Employee theft & fraud happen. Your policy should, too.
Crime insurance helps protect against employee dishonesty, forgery, funds transfer fraud, computer fraud, and losses of money & securities. It’s like a lock for your balance sheet — without the jingling keys.
At a glance
- First‑party and third‑party options
- Social engineering / funds transfer fraud (often optional)
- Inside & outside money/securities coverage
Coverage varies by carrier and state. Endorsements may be required.
What crime insurance can include
Employee Theft
Loss of money, securities, or property caused by an employee’s fraudulent acts (first‑party fidelity).
Client Property
Theft by your employees of a client’s property while on the job (third‑party fidelity), when included.
Forgery & Alteration
Loss from forged or altered checks, drafts, or similar instruments.
Funds Transfer / Social Engineering
Fraudulent instruction or social engineering schemes that trick you into sending money — often an optional endorsement.
Computer Fraud
Direct loss from unauthorised entry into your systems to commit theft.
Money & Securities (Inside/Outside)
Theft, disappearance, or destruction of money/securities on premises or while in transit.
ERISA/Benefit Plan Bond
Employee benefit plan fidelity as required by law, where available.
Investigation Costs
Certain expenses to establish the amount of loss, subject to policy terms.
Important: Policies do not cover illegal payments, sanctions violations, or known prior acts. Terms and availability vary by insurer.
What it usually doesn’t cover
- Normal inventory shrinkage or accounting errors
- Bodily injury or property damage (that’s GL/Property)
- Cyber incidents beyond theft of funds (consider Cyber/E&O)
- Losses known before the policy period
Who needs crime insurance?
- Firms handling cash, checks, or wires
- Organizations with employees who access funds or inventory
- Professional services with client property in care
- Any business subject to contracts requiring fidelity coverage
What underwriters ask
- Segregation of duties (no single person controls everything)
- Dual controls for wires & vendor changes
- Bank recs performed by someone not issuing payments
- Background checks & vacation policy (mandatory time off)
- Prior incidents and current limits/deductibles
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Open Email AgainCrime Insurance — FAQs
What’s the difference between first‑party and third‑party crime coverage?
First‑party protects your company’s money, securities, or property. Third‑party protects your client’s property against theft by your employees (often required in contracts).
Is social engineering/funds transfer fraud automatically included?
Often no — it’s an optional endorsement with separate sublimits and conditions (call‑back procedures, dual approval, etc.).
Do I still need cyber insurance?
Yes. Crime covers theft of funds; cyber addresses broader incidents (data breach, ransomware, business interruption from cyber events).
What loss discovery period applies?
Policies are typically written on a discovery or loss sustained form. Discovery covers losses first discovered during the policy, subject to retro dates and other terms.
How are limits and deductibles chosen?
We consider cash flow, transaction volumes, internal controls, vendor payments, and any contractual requirements. Many start at $100k–$500k with tailored sublimits.
Will one big deductible apply to multiple thefts?
Most forms apply the deductible per loss rather than per occurrence/act. Wording varies — we’ll help interpret.
Coverage and availability vary by carrier and state. This page is for general information only and does not modify policy terms. Final coverage is determined by the issued policy and endorsements.