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. Jump to Types of Coverage. 

Many 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 practice, no matter the size, at any time, so it is important to have the right crime insurance coverage. 

The MSVIA can help you find the coverage that is right for you! Contact us for more information.


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Types of Coverage

1. Fidelity / Employee Theft / Employee Dishonesty 

  • Who is considered an employee? Does your client have any independent contractors, leased employees, volunteers or students?  Office-sharing arrangement?  If necessary, make sure subsidiary entities or affiliated (but not “subsidiary”) entities are also covered. 
  • Are belongings of the insured’s clients (patients) also covered / third party coverage?  May need to be added separately. 
  • Is there any coverage for ee’s who have previously stolen?  Is coverage terminated upon discovery of a theft at the insured’s employment? 
  • Coverage for officers/shareholders may be excluded totally, or limited to those with small amount of ownership. 

2. ERISA  This may be part of #1, Employee Theft, and is often a separate limit, not shared.  There is no deductible on the ERISA limit (prohibited by law).   The limit may automatically increase to stay compliant.   Note, this section covers only direct losses to the plan itself; it is NOT fiduciary liability.  

3. Forgery or Alteration of checks, credit card transactions made BY and TO the Insured.   The policy may require the Insured to have complied with all the conditions of the credit card.   

If the Insured is sued for refusing to pay a forged amount, the insurance company might pay defense costs (see if this coverage is inside or outside the limits and whether a deductible applies). 

4. Inside and Outside the Premises 

  • INSIDE the premises.  Inside means the Insured’s locations or the bank
    • MONEY covered for Theft, Disappearance or Destruction 
    • OTHER PROPERTY covered if loss is due to a robbery (actual or attempted) or a burglary of a safe/vault. 
  • OUTSIDE the premises.  Outside means while in the custody of a messenger or in an armored vehicle
    • MONEY covered for Theft, Disappearance or Destruction 
    • OTHER PROPERTY covered for an actual or attempted robbery. 

Property damage that happens during a robbery is usually covered also, i.e. broken windows. 

5. Computer Fraud or Funds Transfer Fraud – using a computer to fraudulently transfer money.  Some policies require the insured to have fully complied with security procedures. 

6. Counterfeit Paper Currency or Money Orders – having accepted these in good faith in exchange for goods or services.   Some policies only cover currency from certain countries (like U.S. and Canada). 

7. Other / optional 

  • Telephone Toll Fraud (long distance charges) 
  • Vendor Theft – often shares with Employee Theft 
  • Identity Fraud (for executives, spouses, & others in same household) 
  • Computer Virus specifically directed at the Insured 
  • Software licensing violations (copying software) 


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