The Necessity of Adding Crime Coverage to Your Water Treatment Insurance Program

A 2018 Hiscox Embezzlement Study found that employee crime cost averages about $357,650 a year, with a whopping 85 percent of criminals colluding at the manager level (or higher). Getting coverage that extends to crime and cyber coverage has become vital in this age, in every industry: including the water treatment industry. Not being covered when you need it can end up being more than a headache. Talking to an insurance agent about adding crime coverage to your water treatment insurance program is critical.

Here at WaterColor Management, we offer extensive crime, employee fidelity, cybercrime and cyber liability coverage, specially-tailored for the water treatment industry and its unique exposures. Let’s take a further look at

What Does Crime Insurance Really Cover?

If you aren’t sure what types of losses are covered by this coverage, here’s what you need to know. Crime insurance offers protection against loss of money, securities, and inventory incurred from the following actions:

  • Employee and third-party theft
  • Embezzlement
  • Forgery
  • Robbery
  • Safe burglary
  • Computer fraud
  • Fraudulent transfer
  • Counterfeiting
  • Telephone fraud
  • Employee dishonesty

While there’s insurance for theft and property damage through commercial general liability policies, they only cover so much. There’s always going to be limits that require a little bit of additional assistance. There’s no way around it. Some exposures need additional coverage.

Crime insurance doesn’t have the same restrictions that generic policies have, especially when it comes to third-party crime. Another thing to note is that when something can’t be physically replaced, crime insurance covers that loss.

What Else You Need to Know About Crime Insurance

WaterColor offers targeted crime risk management, crime claims management and loss control consulting that works. If you happen to lose important business data, crime insurance is going to be what you need for a backup plan. Getting water treatment insurance doesn’t have to be impossible. All it takes is a phone call.

Contact an insurance agent today and find out what kind of coverage your business needs: in the end, there’s still other exposures to consider. Crime insurance isn’t going to cover criminal acts committed by the insured and destruction caused by war or the authorities.

While there’s that small factor to consider, there’s far more benefits to having crime insurance than not. Without extensive water treatment insurance including crime coverage, your company is left exposed.

About Watercolor Management

WaterColor Management has insured the water industry for over 30 years.  Our policies include unlimited defense cost coverage in the event of a lawsuit against you. Call us at (256) 260-0412 or email for a quick quote for your Water Business Professional, Products/Completed operations, Pollution and General Liability Insurance.