Crime
What is it?
Frontier Risk's Crime Insurance safeguards cannabis manufacturers, dispensaries, and other cannabis businesses from financial losses resulting from criminal activities such as theft, fraud, embezzlement, forgery, and employee dishonesty.
Why is it important?
Crime Insurance for cannabis businesses is important as retailers face significant risks, with 80% reporting cases of violence and aggression in 2022 and 56% experiencing shoplifting and theft. Additionally, 33% of occupational/employee fraud stems from a lack of internal control, underscoring the critical need for comprehensive security measures and risk management strategies.
What does it cover?
Employee Dishonesty
Protection against losses resulting from fraudulent actions by employees, such as theft or embezzlement.
Forgery or Alteration
Coverage for losses arising from forged or altered documents, checks, or electronic transactions.
Computer Fraud
Safeguards against financial losses due to unauthorized access to your computer systems.
Social Engineering Fraud
Coverage for losses due to deceptive schemes, such as phishing, where employees are manipulated into transferring funds.
Theft of Money or Securities
Protection from losses due to theft of cash, securities, or other valuable assets.
Extortion
Coverage for payments made in response to threats of physical harm or damage to your property.
Why Frontier Risk?
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Common Questions
Crime insurance covers for theft of inventory, employee dishonesty, robbery, burglary, forgery and alteration of documents, computer fraud, extortion threats, and acceptance of counterfeit currency. With the unique challenges faced by cannabis businesses, such as significant cash transactions and regulatory complexities, crime insurance provides essential protection against potential financial losses.
Yes, cyber liability insurance primarily covers losses resulting from cyber-related incidents such as data breaches and hacking, while crime insurance focuses on protecting businesses from financial losses due to various criminal activities such as theft, fraud, and employee dishonesty.
No, crime insurance is for businesses of all sizes, including small and medium-sized enterprises (SMEs), that can benefit from crime insurance coverage. Any business that handles cash, valuable assets, or sensitive information is susceptible to criminal activities.