Technology is ever evolving. Because of this, cyber and economic crime has also evolved and increased. According to Stats Canada, in 2017, one in five Canadian businesses reported a cybersecurity incident that affected their business. A 2018 PwC study found that 55% of Canadian companies experienced economic crime in recent years. It is because of the steady increase in crimes that many insurance companies now recommend Crime protection in addition to traditional business insurance. The enhanced commercial lines Crime offer provides higher limits, broader coverages, and coverages that were either not previously available to all customers or required endorsements.

What is covered under Crime Coverage?

• Employee Theft Coverage
• Client Property Coverage
• Forgery or Alteration Coverage (including check, credit, debit or charge card coverages)
• Premises Coverage
• In Transit Coverage
• Computer Fraud Coverage
• Funds Transfer Fraud Coverage
• Money Orders and Counterfeit Currency Coverage
• Social Engineering Fraud Coverage
• Personal Accounts Protection Coverage (including personal accounts forgery or alteration and identify fraud expense reimbursement coverages)
• Telephone Fraud Coverage
• Expense Coverage (including investigative expenses and computer data restoration expenses) 

The limits on insuring agreements can be tailored to the needs of the customer. As well, certain insuring agreements can be “not covered” due to the customer’s risk type or if not required. A liberalization clause can be added to renewed policies to address differences in coverages, deductible amount and limits, close any unintended coverage gaps and ensure that customers receive the most favourable policy terms and conditions.

A liberalization clause can also be added to the converted policies to address differences in coverages, deductible amounts, and limits, close any unintended coverage gaps and ensure that customers receive the most favourable policy terms and conditions. For certain classes of business, some coverage may be altered.

Crime insurance has levels of coverages and elements available. Smaller businesses may require standalone crime products, whereas larger businesses will have bigger needs on the limits they require. Find out more and have all your questions answered  by contacting OTC Insurance.