Crime and fidelity insurance

Regardless of the size of your company or the industry it operates in, the risks of being impacted by criminal activity are very real. Statistics Canada reports that in-house crime costs Canadian businesses over $20 billion a year. Unfortunately, employee fraud is common, as are crimes perpetrated by third-party companies and electronic fraud. All companies should protect themselves to avoid unfortunate financial consequences. Because conventional property insurance contains multiple exclusions, such as fraud due to employee dishonesty or the misappropriation of funds, it is critical to have crime and fidelity insurance to make sure your business is well protected.

Our brokers are specialized in crime and fidelity insurance. Contact us to talk about it.

Which companies should think about getting crime and fidelity insurance?

All companies are at risk of being victims of fraud or theft.

  • Retailers and wholesalers
  • Hotels and motels
  • Restaurants
  • Online businesses
  • Any many more

What are the most common forms of crime, misdemeanour, fraud and embezzlement?

  • Employee dishonesty and fraud
  • Burglary
  • Theft of goods or money
  • Armed robbery
  • Computer fraud
  • Forgery

What does crime and fidelity insurance typically cover?

  • Theft of client property by an employee
  • Loss of money, securities and other property on the company’s premises or on bank premises
  • Loss of money, securities and other property during transport
  • Loss resulting from the acceptance of outstanding warrants or counterfeit money (including coins and traveller’s cheques)
  • Loss resulting from counterfeiting or falsification of financial instruments
  • Loss due to computer crime (including computer fraud and the costs of restoring computer programs and electronic data)
  • Loss from fraud in fund transfers

Crime prevention tips

  • Know your employees.
  • Establish measures to monitor and segregate employee tasks.
  • Perform adequate background checks before hiring new employees.
  • Install a security system against intruders and, if needed, a camera surveillance system.
  • Install a key-card access management system.
  • Inform your employees that you have a zero-tolerance policy on theft and embezzlement.
  • Conduct security audits of your systems and procedures.

To find out more about the various possibilities for crime and fidelity insurance, contact Ultima now.