What Is the Difference Between Crime & Property Insurance?
Crime insurance protects businesses and other organizations from loss of money, security or other inventory because of criminal activities, in some cases committed by employees. Property insurance protects business property, but generally does not protect against crime-related losses.
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Crime Insurance Coverage
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Many crime insurance claims include crimes of embezzlement, forgery, robbery, computer fraud, wire transfer fraud and counterfeiting. Crime insurance varies, but usually provides coverage for losses associated with property damage from a theft or burglary, or even theft outside of the premises.
Crime Insurance Rates
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Crime insurance rates are determined based on a number of factors including, but not limited to: amount of coverage needed, type of policy requested and company type seeking coverage.
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Property Insurance
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Commercial property insurance typically pays for losses based on the actual cash value of the property or its replacement cost. Replacement cost is considered the amount needed to repair, replace or rebuild property on the same premises. Actual cash value is the cost necessary to replace the item with similar or new property.
Property Insurance Coverage
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Commercial property insurance varies depending on the type of policy. Commercial property insurance usually covers losses from fires, explosions, theft, damage from automobiles, or acts of vandalism.
Additional Coverage Options
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Additional property insurance coverage may also be purchased to protect losses from earthquakes or broken glass, or buildings in the process of being constructed.
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