Commercial Crime
Commercial crime insurance is designed to help protect businesses from financial losses resulting from criminal acts such as theft, fraud, dishonesty, and deception. As financial transactions increasingly move online and fraud schemes become more sophisticated, crime coverage has become an essential part of a well-rounded risk management strategy.
A commercial crime policy is typically written for organizations other than financial institutions and can be tailored to address both internal and external threats. These losses are often excluded or limited under standard property or liability policies, making standalone crime coverage critical for many businesses.
Common Crime Coverages May Include
Employee Dishonesty
Helps protect against financial loss caused by theft or fraudulent acts committed by employees, including misappropriation of money, securities, or other property.
Forgery or Alteration
Provides coverage for losses resulting from forged or altered checks, drafts, promissory notes, or similar financial instruments.
Funds Transfer Fraud & Social Engineering
Helps protect against losses caused by fraudulent instructions to transfer funds, including schemes involving impersonation, phishing, or deceptive emails that appear to come from trusted vendors or executives.
Computer Fraud
Covers losses resulting from the unauthorized use of a computer system to fraudulently transfer money, securities, or property.
Money & Securities
Provides coverage for loss or theft of money and securities on your premises, in transit, or in the custody of a messenger or financial institution.
Kidnap, Ransom, or Extortion
May provide coverage for certain extortion-related threats and associated costs, depending on policy structure.
Cybercrime and financial fraud are increasing at an unprecedented rate, with businesses of all sizes being targeted. Email compromise, payment redirection schemes, ransomware, and data breaches often involve both cyber and crime exposures. While crime insurance can address certain financial losses, it is often most effective when coordinated with a dedicated cyber liability insurance policy.
At ISU Elite Insurance, we help Connecticut businesses evaluate their exposure to crime and cyber-related risks and structure coverage that works together to reduce gaps and improve overall protection.