Crime INSURANCE
Protection from employee theft, forgery and fraud.
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2 MIN
Crime insurance basics with Myles
What Crime does & doesn't cover
Recommendations based on stage and vertical
Which add-ons make sense for your startup
BECAUSE
The average fraud case costs a company $1,509,000.
WHEN
- Launching your first product
- Growing headcount
- Increasing revenue
- Acquiring high-value property acquisition
WHY
- Organizations with fewer than 100 employees see the largest share of fraud cases – 28 percent.
See recommended limits based on your stage and vertical
GET COVERAGE RECOMMENDATIONTHE PROTECTION
What Crime Insurance Covers
Employee dishonesty
Losses caused by employee theft or forgery.
Forgery or alteration
Theft done through forgery or alteration of documents.
Computer fraud and funds transfer
When a computer is used to fraudulently transfer funds.
Counterfeit currency
Losses caused when a computer is used to fraudulently transfer funds out of your account.
Losses that happen outside your business premises
Theft, damage, or destruction of property while in transit.
What it doesn’t cover
- Costs resulting from a data breach, typically covered by Cyber insurance.
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FROM THE ACTUARIES
Crime Claims Examples
Case Study
Incident
The head of finance at a startup providing an online document management platform embezzles over $500,000 over a 5 year period by creating false vendor invoices, and substituting the check made payable to the vendor with checks made payable to himself. The startup’s bank eventually notices a discrepancy in the checks and the employee is caught. A claim is filed to recover the money lost.
Resolution
The crime policy pays the policy limits of $500,000 to the startup.
Incident
The Head of Accounting at an insurtech startup opens an email with an attached .zip file that contains a virus. The virus is able to obtain the username and password to the startup’s bank account. A wire is then initiated in the amount of $150,000 from the startup’s bank account to an unknown bank account. A claim is filed to recover the money lost due to the attack.
Resolution
The crime policy responds by paying the startup the $25,000 policy limits.
Financial losses due to embezzlement
Incident
The head of finance at a startup providing an online document management platform embezzles over $500,000 over a 5 year period by creating false vendor invoices, and substituting the check made payable to the vendor with checks made payable to himself. The startup’s bank eventually notices a discrepancy in the checks and the employee is caught. A claim is filed to recover the money lost.
Resolution
The crime policy pays the policy limits of $500,000 to the startup.
Costly email virus attack
Incident
The Head of Accounting at an insurtech startup opens an email with an attached .zip file that contains a virus. The virus is able to obtain the username and password to the startup’s bank account. A wire is then initiated in the amount of $150,000 from the startup’s bank account to an unknown bank account. A claim is filed to recover the money lost due to the attack.
Resolution
The crime policy responds by paying the startup the $25,000 policy limits.
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AM Best rating of A (Excellent)
White-glove claims process
COMPREHENSIVE PROTECTION
Explore Insurance Coverages
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Errors & Omissions Insurance
Protection for bugs in your product that cause financial losses.
Fiduciary Liability Insurance
Protection for mistakes with employee benefit plans.
Employment Practices Liability Insurance
Protection for allegations of wrongdoing in the workplace.
Cyber Insurance
Protection for the damages caused by data breaches.
Crime Insurance
Protection for employee theft and fraud.
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