Spring is in the air, and optimism surrounding the construction industry is at a new high!
We don’t want to kill the buzz, but this is as good a time as any to remember that your design firm isn’t impervious to crime-related loss or damage. Your insurance policy can (and should!) include a few specific coverages to protect you against things like Employee Dishonesty, Burglary, and Computer Fraud.
The following is an excerpt from our Typical Coverages for Design Professionals, and we hope it will educate you and give you some peace of mind:
COMMERCIAL CRIME COVERAGES
Commercial Crime Coverages include several separate insuring agreements. Some or all of these individual coverages may be selected, depending on the individual needs of a design firm:
Employee Dishonesty: This coverage pays for loss sustained by the insured employer up to a specified amount, caused by a dishonest act of an employee or employees covered under the policy. This includes dishonest acts of the embezzlement of money or property, including inventory, owned by the insured.
Forgery or Alteration: This coverage pays for loss sustained by the insured employer for forgery or alteration of checks (including blank checks) issued by the insured. Coverage may be extended to include checks forged or altered by employees as well as others. Continue reading “Commercial Crime Coverages for Architects & Engineers”