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Crime Detection – Keeping Your Business Safe

Crime Detection – Keeping Your Business Safe

Crime Detection – Another large area of interest is crime and crime detection in

terms of insurance coverage. This list of definitions that you will find under

your policy sheets, will cover the sections of crime

and what it exactly entails in terms of coverage.


Broadened Definitions of Covered Individuals

This is a term that refers to the practice of attaching one or more endorsements

to a policy. Not just any policy, an employee dishonesty policy.

This broadened definition would examine the definition of insured employees

to include several types of individuals. These individuals are not covered by the

standard wording found on the policy.


For example, such people including:

  • directors, 
  • officers, 
  • partners, 
  • trustees, 
  • volunteers, 
  • independent contractors so forth.


Crime Detection Business


Computer Crime Policy?

This is such an important component of the cyber security of your policy.

This is a type of hybrid crime that ensures both loss resulting from

theft or money, as well as another.

This other coverage comes from loss resulting from

the vandalism or theft of information from computer files.

This type of policy ensures several exposures that must normally be

covered with several separate crime and inland marine forms.


Crime Detection Business – Computer Fraud

This is a type of insurance used to protect against loss or damage to money,

security’s, or other property. This is the result of computer fraud.

Computer fraud is defined as, theft of property by and directly related to

the use of the computer. ISO writes this as coverage F, and includes it as a

mandatory or an optional coverage in many crimes plans they offer.


Nonstandard Insurance Forms

Some nonstandard forms of this coverage extend to ensure against the

theft of media information such as trade secrets, customer lists, and the like.

Therefore, it is so crucial for electronic data to be stored and secured in areas not

accessible as easily from outside parties.

This can be achieved by working your way through

the different options available.


Crime Prevention Components

Crime prevention or loss prevention of criminal activities should be an important

component of your overview safety approach.

Yes. You understand about the safety of the fire preparation plans in place,

but what about the crime sections. These sections do involve your everyday

life if a user of the technology and in a position accessible

to these malicious electronic acts.


Employee Dishonesty – Blanket Basis

This type of insurance already understands that people are people,

no matter where they live. With that said, it is important to understand that

this insurance will protect against the loss of money, securities or other

property belonging to an insured or company. Also, it can be for an

insured company that is liable, when caused by employee dishonesty.

This form pays up to the face amount stated on the policy for anyone

loss caused by one or more employees. ISO writes this as coverage A,

and it includes it as a mandatory or optional coverage in many of their crime plans.


Employee Dishonesty Continued

This is a scheduled basis type policy. This type of insurance will protect against loss

of money, securities or other property belonging to an insured company.

This is a loss for which an insured company is liable. This is due to the cause of

employee dishonesty. This form pays for this as coverage A and includes it a

mandatory or optional coverage in many of their crime plans.


Concluding Thoughts on Business Protection:

Protecting your business as a business owner or investor in a business is paramount.

It involves securing the infrastructure from the outside

and that from within. As you can see, many

areas of business protection need to be examined in order to

fully secure the protection of your operation.

This consists of the tangible infrastructure to that of the internal components.


Internal Components

The internal components, however, can be that of a 3rd party

or an internal party such as an employee.

As you have learned, the protection and security of your business

can be exposed to the main operation of your

business which runs through your computer system.


Security Breach of Business

This is where many security breaches can occur and

should be monitored as a business owner.

The protection of your computer system depends on

both the physical and non-physical components.

This is why it is important to overview your business

an insurance policy or commercial policy to ensure that

the internal framework such as computer software and internal data are fully protected.

This can be secured through several measures, and as

the article has outlined, the protection through an insurance policy.


General Overview:

This is why it is advised to review your commercial insurance policy

for any gaps in coverage. This will ensure

that your data security and internal software are being properly covered.

Also, this will look for other coverage gaps

such as fraud from within. Employee fraud as discussed is sometimes overlooked by many

business insurance policies and why it should be included in your business protection.

Review this coverage with your insurance professional or compare it with

several insurance professionals to ensure proper

coverage is being taken out on your business.


Crime Detection Business


Business Tips

These suggestions are important before the buy or sale of a business,

regardless of industry or niche.

Make sure that these steps of precaution are in place

before starting your new business or business takeover.

The smallest gaps in policy protection can deflate not only

an investment but future security to do business.

Fraud can take a major expense on any budget,

especially if you are a small business owner.

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