Commercial Insurance
Business Crime
Can help reimburse your business for covered theft or fraud losses. Protection depends on the crime coverages selected, policy limits, and exclusions.
What it is
Business crime insurance addresses selected losses from theft and fraud against your organization. It can include employee theft, check forgery, and theft of money or securities. Electronic fraud needs a closer look: an unauthorized transfer and a payment your employee was tricked into approving may fall under different coverages.
What Business Crime covers
- Employee theft of business money, securities, or property, subject to the employee theft coverage terms
- Theft of money and securities, with coverage depending on where and how the loss occurs
- Forgery or alteration of covered checks and other financial instruments
- Computer fraud and funds transfer fraud when included, each with its own coverage requirements
- Social engineering fraud when specifically included, such as a scam that tricks staff into sending a payment
FAQ
Business Crime: common questions
Does a property policy or BOP already cover employee theft?
Do not assume it does. Ask an agent to identify any employee theft or crime endorsements, their limits, and their exclusions. A policy that covers a break-in may not provide the same protection for an employee stealing company funds.
Is business crime insurance the same as cyber insurance?
No. Crime coverage focuses on covered theft and fraud losses; cyber coverage can address incidents such as data breaches and system attacks. Some electronic fraud protection may appear in either policy. Check the actual forms rather than relying on the policy name.
Are all scams and missing funds covered?
No. A loss must meet a selected coverage's terms. Ask specifically about social engineering, who qualifies as an employee, covered property, exclusions, deductibles, limits, and reporting deadlines. Provide an example of how your business approves payments so the agent can explain how the proposed coverage would apply.
Guidance for your decision
Compare your options with a local agent.
We help you review business crime options from carriers including The Hartford, explain the differences, and choose coverage that fits your business.