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:
- independent contractors so forth.
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.
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.
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.
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.
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.