Crime Protection Insurance
Also known as Commercial Theft insurance, Crime Protection insurance guards your business against losses of money, securities, or inventory resulting from crime either on your premises or in transit. The package can be tailored to your business to cover a variety of needs, including Cyber Liability Insurance.
Won’t Other Policies Protect Me?
Most property insurance policies don’t cover crime-related losses. While a Business Owners Policy (BOP) or Commercial Package Policy (CPP) can include a certain amount of crime coverage, most only provide nominal amounts of coverage.
Why Do I Need a Crime Insurance Policy?
Crime Protection insurance is a necessary component of a comprehensive risk management plan. The 2018 Report to the Nations by the Association of Certified Fraud Examiners revealed companies lose a median of 5% of revenues each year to fraud, according to more than 2,000 anti-fraud experts. The report also revealed that 22% of survey respondents had losses over $1 Million. With statistics like these, the risk to your business is high and growing.
Unfortunately, the majority of perpetrators are employees below managers, but managers and C-suite members have committed thefts against their companies. Often, it is the trusted, long-term employee you would least suspect who is able to take advantage of weaknesses in your financial controls. The ACFE report found that 19% of respondents were owners/executives who cost their companies a median loss of $850,000.
While sound internal controls can reduce your risk, the best protection comes from combining those controls with a crime insurance coverage plan tailored to your exposures. In this way, when theft happens, your company will be able to recover rather than fail.
What Does Crime Insurance Include?
- Computer Fraud
- Employee Dishonesty
- Forgery or Alteration
- Guest Property
- Premises Theft and Robbery Outside the Premises
- Robbery and Safe Burglary
- Theft of Money or Securities
- Wire Transfer, Money Order, or Counterfeit Fraud
Brunswick Companies offers Crime Protection insurance policies from a wide range of top ranked carriers. With over 35 years of commercial experience, we have the know-how and industry contacts to match your needs with the plan that best suits your risk management and financial goals.