Why Law & Accounting Firms need Crime Insurance

Average loss caused by employee dishonesty is $140,000 with one in 5 cases over $1 million.

Background checks are of little help, most frauds are committed by 1^st time offenders

Firms now rely on internet many to increase the speed and ease of doing business law firms have been exposed to funds transfer fraud and conversion by 3^rd parties

Your business owner’s policy may have some crime coverage in it, but generally the unendorsed policy limit is between $25,000 to $50,000.  This is likely not enough to cover a fraud committed against your trust account.  Many firms have millions of dollars in their trust accounts.

Depending on the type of act committed against the firm, your professional liability insurance policy may or may not provide any coverage.