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Crime
Forgery, theft, and employee dishonesty can affect businesses of all sizes. Your exposure can be minimized with our help.
When a Crime endorsement or policy helps: An employee commits an illegal activity, like embezzlement, forgery, or fraud.
Examples of affected industries are restaurants, retail, financial planning, estate planning, legal, and any using digital platforms.
Crime Liability FAQs
What is the difference between a commercial crime policy versus a fidelity bond?
Though the terms “commercial crime policy” and “fidelity bond” are used interchangeably, there may be important differences. A commercial crime policy can help if someone outside of your company steals from you. This could be an embezzler, a burglar, a hacker or a counterfeiter passing bogus currency.
A fidelity bond focuses primarily on your employees. There are multiple types of fidelity bonds that make up commercial crime coverage, and some depend on the type of business you run. For example, financial institutions should obtain bonds designed for the banking or investment sector.
We can help you select the appropriate coverage for your business.
What is the difference between claims-made versus occurrence?
Claims-made policies
A claims-made policy covers claims made against you and reported to your insurer during the policy period. You’re not covered if you have a claim after your policy terminates. For that, you’d need an extended reporting period (ERP) added to your professional liability policy. This is also known as “tail” coverage.
Claims-made policies can be less expensive initially, but the price can increase over time as the potential for claims increases.
Occurrence-based policies
On the other hand, an occurrence-based policy covers claims that arise when your policy is active, no matter when the claim is reported. It could be years later, even after your policy has been terminated. Occurrence policies often cost more upfront, but they don’t require the added purchase of an ERP.
