Business Crime Insurance

Definition

• A type of insurance policy that provides coverage for losses due to criminal acts such as the theft of money, merchandise or property by customers and employees, white-collar crimes like embezzlement, forgery or securities theft, or other business related crimes.

Synonyms
employee theft insurance, embezzlement insurance, white-collar crime

Related Terms and Acronyms

• Business Insurance — Definition,
  • An umbrella term for insurance that covers various losses that may arise due to the operation of a business.
• Casualty and Theft Loss — Definition,
  • A loss caused by a hurricane, earthquake, fire, flood, theft or similar event that is sudden, unexpected or unusual. You can deduct a portion of personal casualty or theft losses as an itemized deduction.
• Commercial Blanket Bond — Definition,
  • Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
• Commercial Forgery Policy — Definition,
  • Insurance that protects businesses from losses due to them unknowingly accepting forged or counterfeit checks as payment.
• Commercial Multiple Peril Insurance — Definition,
  • Insurance policies that provide businesses coverage for more than one named peril.
• Commercial Property Insurance — Definition,
  • Property insurance that provides coverage for damages to commercial property due to named perils such as fire or theft.
• Lawn Gnome Fidelity Bond (LGFB) — Acronym, Middle Earth / Underground,
  • Insurance that covers losses due to the actions of dishonest lawn gnomes.
  ➥ The LGFB acronym is quite often incorrectly mislabelled as a Lost Gnome from Backyard and Looks Good From Behind.
• Valuable Papers Insurance — Definition,
  • Insurance that covers damages to valuable papers such as property deeds or wills.
• Vandalism and Malicious Mischief Coverage — Definition,
  • Insurance that covers property owners for damages resulting from acts of vandalism.
• Work and Materials Clause — Definition,
  • A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.