CHES Launches Standalone Crime Coverage Solution for Small Businesses

CHES Special Risk emphasizes the unique qualities of its policy

Toronto, ON (May 14, 2024) – Small businesses continue to grapple with the pervasive threat of fraud, with statistics showing that they are the most common victims, accounting for 30% of all cases. In response to this pressing issue, CHES Special Risk, a leading provider of commercial insurance solutions, announces the launch of its standalone Crime Coverage product aimed at offering comprehensive protection to small businesses.

Michael Chaplik, Senior Underwriter, Professional Lines, at CHES Special Risk, emphasizes the significance of this new offering, “When combating fraud, many small businesses encounter significant challenges. Our objective with CHES Crime Coverage is to furnish tailored solutions that cater to the precise needs of our clients, affording them peace of mind amidst the constantly shifting landscape of risks.”

Small businesses not only bear the brunt of fraud losses but also experience the impact more profoundly than larger organizations. With a median loss of $150,000 and 23.2% of fraud losses totaling $1 million or more, the need for robust insurance coverage is paramount. Moreover, statistics reveal that employee theft outweighs external theft or embezzlement by a factor of 15%.

CHES Crime Coverage stands out for its competitive rates, offering starting rates at $100 with limits up to $3 million. The product boasts a very broad appetite with minimal restrictive classes, providing small businesses with the flexibility they require. Additionally, the MGA offers Multi-Year Policy terms, ensuring long-term protection and stability for business owners.

“We understand that each business is unique, which is why we tailor our coverage to meet the specific needs of our clients,” says Chaplik. “Our aim is to provide a comprehensive crime insurance solution that surpasses the limited coverage typically found within package policies, offering blanket location coverage and access to loss prevention and disaster planning consultations through our network of independent service providers.”

CHES Crime Insurance is backed by the company’s expertise in the field. The Fidelity/Crime Division has been providing capacity for various sectors, including Mercantile, Financial Institutions, Governmental entities, Armored Car/Valuables, Fine Arts, and Specialized Products. Moreover, CHES also offers capacity for Kidnap, Ransom & Extortion coverage, ensuring comprehensive protection against diverse risks.

“Our wealth of experience, coupled with our specialized products, has fueled our consistent growth within the marketplace, making CHES Special Risk the preferred choice for small businesses seeking robust insurance solutions,” added Chaplik. In addition to crime coverage, CHES also offers Fine Art Insurance, which can be seamlessly integrated into the High-Valued Homeowners product, providing comprehensive protection for valuable assets.

For more information about CHES Crime Coverage and its suite of insurance solutions, reach out to CHES Special Risk.

About CHES Special Risk

CHES Special Risk Inc. was established as a Managing General Agent and Wholesale broker in 2004, in response to broker demand to a hardening marketplace, commencing with a particular specialty in the entertainment and hospitality business, later becoming a fully accredited Lloyd’s cover holder in 2009. CHES Special Risk and Sister Companies are a fully Independent MGA delivering “A” rated capacity both in the hard to place, and standard lines classes and support their retail brokers in growing and developing their businesses.. For more information, visit www.chesspecialrisk.ca.

Source: CHES Special Risks Inc.

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