Crime Insurance
What is Crime Insurance?
Crime Insurance helps protect businesses against losses caused by acts of theft, fraud and other criminal acts. This vital coverage can help shield your company’s financial stability and assets from the potentially devastating impacts of criminal offenses. As technology grows more advanced, illegal activity is also becoming more sophisticated. Does your business have the coverage and resources it needs to bounce back from a crime-loss event?
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According to one recent report, more than $4.7 trillion is lost annually to occupational fraud globally, and organizations lose 5% of revenue to fraud every year.1
Employee theft has been estimated to cost employers $50 billion per year and 33% of U.S. corporate bankruptcies are linked to employee theft.2
Criminal property damage results in an average of $17.2 billion losses to businesses annually.3
These staggering statistics reflect the range of financial crime exposures organizations face every day and highlight the importance of understanding how these risks can impact day-to-day operations.
Types of Crime Insurance available from Zurich
Zurich understands every company is different, and we work to provide customers with the coverages that are most appropriate for their business model and its associated crime exposures. We offer standalone policies as well as package insurance solutions for public and private companies that can help your organization protect against the impacts of:
Crime Insurance support beyond coverage
Zurich works with you to understand the specific crime-related risks your business faces. Our Crime Insurance is designed to help address financial loss resulting from specified criminal acts.
Our specialists can help you identify potential exposures and suggest effective internal controls and security measures. This collaborative approach helps strengthen internal controls and supports a more resilient operational environment. Zurich also brings a wealth of claims experience in handling complex financial crime matters, thereby helping customers navigate and respond to loss events. By preparing for these risks, you can better empower your organization to move forward with confidence. To explore how our Crime Insurance can support your business goals, contact your broker or locate a Zurich preferred broker.
As “fidelity insurance” is sometimes used more broadly, it’s important to note the specific business needs — in fact, legal requirements — of ERISA Fidelity Bonds. These bonds help businesses meet fiduciary requirements established by the Employee Retirement Income Security Act of 1974 (pursuant to ERISA Section 412) and are required to be held by every fiduciary of an employee benefit plan, and every person who handles funds or other property of such a plan.
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“Occupational Fraud 2022: A Report to the nations.” Association of Certified Fraud Examiners (ACFE).
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Kolmar, Chris. “22 Stunning Employee Theft Statistics [2023]: Facts Every Employer Should Know.” Zippia. 23 February 2023.
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Sadler, Randy. “Amid Surging Crime Rates, Make Sure Your Business Is Protected.” Entrepreneur. 24 May 2022.