In today’s tech-savvy world, crimes committed against a company are no longer limited to vandalism, burglary, or robbery. The digital presence that each business seems to rely on for operations has opened up a whole new world of exposures. Over the years, crime insurance has evolved to include criminal activity that involves the world of cyberspace. Although it has its own dedicated line of insurance, cybercrime can extend into areas of commercial crime with forgery, fraud, and funds transfers.
With the recommendation by the experts at Ken Davis Insurance Services to purchase a comprehensive crime policy, it should be very clear how devastating criminal activity can be to your financial institution. Some of the areas of exposure are:
Kidnap or extortion coverage
Forgery or alteration coverage
Money and securities coverage
Not only does falling prey to one of these schemes impact your financial stability, but the fallout with clients can also be irreparable. A lawsuit is a serious threat to your financial standings, just as is a court-ordered payment settlement for the situation. An insurance policy designed for these risks is the support your company needs to fund the defense or even meet the awarded judgment. A crime policy may have certain coverage exclusions, so check with your agent on the specifics your insurance provides.