Two Cases of Commercial Crime

In today’s society, companies work to protect their assets, their employees, and their consumers from a host of different negative scenarios. Part of these protection measures is acquiring a comprehensive insurance plan that works to financially assist the company in event of a liability claim against the business. The professionals at Axis Insurance Services understand the seriousness of the situation, with one in three businesses falling victim to commercial crime.  The face of commercial crime has changed over the last decade, sometimes making it difficult to recognize a potential threat. With these crime insurance claims examples, you can be more prepared for concerns that your company may face when doing business.

  1. A company transfers significant funds to a new account after an impersonated CEO authorized the transfer. The loss of funds and the expenses to restore the company reputation can be covered until a crime policy.
  2. An employee creates a fake account and has invoices paid for falsified debts that the employee can then access since the employee is the check signee. These losses can also be covered by crime insurance.

A crime insurance policy is designed to cover theft of the insured’s property or money, fraud, theft of client property, false invoicing, computer violations, extortions, court costs, and marketing costs. When it comes to commercial crime incidents, it is not a matter of how, but when.