Crime insurance is also known as “fidelity” insurance is commonly overlooked, leaving companies vulnerable to potential losses. Crime-related losses are not always covered by your commercial property insurance, so it’s important to make sure your firm is protected. All types of organizations have risk of crime within or outside of their business, it is important to have coverage to protect your company. The coverages include, but are not limited to, employee dishonesty, forgery or alteration, computer fraud, and reimbursement for claims expenses. Employee Dishonesty provides protection against dishonest acts of employees and coverage for loss of your money or other real or personal property. Forgery provides coverage for a loss for someone that is attempting to defraud your firm. Computer fraud protects your firm from issues such as malicious software and spoofing techniques.
Although it isn’t something we like to think about, it is important to know that crime can not only happen from outside factors of the business but it does happen within the business from time to time. The need for coverage will vary from business to business, but every type of business has risk of crime. Typically for Design Professionals employee dishonesty and computer fraud rank amongst the higher crimes that the coverage with be necessary. Crime can be costly to your firm without the proper coverage. The policies can be purchased for the specific coverage as a separate policy or can sometimes be added by endorsement, depending on the need and what is available with the different carriers. Check with your agent to find out what the best scenario would be for your firm.
Professional Underwriters works with several carriers on this coverage, The Hartford, Travelers and CNA are a few of those carriers we work with. We will find the best coverage to fit your needs for these policies or endorsements.