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Simple English definitions for legal terms
crime insurance
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A quick definition of crime insurance:
Crime insurance is a type of insurance that protects individuals and businesses from financial losses caused by criminal acts such as theft, fraud, and embezzlement. It is important to have crime insurance to safeguard against unexpected losses and damages that can occur due to criminal activities.
A more thorough explanation:
Definition: Crime insurance is a type of insurance that protects businesses from financial losses due to criminal activities such as theft, fraud, and embezzlement.
For example, if a company's employee steals money from the business, crime insurance can help cover the losses. Another example is if a hacker steals sensitive information from a company's computer system, crime insurance can help cover the costs of investigating and recovering from the cyber attack.
These examples illustrate how crime insurance can provide financial protection for businesses against criminal activities that can cause significant financial harm.