CRIME INSURANCE IN MASSACHUSETTS

Does commercial property insurance include protection against theft?

It's important to note that standard property insurance policies, like commercial property insurance, often exclude coverage for losses resulting from certain criminal activities.

Policies frequently have exclusions for employee theft, fraud and similar risks that aren't a traditional break-in. Even for break-ins, these policies can have extremely low limits for assets such as money or securities.

Commercial crime insurance may supplement a commercial property policy with additional protections. An insurance agent who specializes in this coverage can help businesses evaluate their need for additional protection, and then select a suitable crime policy if one would be helpful.

What type of coverage does crime insurance provide?

The specific coverage offered by a crime insurance policy can vary depending on the terms of the policy and the specific needs of the business. However, most crime insurance policies provide coverage for losses resulting from a variety of criminal activities, possibly including:

• Employee Dishonesty Coverage, which may cover losses resulting from fraudulent or dishonest acts committed by employees.
• Theft Coverage, which may cover losses due to theft of securities, money, or other property.
• Forgery or Alteration Coverage, which may cover losses due to the forgery or alteration of checks, drafts, promissory notes, and similar written promises or orders that are used to access money.
• Cyber Crime Coverage, which may cover losses due to cybercrime, including phishing attacks, identity theft and computer fraud.
• Funds Transfer Fraud Coverage, which may cover losses due to fraudulent instructions directing a financial institution to transfer, pay, or deliver money or securities from the insured's transfer account.
• Credit Card Fraud Coverage, which may cover losses due to the fraudulent use of credit cards issued or accepted by the insured.
• Money Order and Counterfeit Currency Coverage, which may cover losses due to accepting in good faith counterfeit money or money orders.

There are still more coverages that could be available, and some of these are similar to protections found in specific other insurance policies (e.g. cyber crime coverage might be included within a cyber insurance policy). A knowledgeable insurance agent can help businesses evaluate all crime coverage options in light of their risks and existing policies.

How can Massachusetts businesses get crime insurance?

For help evaluating and choosing crime insurance, contact the independent insurance agents at Garrity Insurance. Our knowledgeable agents have helped numerous businesses with their insurance needs, and can guide you in selecting a crime policy that aligns with your business's specific risks and needs. We're able to recommend the best policy solution regardless of what insurance company offers it, since we're an independent agency.