Definition - What does Crime Insurance mean?
Crime insurance is a form of risk management that protects a business from the loss of property, money, or merchandise business-related crimes may cause. It allows the company to file claims following the occurrence of criminal offenses that have the potential to ruin the business financially, such as securities theft, robbery, embezzlement, forgery, or other similar crimes.
Insuranceopedia explains Crime Insurance
Businesses are vulnerable to various crimes from within the organization and outside, and they would likely financially suffer a great deal in case one or more were to take place. As most commercial property insurance policies do not cover crime-related losses, crime insurance comes in play. It may be either a standalone policy or part of a large insurance package policy.
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