Commercial Crime Insurance in Texas & Kansas
Protect Your Business from Theft, Fraud, and Employee Dishonesty
No matter how strong your hiring process is, businesses still face risks from theft, fraud, and dishonest actions. Financial losses caused by employee dishonesty or criminal activity can be significant and often unexpected.
Garrett Insurance Agency helps businesses throughout Texas and Kansas protect their assets with customized commercial crime insurance designed to safeguard against internal and external threats.
What is Commercial Crime Insurance?
Commercial crime insurance provides coverage for financial losses resulting from criminal acts such as theft, fraud, and employee dishonesty. These policies are designed to help protect your business from risks that are not typically covered under standard business insurance policies.
This coverage can apply to both employee-related incidents and third-party crimes, helping to minimize the financial impact on your business.
What Does Commercial Crime Insurance Cover?
Coverage can be tailored to your business needs and may include protection against:
- Employee dishonesty
- Theft of business property
- Robbery or burglary
- Computer fraud and cyber-related theft
- Forgery or alteration of financial documents
Garrett Insurance Agency will work with you to identify your exposures and structure a policy that fits your operations.
Who Needs Commercial Crime Insurance?
Commercial crime insurance is important for businesses that:
- Handle cash, financial transactions, or sensitive data
- Have employees with access to company funds or assets
- Store valuable inventory, equipment, or materials
- Want protection against internal and external theft risks
If your business relies on people, systems, or financial transactions, this coverage is an important layer of protection.
Why Choose Garrett Insurance Agency?
As an independent insurance agency, Garrett Insurance Agency works with multiple carriers to find the right commercial crime insurance coverage for your business. We take the time to understand your operations and risk exposure so we can recommend solutions that protect your finances and long-term stability.
Get a Commercial Crime Insurance Quote Today
Don’t leave your business exposed to theft or fraud.
Contact Garrett Insurance Agency today to schedule a consultation and receive a customized commercial crime insurance quote.
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Frequently Asked Questions
What does Crime Insurance cover?
Crime Insurance policies commonly cover certain direct losses involving employee theft, forgery or alteration, robbery, burglary, computer fraud, funds transfer fraud, and similar acts, subject to the specific insuring agreements purchased. Coverage may include losses of money, securities, and other property from covered criminal acts. Most policies are written on a discovery basis, meaning losses discovered during the policy period may be covered, subject to prior insurance, prior loss, and prior knowledge provisions.
Does Crime Insurance cover employee dishonesty?
Yes, many crime policies include employee theft/dishonesty coverage for direct loss of money, securities, or other property caused by dishonest acts of employees, subject to the form and exclusions. Coverage typically requires proof of dishonest intent – simple mistakes or negligence aren’t covered. Most policies exclude losses caused by employees discovered to be dishonest before the policy started. Other criminal acts like forgery or fraudulent transfers may be covered under separate insuring agreements within the crime policy.
How is Crime Insurance different from General Liability Insurance?
Crime Insurance covers financial losses from criminal acts like theft, fraud, and forgery, while General Liability covers third-party bodily injury and property damage claims. Crime Insurance is first-party coverage (protects your own assets), whereas General Liability is third-party coverage (protects against claims from others). Most businesses need both – General Liability won’t cover employee theft or computer fraud losses that Crime Insurance may address.
What's the difference between Crime Insurance and Fidelity Bonds?
Crime Insurance is often broader coverage that may protect against both employee dishonesty and third-party crimes like robbery, burglary, computer fraud, and forgery. Fidelity Bonds are typically narrower and focused primarily on employee dishonesty. Some Crime Insurance policies may also include coverage for counterfeit money, computer fraud, or funds transfer fraud, depending on the insuring agreements purchased. If you need protection against multiple crime exposures, Crime Insurance may provide more comprehensive coverage than a Fidelity Bond alone.
How much does Crime Insurance cost?
Crime Insurance costs vary based on your industry, number of employees, coverage limits, and claims history. Average annual premiums range from $500-$5,000 for small businesses, though actual costs depend on specific policy terms and insuring agreements selected. High-risk industries like retail or businesses handling large amounts of cash typically pay higher premiums. Higher coverage limits and lower deductibles increase costs. Many insurers offer discounts for businesses with strong internal controls, background checks, and fraud prevention programs.
Does Crime Insurance cover cyber fraud and social engineering?
Some crime policies can cover computer fraud, funds transfer fraud, and—by endorsement in many cases—social engineering fraud. Coverage for phishing or impersonation scams varies significantly and often carries separate terms or lower sublimits. For comprehensive cyber protection, including data breach response and privacy liability, you may need a separate Cyber Liability policy in addition to Crime Insurance. Discuss specific cyber exposures with your agent to determine appropriate coverage.
What businesses need Crime Insurance?
Any business handling cash, securities, or valuable property should consider Crime Insurance. It’s especially important for retail stores, restaurants, banks, financial services firms, healthcare providers, nonprofits, property management companies, and businesses with remote employees who handle money. Even businesses with strong internal controls can benefit – employee theft and fraud can happen anywhere, and external crimes like robbery affect all industries.
OUR PROMISE TO YOU
- We will provide customized solutions and personalized products based on your needs.
- We will be available to you any time so getting important information will be easy for you.
- We will manage your risk as well as any claims that you file.
- We will ease your worry and protect your treasures by transferring identified risks to an insurance product, all the while keeping it simple to understand for you.
We welcome an opportunity to discuss your home insurance needs, so please contact us or give us a call. You can also request a quote if you’re ready to get started.