Commercial crime insurance isn’t so much about men in masks and a bag marked “LOOT,” but rather what’s better known as white-collar crime. Having management liability insurance can protect you and your business when and if this happens.
Management liability insurance covers exposures faced by directors, officers, managers and business entities that arise from governance, benefits, management activities and finances – such as fraud, siphoning off funds and bogus invoicing. Without adequate protection you could risk losing your business.
This insurance includes crime insurance, directors and officers (D&O) liability insurance, employment practices liability (EPL) insurance, fiduciary liability insurance and cyber/data breach insurance.
Commercial crime insurance covers not just physical property being stolen, but also financial theft. These types of events pose a serious risk to businesses. This is especially true because business practices continue to become more complicated, and technology advancements continue to increase the opportunities for sophisticated scams and frauds.
As with any type of insurance, you’ll need to check exactly what’s covered, but crime insurance can protect against losses that you might have little or no chance of recovering through the court system.
One major benefit of business crime insurance is that insurers will often offer advice or support to help reduce the risks of suffering such crime in the first place. Or, if a crime of this nature occurs at your business, insurers may provide expert investigators who can increase the chances of finding the culprits (and reduce the risk of repeat offenses).
Commercial crime insurance shouldn’t be overlooked. We can help you get started by reviewing crime insurance options that would work best for your business.