As an insurance agent who meets the needs of community associations, you must also consider how comprehensive coverage can protect these communities from risks. Crime insurance is part of risk management, and this policy offers financial protection when criminal acts happen.
Knowing what aspects of this insurance the community needs is crucial because not all policies are equal. Learning more about this topic can help insurance agents to come up with tailored solutions for crime insurance in community associations while offering peace of mind.
Crime Insurance Emphasizes Fidelity Bond Coverage
Fidelity bond coverage is a critical aspect of crime insurance in community associations, as it helps protect against fraudulent behaviors from employees and board members. These can range from embezzlement to misappropriation of funds.
You can encourage community associations to get fidelity bond coverage to help protect against these scary and financially dangerous situations. This crime insurance coverage includes instances when employees and board members act dishonestly. Once they have fidelity bond coverage, community associations can protect themselves against employee theft and maintain trust among homeowners.
Crime Insurance Addresses Social Engineering Fraud
Another kind of fraud, known as cyber or social engineering fraud, is a pressing concern as technology advances. This kind of crime happens when cybercriminals who are pretending to be a legitimate company lie to individuals to get them to transfer funds or describe personal information. Getting social engineering fraud as part of a crime insurance policy can help.
Once a community association has this coverage, they do not have to worry about financial losses that originate with fake emails, phishing attacks, or other deceptions that criminals use. With the increase in digital communication, covering social engineering fraud is more important than ever. Being proactive can greatly help community associations protect themselves from cyber fraud and any consequences related to it.
Evaluating Employee Dishonesty Coverage Limits
Assessing crime insurance in community associations in a fair way includes evaluating employee dishonesty coverage limits with a careful eye. When employees steal for an extended period, this can lead to severe financial impact. Ensuring the coverage’s limits are right can help the association recover from a loss.
Help community associations take the first step and assess their unique risk exposure to adjust the employee dishonesty coverage limits fairly. Having correct limits in place can give them greater protection when dealing with employee theft, as well as support financial stability.
Finding the Right Crime Insurance
Part of empowering community associations is helping them choose comprehensive crime insurance coverage that can make a difference. They can find the right crime insurance by understanding their unique risks and fostering trust among homeowners, including paying close attention to their financial well-being.
Contact us if you want to learn more about crime insurance and how it can support community associations. By prioritizing these coverage considerations, people can prove their commitment to helping provide better protection and fortifying community associations against criminal acts.
About Kevin Davis Insurance Services
For over 35 years, Kevin Davis Insurance Services has built an impressive reputation as a strong wholesale broker offering insurance products for the community association industry. Our president Kevin Davis and his team take pride in offering committed services to the community association market and providing them with unparalleled access to high-quality coverage, competitive premiums, superior markets, and detailed customer service. To learn more about the coverage we offer, contact us toll-free at (855)-790-7393 to speak with one of our representatives.