Business Crime Insurance

What Does Business Crime Insurance Mean?

Business crime insurance is a specialized type of business insurance that protects an enterprise from losses incurred due to crimes committed against it. These crimes include theft, forgery, computer fraud, embezzlement, robbery, and other business-related offenses that could result in significant losses for the company. It is sometimes sold under the name commercial crime insurance, though the two terms are used interchangeably.

Insuranceopedia Explains Business Crime Insurance

Crimes committed by employees or others against the company can result in financial losses. To protect the business from such unforeseen events, a company often purchases business crime insurance in addition to a commercial liability policy, or sometimes as an independent policy that offers protection against specific types of crimes. This coverage is often necessary, as commercial property insurance typically does not cover such offenses. Some insurers bundle it into a business owner’s policy as an optional endorsement, while others sell it as a standalone product.