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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Why buy Crime Insurance?

The numbers tell the story:

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 just some of the common crimes against businesses, and the risks are only growing as cybercrime evolves.

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:

Employee theft
Loss of or damage to money, securities or property resulting directly from theft or forgery committed by an employee

Forgery or alteration
Loss resulting directly from forgery or alteration of checks, or any written instrument required in conjunction with any credit, debit or charge card issued to the insured or any employee for business purposes

Computer fraud
Loss of or damage to money, securities or property resulting directly from the use of any computer to fraudulently cause a transfer of money, securities or property from inside the premises or banking premises

Funds Transfer Fraud
Loss of money or securities resulting directly from a funds transfer fraud directing a financial institution to transfer such money or securities from the insured’s transfer account

Robbery and safe burglary
Robbery or safe burglary of property from inside the business premises

Other crime exposures
Crime Insurance from Zurich may also help mitigate losses stemming from loss of money or securities, and loss of or damage to property, while in transit outside business premises; money orders and counterfeit currency; electronic data or computer programs restoration cost (when damaged or destroyed in a criminal act); social engineering scams; and investigative expenses incurred to determine the amount of loss covered under the policy.

How do you choose the right Crime Insurance policy?

Crime exposures can vary based on the type of industry, day-to-day operations, different segments of a workforce and many other factors. Working with an experienced broker can be the most efficient way to determine what insurance coverages are needed for your business. Zurich is proud to have forged longstanding relationships with many of the most experienced brokerages and other distribution partners who understand these exposures and how they are evolving.

Crime protection that goes beyond insurance

Strong Crime Insurance is essential, but the best way to minimize crime-related losses is by preventing criminal acts before they occur. Zurich Resilience Solutions (ZRS) offers risk-assessment services that can reveal vulnerabilities, and then our risk specialists work with your business on strategies to help strengthen your company’s crime resilience.

FAQs

While the terms are sometimes used interchangeably, “fidelity insurance” is usually used when insurance considerations are more strictly focused on financial entities such as insurance companies, banks and brokerage firms.

Policy wording can vary between different insurers, but with Zurich, coverage for employee dishonesty is found within our commercial Crime Insurance policy.

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.

Find out about the Zurich ERISA Fidelity Bond.

“Occupational Fraud 2022: A Report to the nations.” Association of Certified Fraud Examiners (ACFE).
Kolmar, Chris. “22 Stunning Employee Theft Statistics [2023]: Facts Every Employer Should Know.” Zippia. 23 February 2023.
Sadler, Randy. “Amid Surging Crime Rates, Make Sure Your Business Is Protected.” Entrepreneur. 24 May 2022.