Commercial Crime Insurance

What is Commercial Crime Insurance?

Commercial crime insurance (also known as business crime insurance) is a type of commercial insurance that protects a business from business-related crime. While some property insurance plans cover crime from third parties (e.g. theft and vandalism), they do not cover these types of crimes when they are committed by the employees of the business. 

What Does Commercial Crime Insurance Cover?

Commercial crime insurance can protect your property, assets, cash, equipment, merchandise and securities from crimes that include fraud, embezzlement, robbery/burglary, misrepresentation, theft, etc. These can occur from internal employees, and some plans also cover crimes committed by non-employee third parties. 

There are several scenarios in which commercial crime insurance can cover your business: 

  • Employee theft and dishonesty: if an employee steals, commits fraud or forgery, embezzles, etc., a business can protect their assets. 
  • Theft, Robbery, Burglary: if a business sustains losses from break-in and other crimes committed by internal or external parties, either onsite or while doing business offsite, losses are covered. 
  • Forgery and Fraud: if a business is defrauded or harmed by forged checks, illegal withdrawals from accounts, identity theft, etc., the insurance will cover the losses. This includes computer fraud and funds transfer fraud, counterfeit checks and money orders, and other illegal alterations of documents. 
  • Loss of Securities: assets and possessions that are inside a business can be protected from theft or damage. This includes safes, vaults, cash registers, etc. 

Some of the things that are not covered by commercial crime insurance include: 

  • Crimes committed by the business owner or any partners 
  • Accounting and finance errors and inventory shortages 
  • Data breaches or intellectual property theft 
  • Loss of income 
  • Any crimes committed by an employee who has been caught committing them in the past 

Obtaining Commercial Crime Insurance in Minnesota

Are you a business in Minnesota who is looking for commercial crime insurance? Contact the commercial insurance experts at The Patrick J. Thomas Agency. Our experienced agents can help you create a plan that fits your business. Contact our team today.