Crime
Liability

Protecting you from theft and other
crimes against your business

Crime Liability

Protecting you from theft and other crimes against your business

Understanding the need for crime liability insurance

Crime liability insurance is designed to provide coverage against thieves. You may feel that your employees would never steal from you or that your business would never be the victim of theft, but the harsh reality is that nearly every business is eventually victimized by fraud or theft. In this day and age, thieves (including employees) do not need direct access to cash to steal from you; merchandise, supplies and securities are all fair game.

You may also be susceptible to losses in the event that finished products or even raw materials are stolen right from under your nose. Essentially, any product can be a target for thieves if there is an opportunity to make a resale profit.

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What makes crime liability insurance different?

While standard property and inland marine insurance policies provide some protection from criminal acts, they often do not cover losses resulting from employee dishonesty. Crime liability insurance was developed to deal with the limitations of other common policies and extend protection to include the fraudulent activities of employees.

Frequently Asked Questions

How does crime liability differ from general liability Insurance?

Crime insurance offers enhanced protection against losses related to employee dishonestly. Even if your organization takes the necessary precautions, you could still end up the victim of employee fraud and similar crimes. The only way to ensure your company has the protection it needs, is through a crime insurance policy.

Does crime liability insurance offer protection for the misuse of funds?

It is likely that a number of your employees have access to company funds or financial information. In some cases, employees may abuse this access for personal gain. Crime insurance can protect organizations from the misuse or illegal transfer of funds, ensuring your finances are safe from internal criminal acts.

Are enhanced coverages available for extortion?

While it can be difficult to image, employees and outside actors can extort a company for funds by holding a director or officer hostage or through other illegal methods. Without crime insurance, your organization would have no means to recoup these losses, which could devastate your bottom line.

Does Crime liability provide any coverage for digital fraud?

Computers and emerging technologies has made it easier than ever for employees to carry out crimes against their employers. Crime insurance can provide a crucial layer of protection for any money or securities lost via computer fraud, which is an important piece to an effective cyber risk management program.

What other vulnerabilities does crime liability cover?

Goods in transit are particularly vulnerable to employee theft and, in some cases, organizations may not notice anything has been stolen until it is too late. What’s more, if the theft takes place outside of the organization’s premises, it can be difficult to prove, often leading to drawn out and expensive legal battles. Crime insurance policies can provide ample protection for goods in transit and reduce the likelihood of extreme losses whenever you send or receive products.

We offer many other insurance products

Acumen Solutions Group offers additional types of insurance products to meet the needs of your business. We understand the insurance needs of specialized industries and build our programs to fit your individual situation.

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Related Products

In addition to crime liability protection, you may consider building a more comprehensive program including other insurance products for your business and assets.