Other Business Solutions
What is Crime Insurance?
What does Crime Insurance cover?
Crime Insurance covers you for the following types of losses:
- Dishonesty of employees (including volunteers)
- Computer fraud coverage
- Disappearance, or destruction of property
- Forgery or alteration
- Burglary from premises
- Robbery outside the premises
- Investigation Cost
How important is Crime Insurance?
Who needs Crime Insurance?
If your business has the following characteristics, then it would be strongly advised to consider purchasing crime insurance:
- Hires employees or uses volunteers to perform certain tasks
- Conducts business with customers or third parties such as vendors, suppliers and distributors
- Maintains company’s financial records
- Accepts cash, cheques, credit cards as payment
- Maintains inventories of goods and materials
How much does Crime insurance cost?
- Business size: There are two facets regarding size - number of employees and revenue. The more employees and the more revenue you have, the higher the risk that a criminal act will occur, and therefore increases the premium.
- Security protocols: Having solid procedures in place demonstrates that you are taking office security seriously. Investing in technology can go a long way in reducing premiums but it does not neccessarily have to be extreme; simple precautions such as few noticeable cameras and access controls for cash and securities can yield considerable trust to insurers, which could potentially yearn a better deal.
- Financial protocols: Segregating duties and installing robust procedures for deposits, checks, inventory management and approving bank transfers can significantly reduce your premiums.
- Property and equipment value: The premium can drive up if employees have ease of access to property, especially valuable property.
- Coverage limits: The coverage limits represents the maximum amount that you will be compensated in the event of a claim. Hence, higher limits will mean more expensive coverage.
- Claims history: Businesses with poor claims history and have excessive crime-related losses can expect higher premiums.
- Deductibles: Deductibles are often included in business insurance policies. Deductibles are the amount of money your company will have to pay out of pocket before any coverage commences. Thus, the higher the deductible, the cheaper the cost of the policy.
- Location: Depending on insurers, location may be factored when determining the price. Areas that are riddled with crimes are more likely to have a higher premium than areas where it is considered safe to live and work in.
At CHAZ, we can ensure that your coverage is optimal and sufficient. Through our extensive relationship with a bevy of insurers, we are confident in proposing an offer that is economical and reasonable.