Tag: insurance coverage

Uncovering the Mysteries of Crime Insurance


More often than at any other time in history, businesses are being hit by the criminal behavior of unprecedented proportions. However, the surprising fact is that business employees are committing much of that unlawful conduct. Since the property insurance on your commercial building does not cover employee crimes, adding an additional layer of valuable protection to your insurance coverage makes sense.

Demystifying Coverage

Protecting your property from an employee’s illegal actions is easier than you think according to AXIS because commercial crime insurance covers embezzlement, forgery, merchandise theft, and cash removal. The policy can also protect your company from non-employees for the following actions:

  • Forgery
  • Burglary
  • Theft
  • Fraud
  • Robbery

Clarifying Loss

One of the largest losses faced by businesses during the past two decades has been computer-based fraud, hacking, and fund transfers. While it is easy to claim the losses will never happen to you or harm your business, the computer damage has been spreading quickly to the point that even the very large businesses are no longer secure from the employee or third-party computer-based theft.

Whether you choose an insurance policy based on a discovery basis or loss sustained source, you can be sure your company is protected from business-related crimes when you purchase crime insurance for your commercial property. There are many options available to help you protect your future from standalone policies or commercial packages.

Bank Employee Liability Coverage


Most businesses need insurance coverage. More often than not obtaining insurance is required before a business can legally operate. Certain businesses, of course, have a greater risk than others while some businesses have specialized considerations that warrant a unique kind of coverage.

High-Risk Businesses

Businesses that have a high level of risk could include agencies that perform potentially dangerous construction work such as bridge repairs, freeway resurfacing or constructing high rise buildings. It could also include handling rare and/or irreplaceable items and it certainly includes businesses that manage substantial financial assets. Banks, in particular, need to have comprehensive coverage to minimize potential risk and avoid significant financial loss.

Blanket Bond

A blanket bond is a type of insurance coverage that is only used by banks, financial institutions, and brokerage houses. It can sometimes also be referred to as a Fidelity bond or Bankers Blanket Bond insurance coverage. It specifically protects these businesses from losses incurred from an employees unlawful or dishonest acts. It does not protect against losses incurred from any customers. Some common examples of illicit acts that employees may carry out include forgery, fraud, and illegal wire transfers. You can learn more about blanket bond coverage at www.fgib.com.

What Isnt Covered?

Blanket bonds do not protect against losses incurred from an employees unintentional mistakes or intellectual property theft.