Commercial Crime Insurance

Commercial Crime Insurance

Though you strive to hire the best employees and trust them to represent your business, trust is not enough to protect yourself. Get financial protection from the risk of internal theft and fraud.

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Save up to 35% on your insurance
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Join over 100,000 businesses that have trusted us!
Save up to 35% on your insurance
Just a few minutes to get your best quote
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Zensurance - Business Employee
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Partnerships with over 50 leading Canadian insurance providers

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We help Canadian business owners save time and money by providing
a convenient and affordable way to buy business insurance.

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Cost

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Claims Examples

Coverage

Problem: An employee consistently steals small amounts of money from a cash register or company safe for three months. By the time you discover the missing money, you’re out $1,200.

Outcome: Your commercial crime insurance may cover the cost to replace the stolen funds.

Coverage

Problem: An employee lifts a cheque from your office for $700 made payable to your business, commits forgery, makes it payable to themselves, and cashes it through their own bank account.

Outcome: Your commercial crime insurance may cover the loss resulting from the forgery.

Coverage

Problem: Your business accepts a money order from a customer to pay for the goods you sold to them. Although it looked legitimate, it was later proven to be counterfeit.

Outcome: Your commercial crime insurance may pay to cover the loss of funds.

Commercial Crime Insurance, Explained.

What is commercial crime insurance?

Commercial crime insurance is designed to protect business owners from financial, securities, and inventory losses because of internal theft committed by employees. Commercial crime insurance can be purchased as a standalone policy or added as an endorsement to your existing business insurance policy.

Who needs commercial crime insurance?

Every small business in any industry should have commercial crime coverage as part of its overall insurance policy. On average, it’s estimated employees steal about $2,500 in cash or goods from their employer before they’re caught.

What does it cover?

Commercial crime insurance provides coverage for a broad range of crime including forgery, embezzlement, computer and wire transfer fraud, and other acts of employee dishonesty. It features coverage for full- and part-time employees, and temporary employees providing services at your premises. It also covers the theft of money while in transit outside of your premises, for example, if funds are stolen from a delivery person or armoured car company.

What is not covered?

A commercial crime insurance policy does not include coverage for damage or loss resulting from burglary, robbery, or break-ins. It also does not provide coverage for damage or loss to your business equipment or inventory committed by external actors. You require commercial property insurance to protect those assets.

How much does commercial crime insurance cost?

A commercial crime insurance policy with a limit of $100,000 costs approximately $250 annually. What it will cost you depends on a variety of factors. An insurance company considers the following when determining the cost of your premium: 

  • The industry you’re in and the services and goods you offer
  • Years of experience
  • Number of employees
  • Annual and projected revenue
  • Your insurance claim history

What is the difference between crime insurance and fidelity insurance?

Though commercial crime insurance and fidelity insurance (also called fidelity bonds) are similar, both coverages are designed to protect a business from specific types of risks. 

Think of fidelity insurance as a form of commercial crime insurance that protects your company from certain fraudulent acts. 

Commercial crime insurance is designed to cover your business from theft committed by an employee, including losses or liabilities.

Frequently asked questions

When would commercial crime insurance get triggered?

Your commercial crime insurance kicks in after filing a claim. It can be claimed on either a discovery basis (when you realize there is a loss while your policy is active or up to 60 days after the policy has been terminated) or loss-sustained basis (covers incidents during the policy period as well as losses that occurred under a prior crime policy).

Does commercial crime insurance include coverage for acts of violence?

No. Commercial crime insurance is not designed to cover acts of violence in a workplace. However, some insurers may include coverage for things such as kidnapping and ransom.

Does commercial crime insurance cover social engineering fraud?

No. Commercial crime insurance is not designed to protect you from social engineering fraud. For protection against social engineering, that is an optional type of coverage you can include in your policy when purchasing cyber liability insurance.

Other business insurance coverage options to consider:

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Finding commercial crime coverage you need to protect your business shouldn’t be complicated. Let us take the hassle of finding the customized policy you need at the best price available off your hands, so you can focus on running your business.

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