If you want to protect your business from losses associated with employee crime, you’ll have to go outside
your standard commercial property policy.
While theft of items from your business is usually covered under commercial property insurance, employee dishonesty and illicit removal of money and securities aren’t. To insure against these potentially staggering losses, you need commercial crime insurance.
Commercial crime insurance is a broad term. It refers to insurance or bonds that protect companies against dishonest employee actions, computer and fund transfer fraud, forgery and alterations, theft and destruction of money and securities, and employee theft of client property.
Computer fraud is a growing problem
Computer fraud is particularly important for small and midsize companies because criminals are heavily targeting this sector with phishing emails. These social engineering sorts include impersonation of financial managers and other attempts to fool employees into transferring funds to unauthorized people. Standard commercial property insurance does not cover financial losses stemming from these types of attacks.