Does Your Business Need Crime Insurance?

Crime-related incidents cause more loss than any other incidents in the workplace and is a very real concern for many businesses. There are many ways in which crime can be executed, such as employee theft, robbery, funds transfer fraud, and computer fraud- just to name a few. With many of these crimes, the activity can stay hidden for quite some time, which only compounds the loss. To protect your business from these exposures, business owners must have a strong risk management strategy in place, and one key component is crime (fidelity) insurance.

Crime Insurance Coverage Protects Where it Counts


With employee theft, cyber-crimes, and other criminal activity on the rise, business owners are jeopardizing their business without having secured crime insurance. If your business were hit without a fidelity policy, the financial loss could be devastating and could even put you out of business. Every business owner should have a crime policy in place, particularly if your business:

  • Has limited security resources
  • Engages in cash, check or credit card transactions
  • Has employees who handle financial records and customer data
  • Hires part-time employees or volunteers
  • Has inventory and products that could easily be taken by employees

To properly protect your business from these exposures, crime insurance is available.

What is Covered?

A standard commercial insurance policy typically excludes or limits reimbursement for stolen cash or checks and other employee-committed theft. You will need to review your commercial policy with your agent to determine if there are gaps that can be enhanced by crime insurance. Crime coverage can protect your business from many risks, such as:

  • Employee theft, whether that be actual money or not.
  • Accepting counterfeit money in the event of accepting counterfeit cash, fake checks, and other forged instruments of payment.
  • Cyber-crimes (with increasing business technology, business owners are becoming increasingly vulnerable to fraud, data theft, and other crimes involving computers, from both internal and external perpetrators).

Worth the Risk?

Are you properly insured for hazards such as computer-based theft, loss of inventory, stolen money or securities, and theft of client property? Most business owners understand the importance of implementing solid internal controls, however, there is always the chance that those methods become breached by employees or outside third parties. Commercial crime coverage offers the safeguard your business needs against these risks. Even if your business has been lucky enough to escape being hit with these types of crime thus far, the risks are growing, so it is in your best interest to protect your business with crime and fidelity insurance. 

About SB One Insurance Agency

At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526