of Commercial Crime Insurance Plans from top-rated insurers, which can be customized with to meet your needs.  We can also craft a customized commercial insurance plan that offers more customized specifications or higher limits.

Our experienced team of commercial insurance specialists provides the expertise to help you identify your exposures and simplify your insurance purchase, providing the information you need to make an informed decision. We will work with you one-on-one to identify the business income coverage plan that suits your specific needs. 

Why Do I Need a Crime Insurance Policy?

Unfortunately, the majority of businesses don't purchase adequate protection. The American Management Association has estimated that employee dishonesty causes as much as 20% of the nation's business failures. 

Often, it is the trusted, long-term employee you would least suspect who is able to take advantage of weaknesses in your financial controls. A full 83% of perpetrators are first-time offenders, according to the 2004 Report to the Nation on Occupational Fraud and Abuse, Association of Certified Fraud Examiners. This cost U.S. organizations more than $400 billion annually. The average business is losing six percent of its total annual revenue from losses involving its own employees -- on average more than $9 per day per employee. These losses have a direct impact on your bottom line.

While sound internal controls can reduce your risk, the best protection is provided by combining sound controls with a crime insurance coverage plan tailored to your exposures. 

Won't My Property Insurance or Business Insurance Policies Protect Me?

Crime-related losses are not typically covered by most property insurance policies. While a certain amount of crime coverage may be included in a business owner's policy or commercial package policy, most provide only nominal amounts of coverage.

How Are Crime Insurance Rates Determined?

• The types of exposures that are typically encountered in your type of business
• The strength of the internal controls you have in place
• Your own business's history of claims
• The types of coverage you select
• The insurer you select

Comparing Crime Insurance Coverage