Crime insurance – also known as "fidelity" insurance – is often overlooked, leaving companies vulnerable to potential catastrophic losses. Crime-related losses are not typically covered by commercial property insurance, so it’s important to make sure your business is protected.
Purchasing crime insurance is smart no matter what line of business you're in. Nationwide provides basic commercial crime insurance products that are easily customized with options, also known as endorsements. These optional coverages can be tailored to fit the unique needs of your business.
Here are some common endorsements for your crime insurance policy:
- Theft or dishonest acts – Provides protection against theft of money or property and dishonest acts committed by your employees.
- Premises theft and robbery outside the business premises – Protects your property inside your premises, and provides protection when loss occurs while you are open for business. You’re also covered for robbery of yourself, your partners or employees when outside your premises.
- Theft of money and securities – Provides protection for the theft, disappearance or destruction of your money inside your place of business or with an employee or owner off-site.
The need for crime protection is real
Unfortunately, embezzlement is common among small- and medium-size businesses. Controls may not be in place to prevent theft, or managers may trust employees who are not honest. Check tampering and fraudulent billings rank high among small business fraud schemes.
Nationwide’s crime insurance coverage
Nationwide crime insurance coverage is designed specifically for small and mid-size businesses, and is easily customized to cover almost all possible acts of both internal and external crime that can cripple a business. Coverage can be added as endorsements to basic business owner’s policies, or written in addition to other Nationwide business insurance policies.