Commercial Crime
Providing protection and peace of mind against a wide range of criminal activity.
Our Commercial Crime insurance provides broad coverage to protect your business against a wide range of criminal activity, either as a stand-alone product, or as part of a multi-line or international insurance program.
Protection in a challenging environment
Globalization and developments in technology mean that businesses are faced with increased exposure to commercial crime, especially in periods of economic instability.
Theft, deception and fraud can be carried out by employees or external sources, or a combination of the two, for their personal gain.
Computer-related criminal activity is a significant area of concern as the role of IT applications continues to grow.
Cyber crime is emerging as one of the top risks and concerns for every company. It is potentially a cause of significant losses, including costs or liabilities related to extortion requests, loss of data or identities, card fraud, damage to websites and IT systems, and business interruption or loss of income.
Past experience shows that there is an increase in criminal activity and discovery rates during periods of economic uncertainty, with an increase in employee fraud particularly where redundancies, cost savings, and salary freezes are being implemented.
As organizations operate globally, cross-border criminals, fraudsters and professional gangs have the opportunity to operate on an international scale, which can make crime detection much more complex.
Mergers or acquisitions can also heighten exposure to crime.
Coverage highlights
Zurich's crime coverage provides protection in the event of a range of crime-related losses, including:
- worldwide coverage
- internal (employee) and external (third party) crime cover
- loss of property, money and securities on or off the business premises
- forgery, alteration and counterfeiting
- computer fraud and theft
- interest receivable or payable resulting from a loss
- automatic cover for new subsidiaries and run-off cover for ceased subsidiaries
- extended claims reporting periods.
Our broad definition of cover includes:
- hacking and cyber vandalism
- credit card fraud
- cyber extortion
- any other crime where a third party obtained financial gain and intended to cause the company a loss.
We also offer extensions for:
- investigation costs
- contractual penalties
- business interruption or business income losses
- losses from any employee pension or benefit fund set up by the insured
- auditors’ fees incurred in the investigation of a claim
- costs incurred in rewriting software programs and reconstruction of documents
- client property extension coverage
- multi-year policy terms.
Contact us
Should you have any questions or need further information please reach out to your local Zurich contact or your broker.
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Policy language and conditions may vary and are subject to applicable regulatory and legal requirements
Policy conditions apply and this is not a part of your or any issued insurance contract