Crime Insurance

Liability and crime exposures are rapidly changing in today’s business world. Crime insurance addresses the most common threats to organizations, including credit card forgery, computer fraud and theft, and the disappearance or destruction of property.

Why It’s Important

Many legal practices believe that they have everything in place to prevent fraud, but when it comes to occupational fraud and abuse, no business is safe. Fraud can happen in any firm, no matter the size, at any time, so it is important to have the right crime insurance coverage.

Virginia Bar Association Insurance can help you find the coverage that is right for you!

Types of Coverage

Fidelity / employee theft / employee dishonesty

Covers losses from theft of property and/or money from the business by an employee.

Forgery or alterations

This portion of the crime policy protects against false payments made from your business, using unauthorized company checks or credit/debit cards, as well as losses resulting from your acceptance of false payments from others.

Money and Securities inside and outside the premises

This portion of the crime policy covers theft, loss, or destruction of money while inside the business locations, bank, or an employee’s home. Outside the premises means while in the custody of a messenger or in an armored vehicle. 

Computer fraud or funds transfer fraud

This portion of the crime policy covers using a computer to fraudulently transfer money or property. Some policies require the insured to have fully complied with security procedures.   

Counterfeit paper currency or money orders

Covers loss due to acceptance of a money order that was issued (or is purported to have been issued) by a post office or express company and loss due to acceptance of counterfeit paper currency of the United States or Canada in exchange for goods or services.   

Other / optional

  • Telephone toll fraud (long-distance charges)
  • Vendor theft – often shares with employee theft
  • Identity fraud (for executives, spouses and others in same household)
  • Computer virus specifically directed at the insured
  • Software licensing violations (copying software)