Commercial crime insurance from ENCON Group offers protection against occupational fraud, theft exposure

ENCON Group Inc. announced Tuesday it is now offering new commercial crime insurance to protect organizations in Canada from exposure to occupational fraud and theft.

The insurance provides a variety of limits based on the size and scope of the risk, notes a statement from managing general agent ENCON Group. Coverage can be added by endorsement to the company’s existing directors and officers policies, or offered on a monoline basis for all eligible organizations.

ENCON reports the policy highlights include coverage for all full-time and part-time employees on a blanket basis, worldwide territory and a minimum premium of $1,000. Sample commercial crime target classes include retail operations, hospitality (hotel/motel), manufacturing, oil and gas, mining, technology, forestry, agriculture and contractors.

Noting that workplace fraud and theft can result in significant financial loss, “many companies don’t realize that these types of crimes can be committed by individuals at every level of the organization and it’s often difficult to detect until the damage has been done,” says ENCON senior vice president Mark Reszel.

The company seeks to support organizations in Canada with “insurance products that specifically address risk exposures found within the scope of commercial activities,” says Reszel, noting that adding the commercial crime insurance option to its D&O product offering “is a great fit that further strengthens our position in the specialty insurance marketplace.”