Perhaps your company understands the importance of purchasing a crime coverage insurance policy. In today’s digital age, protecting a business against cyber theft, employee dishonesty, and other crime is a smart move. However, it is also important to understand what a crime insurance policy does not cover.
Crime coverage insurance will cover instances of employee fraud and theft. However, it won’t cover any criminal actions taken by the business owner or any of the company’s partners. This includes criminal acts by employees working with owners or partners.
As unfortunate as a bookkeeping or accounting error can be, a crime insurance policy will not cover losses due to these types of mistakes.
Not all crime coverage insurance is the same but many hold clauses that exclude specific professions. Do not be surprised if attorneys, financial businesses or claims adjusters are not qualified to purchase a crime insurance policy.
Those are some of the scenarios where crime insurance would not be beneficial. Fortunately, there are a lot of great reasons to purchase this type of insurance anyway. Loss or theft of a client’s property, employee fraud and theft, cyber theft, and forgery would all be covered under this type of insurance. Look into adding crime coverage insurance to your company to protect your business and assets.