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Commercial Crime Insurance
An innovative 'white-collar crime' policy protecting your business from internal and external criminal activities, ranging from theft to digital fraud.
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Himani Doshi
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50+ years of collective insurance experience
₹5,000 Cr+ of cumulative risks insured
What Is
There is a persistent issue of employee fraud across all industries. Whether it's an employee who has succumbed to temptation, a fraudulent scheme from a supplier, or even cybercriminals looking to exploit your trust, these threats can cause significant financial harm to your business. That's where crime insurance comes in.
Also known as commercial crime insurance, this policy provides a comprehensive coverage for criminal acts like employee dishonesty, computer fraud, identity theft, wire transfer fraud, or crimes committed by a third-party.
Apart from financial compensation, a crime insurance policy provides you the ability to respond promptly to criminal incidents, ensuring that your business's reputation remains intact.
Who Needs
Whether you are a private company, a public company, or an NGO, an employee can steal from your cash reserves, or fall victim to an email phishing attack. They could obey fraudulent instructions to transfer your company funds to another bank account. Worse, they could collaborate with a third party to steal your company’s stock gradually over a period of time.
E-mail spoofing, phishing, theft, employee dishonesty, third-party fraud, forgery, and embezzlement impacts businesses of all types and sizes
When are you vulnerable to digital theft and manipulation?
- You do electronic transactions regularly
- Your company has sensitive financial records
- You have lots of customer information
- Your team has part-time workers
- Your office equipment is expensive
Why Get
83% of all the organizations in India saw a rise in email phishing/spoofing attacks during the pandemic. It doesn’t matter if your organization is growing steadily or exponentially - monitoring everything and everyone can be extremely challenging irrespective of the size of your company. Having crime insurance ensures that your organization doesn’t suffer financially, and speeds up the recovery times for any business by reimbursing for losses of money, securities, and other tangible property.
Policy costs are affected by a variety of factors:
The number of employees in your business affects your crime insurance premium
A higher revenue flow means higher insurance premium
If your premiums are lower, your deductible will be higher, and vice versa
Basic security measures like strategically placed and unobtrusive cameras help underwriters assess risk better
Coverages & Exclusions in
Losses caused by employees or third-party hackers committing fraud or theft via computers are frequently covered by commercial crime insurance. However, data breaches are often not covered by crime insurance. This is separately covered by the cyber liability insurance policy.
The policy also includes losses outside the business premises brought upon by a third-party criminal act.
In all such situations, the following costs can be claimed under the crime insurance policy:
Crime Insurance Claim Examples
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This is an article by YouStory written by Palak Agarwal and published on October, 2022
Say hello to a spam-free zone! We respect your privacy, and we won't bombard you with unwanted calls.
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