What Does Crime Insurance Cover?
An employee may take inventory over time, while a fraudster may redirect a payment in one transfer; check how the quote treats each loss. 2,3 4
Different Ways Money or Property Can Be Lost
Compare whether your quote covers employee theft, forgery, money on your premises or in transit, and computer or funds-transfer fraud. 2,3| Exposure | Ask the insurer |
|---|---|
| Employee theft | Who counts as an employee, and what employee-theft limit applies? |
| Forgery | Which forgery losses are covered, and what limit applies? |
| Money at a location or in transit | What protection applies to money at your premises and in transit? |
| Computer or funds-transfer fraud | Which fraud losses are covered, and under what circumstances? |
Payments Induced by an Impersonator
Ask whether the quote covers a payment your employee sends after an impersonator tricks them. 4Who Needs Crime Insurance?
If employees or other people handle your business’s money, inventory or client property, a theft or payment scam can disrupt your operations. 6 6
Crime Insurance Coverage Examples
What happened
A Fake Supplier Email Redirects a Payment
An email appears to come from your supplier. Your finance team follows its instructions and pays a fraudster's account.
What happened
You Discover Months of Employee Theft
A bank reconciliation reveals that an employee has been taking money for months.
What Exclusions and Conditions Should You Check in Crime Insurance?
People and Property
Check who counts as an employee and what counts as insured property, especially for contractors, volunteers and client assets. 3Limits and Related Losses
Compare each limit and retention, and ask whether repeated related thefts count as one loss. 3Discovery and Reporting
A theft can happen months before anyone notices. Keep three dates in view: when the money was taken, when you discovered the loss and when you reported it. If you changed insurers in between, have the broker explain how both policies' discovery and reporting terms apply. 3
Other Losses and Evidence of a Shortage
Ask whether the quote addresses lost income, indirect losses and shortages supported only by inventory calculations. 3How Does Crime Insurance Differ From Cyber Coverage?
Compare crime coverage for stolen money or property with cyber coverage for breach response and liability, and check where fraud protection overlaps. 1,5What Do You Need for Crime Insurance Quotes?
Exposures and Loss History
Prepare employee and location counts, the money or property at risk, requested limits and prior loss details. 6Financial and Payment Controls
Be ready to explain your bank reconciliations, separation of payment duties, approval process and audit findings. 6 Describe how you confirm vendor bank-detail changes, authenticate transfer requests and train staff to spot payment fraud. 7| Prepare | How to use it in the discussion |
|---|---|
| Employee and location counts | Describe the operation being quoted |
| Money and property exposed to loss | Explain what you want insured and the limits you are considering |
| Prior loss details | Ask what history and supporting information the application needs |
| Reconciliation, payment approval and audit practices | Explain how financial responsibilities are divided and checked |
| Vendor-detail and transfer-request checks | Describe how staff confirm that a payment instruction is authentic |
| Staff payment-fraud training | Explain the procedures employees are expected to follow |
Crime Insurance: Key Terms in Plain English
Social Engineering
A payment-fraud scenario in which an impersonator tricks an employee into sending money. Ask about this explicitly. 4
Discovery
When a theft comes to light, which can be different from when it happened. Both dates matter to the coverage review. 3
Frequently Asked Questions About Crime Insurance
Is Crime Insurance the Same as Cyber?
What if a Theft Happened Before I Discovered It?
The loss and discovery dates both need checking, along with the reporting deadline. This is particularly important if you changed insurers between the theft and its discovery. 3
Does Crime Insurance Cover a Fake Vendor Payment Request?
Check the social-engineering terms specifically. An employee sending money after being tricked by an impersonator needs its own coverage review; a crime policy title alone does not establish protection. 4
Crime Insurance Guides by State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Which Insurance Providers Offer Crime Insurance?
Sources for Crime Insurance
- Commercial Insurance Guide. California Department of Insurance; Crime. Version: Form 700 Revised June 14, 2024. Accessed 2026-09-16.
- Crime Non-Financial Applications and Forms. Travelers; Opening paragraph; Sample Policy Forms. Accessed 2026-09-16.
- Crime Terms and Conditions. The Travelers Companies, Inc.; I.A–G, printed/PDF pages 1–4; III.RR, printed/PDF p.13; V.B.1–2, printed/PDF pp.18–20; Consideration, printed/PDF p.1; III.P p.8; V.A.3 pp.16–17; V.A.4 p.17; V.B.3 p.20; I.A.3 p.1; III.C p.7; III.S pp.8–9; III.II and III.KK p.12; III.QQ p.13; V.A.5 pp.17–18 (printed/PDF pages); IV.J–O, printed/PDF pages 14–15. Version: CRI-3001 Ed. 01-09; 24 pages. Accessed 2026-09-16.
- Cyber Insurance. Federal Trade Commission; First-party and third-party cyber coverage. Accessed 2026-09-16.
- Commercial Crime Coverage Application. Travelers Casualty and Surety Company of America; I–III pages 1–2; IX–XI pages 3–4; V–VII, printed/PDF pages 2–3. Version: CRI-1100W-IND Ed. 01-09; 6 pages. Accessed 2026-09-16.