Crime Insurance for a tech company consists of many different coverage parts such as Employee Dishonesty, Electronic Funds Transfer Fraud, Computer Fraud, Forgery & Alteration, Money & Securities, and Third Party Fidelity.
- Employee Dishonesty: covers embezzlement of your funds or theft of your property by your own employees.
- Forgery & Alteration: covers when an outsider steals your checks and forges your signature or when the amount on your check is raised to a higher amount.
- Electronic Funds Transfer Fraud: provides coverage for financial loss due to a hacker gaining access to the computer of a financial institution, accessing an online account, and circumventing normal online authentication controls to effect a fraudulent wire transfer.
- Computer Fraud: provides coverage for financial loss due to a hacker gaining access to the computer of a business and effecting a fraudulent transaction.
- Money & Securities: Covers theft of your money and securities by an outsider.
- Third Party Fidelity: Of special importance to tech companies whose employees work at the premises of others is Third Party Fidelity coverage. This would reimburse a client under some circumstances in the event it can be proven that your employee fraudulently transferred funds or stole money, securities, or other property from such client. Many customers require this coverage as a condition of doing business with a tech company.