4 Fast Facts About Internal Theft Threats

The category of commercial crime encompasses many things. Fraud, bribery and corruption are just a few of the more common threats, though outright theft is equally common. Any of these activities steal capital from a company, leaving a damaged reputation and the need to recoup expenses it the wake of the event. Unfortunately, commercial crime isn’t completely avoidable and costs U.C. companies around $100 billion a year. Here are some fast facts about commercial crime.

Fact 1

Commercial crime insurance isn’t a part of commercial property policies. A standard commercial liability or property policy rarely included insider theft and coverage for securities, monies or other properties.

Fact 2

Commercial crime is most often committed by employees. They have the insider information to passwords, they already have company trust and they know where the cash is kept.

Fact 3

Not all commercial crimes are included with crime insurance. Crimes must be a legal violation that can be held accountable to government rules. Partners stealing from the business or vandalism aren’t usually covered situations.

Fact 4

Cyber attacks or occurrences aren’t always covered by crime insurance, though electronic funds transfers or online fraud occurrences may be inclusions. Data breaches are covered through a cyber crime policy.

A company’s financial health and security must be safeguarded from both internal and external threats. Crime insurance is one way to set up internal protections.