What does crime and fidelity insurance cover for law firms?
Crime and Fidelity Insurance protects law firms from loss of money, securities, or inventory resulting from the crime. Common insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
These schemes involve every possible angle, taking advantage of any potential weakness in your law firm’s financial controls. From fictitious employees, dummy accounts payable, non-existent suppliers to outright theft of money, securities, and property. Fraud and embezzlement in the workplace are on the rise, occurring in even the best work environments.
Any employer that needs to be concerned with Employee Dishonesty or any business handing cash or securities needs protection from robbery or theft will need Fidelity/Crime Insurance.
Because most property insurance policies do not typically cover crime-related losses, crime protection insurance is a necessary component for any business. Unfortunately, the majority of firms don’t purchase enough crime protection.
According to a recent study by the Association of Certified Fraud Examiners (ACFE). It estimates the average business is losing six percent of its total annual revenue from losses involving employees — on average more than $9 per day per employee.
To find out more about how crime insurance can protect your law firm, please contact our office.