Law firms are increasingly becoming targets of various frauds both internally and externally, and crime insurance is becoming a necessity.  It could be an employee embezzling from the firm, a computer hacker gaining access to your network to steal money, or a criminal tricking you into voluntarily parting with funds by pretending to be someone else, as well as many other frightening scenarios.   Your best defense is to have strong internal controls and be vigilant, but a crime insurance policy is a good backstop to have in place to protect you in the event you fall victim to one of these situations.

There is much justified concern about data breaches and cyber events, but if you are concerned about the theft of funds, you need a Crime/Fidelity policy.  Not all crime policies are equal.  We have sought out the most comprehensive coverage for your law firm.  Here is a description of available coverages on our crime policy:

Employee theft (Fidelity) - Broad coverage for theft or forgery by an employee

Forgery or Alteration – Forgery or alteration of a financial instrument committed by a 3rd party

On Premises – Robbery by a 3rd party on insured premises

In Transit – Robbery by a 3rd party while in transit

Computer Crime/Fraud  - Unlawful taking of money, securities and other property by a 3rd party from the unauthorized use of computer

Funds Transfer Fraud –  Fraudulent instruction to transfer or pay money by a 3rd party who is purporting to be the insured

Claims Expense – Investigative expenses incurred to establish/prove the loss

Social Engineering Fraud – Deceptively gaining the confidence of an employee to induce him or her to voluntarily part with money