Why crime insurance is important for your organisation

9 July 2020

White collar crime is one of the biggest challenges faced by business organisations around the world. White collar crime or business crime is a broad term that encompasses many types of non-violent criminal offenses involving illegal financial transactions and fraud. Hence, it is important for every business organisation to protect its finances and assets from white collar crime with a crime insurance policy.

What is crime insurance?

Commercial crime insurance is a policy which offers comprehensive cover and provides protection against employees’ theft and any losses from forgery, computer fraud, etc.

What are the different types of commercial crime?
  • Theft, damage, or destruction of money, securities, and/or other property both on the insured’s premises or elsewhere (for example, while in transit).
  • Forgery or alteration of negotiable instruments, including forging of the insured’s signature on business cheque.
  • Fraudulent manipulation of the insured’s computer system, including a hacker transferring funds to an outside account.
  • Fraudulent electronic funds transfer instructions sent to the insured’s bank purporting to be from the insured.
  • Receipt of counterfeit currency by the insured.
  • Social engineering fraud.
What does crime insurance cover?
  • Employee theft Cover
    Includes loss of securities, money or other property by theft or forgery by the employee of the company.
  • Premise Cover
    Includes losses from destruction, wrongful abstraction, theft of securities or money from the policyholder’s premises by third-parties.
  • Transit Cover
    Comprises of losses from disappearance, destruction of money or security outside the policyholder’s premise by a third-party.
  • Depositors Forgery Coverage
    Includes losses or damages which arise due to losses from instruments like cheques which are fraudulently drawn by a third-party on account of the policyholder.
  • Computer Fraud Coverage
    Comprises of losses which a policyholder has to endure due to computer fraud made by third-party along with the expenses which the policyholder has to incur due to a violation of computer.

We can never prevent crime, but we can be prepared for it. Hence, crime insurance is imperative to ensure the safety of your business from fraudsters.

We at UNISON have a team of experts who have in depth knowledge about the various crimes your organisation is susceptible to and help you in overcoming them by providing you the best crime insurance policy plan.