Commercial Crime Insurance

The crime insurance policy can be curated for a diverse range of businesses in their niche-based industry, especially for fintech companies and other financial institutions. The crime insurance policy coverage is vital for businesses such as –

• Medium and Small Sized Companies (MSMEs): Highly susceptible to criminal activities citing limited security and bear heavy losses with robbery, fraud, or embezzlement.

• E-commerce and companies supporting online transactions : With high vulnerability to data breaches, and transactional and credit card frauds, the crime insurance policy can provide the required financial security.

• Retail businesses: The heavy cash transactions increase the chances of robbery and need crime insurance policy coverage for inventory protection.

• Fintech companies: Fintech companies are highly susceptible to fraud or theft as they handle sensitive financial data and transactions.

• Companies with high dependence on employees : With higher chances of internal theft due to dishonest acts of employees, crime insurance policy coverage can help recover company assets like inventory, cash, equipment and machinery.

• Any company with business concerns like theft : The crime insurance policy is a benefit to any company that finds the business highly vulnerable to criminal activities like internal or external theft and will have a safety net to protect the assets and experience peace of mind.

Typically, financial service providers, recruiting and human resource management companies, and technology businesses are highly susceptible to dishonest employee acts and need a necessary shield to protect the company's assets.

Some businesses engaging in inventory management, possessing expensive manufacturing equipment, currency transactions, and onboarding a contractual or part-time workforce are highly vulnerable to commercial crime occurrences. Furthermore, business operations heavily functioning on customer information, confidential financial records, and electronic transactions have a higher scope for digital theft and manipulation.

With comprehensive commercial crime insurance coverage, there’s a definite way to resolve the losses incurred by employee theft or any third-party fraud.

• Employee theft coverage: When a business faces direct losses of money, securities, or other property due to fraudulent activities of the employees. This comprises theft or forgery by an identifiable employee. The crime insurance policy also covers the alteration of cheques, promissory notes or bills of exchange, information theft, and larceny.

• Premises coverage The crime insurance policy covers any business that incurred losses from damage, wrongful abstraction or disappearance, or computer theft of funds or securities within the company premises, bank premises, or any specific safe or locker managed by any bank or trust company.

• Transit coverage: The policy offers transit coverage when the company has severe losses from damage, wrongful abstraction, or disappearance of funds or securities led by a third party away from the company premises while being conveyed by the insured company, an employee, or an authorized person of the insured, or an armored motor vehicle.

• Depositors Forgery Coverage : The insured company will get crime insurance policy coverage for any destruction from instruments such as cheques drawn fraudulently via an external individual on the accounts of the insured company.

• Electronic fraud The policy covers any computer fraud endured by the insured company due to unauthorized access of the third party to the computer system which also consists of malicious activities, hacking, and viruses.

The crime insurance policy cannot be claimed by the insured for events or risks associated with other insurance policies. Here are the exclusions under commercial crime insurance:

• Losses due to activities of terrorism, military action, civil war, insurgency, or any governmental interventions.

• When the partners of the insured company have planned and executed theft or fraud which has caused huge losses.

• Reproduction Cost: For losses incurred by the insured company for reproducing any information stored in lost or disrupted documents, accounts, or records.

• The insured company’s expenditure is involved in detecting whether losses are covered or not.

• The policy does not cover cyberattacks or data breach, and would include a separate policy for the same.

• For loss of income by the insured company, or loss of trade secrets.

The cost of a commercial crime insurance policy can be influenced by several factors like the industry type and business profile. For example, retail businesses like jewelry stores or financial institutions are highly vulnerable to theft and robbery and would have a higher policy premium. The premium cost can also increase based on a history of frequent claims and the need for a higher coverage amount. Additionally, businesses implementing security measures with cybersecurity have less risk potential, thereby reducing the premium prices. The business revenue, growth curve, and market dynamics also shape the crime insurance policy premium. Get a tailored insurance policy for your business here.

Generally, the premium for a commercial crime insurance policy could be from a few tens of thousands to a few lakhs per year, depending on the level of coverage and risk involved.

With a customer-centric approach, Covrzy focuses on simplifying business insurance and provides you with coverage that is specifically tailored to the personal requirements of the business. With Covrzy’s commercial crime insurance, you can experience a seamless claims process with:

• Expert consultation: To understand the different facets of your business and resolve all your niche-based queries on insurance products.

• 24*7 claims support: The claims team will support you at every step from initiating the claims, documentation and evidence submission, verification, and settlement 24*7.

• Customized policies: To simplify your insurance experience, Covrzy presents tailored policies that comply with the industry guidelines and meet the unique requirements of your business.

• Competitive pricing: Affordable business insurance premiums customized according to the specific coverage requirements of your business.

• User-friendly process: Alongside a seamless claims process, Covrzy has a user-friendly interface to help you easily calculate the premium and coverage.