What about impersonation and social engineering?
A fraudulent email or call can persuade an authorized employee to send money to the wrong account. Ask specifically how the proposed policy treats impersonation, fraudulent instructions, and voluntarily authorized transfers. Social engineering coverage may have separate limits, conditions, or verification requirements. Describe your callback and approval procedures so the comparison addresses the payment process your team actually follows.
How does crime insurance relate to cyber insurance?
Crime and cyber can address different parts of a financial incident. A cyber policy may discuss transfer fraud or deception alongside data and systems risks, while a crime policy has its own loss definitions. Compare both forms for relevant grants, exclusions, notice requirements, and other-insurance provisions. Do not assume a cyber policy replaces a crime review or that buying both automatically removes every gap.
Is a fidelity bond the same as fiduciary liability?
A fidelity bond and fiduciary liability insurance serve different purposes. If your business has an employee benefit plan, discuss the applicable bonding question separately from claims alleging improper plan management. Describe who handles plan assets and who makes plan decisions. Requirements and available forms depend on the circumstances; the conversation should identify the correct protection rather than treating similar terminology as interchangeable.
What terms should we compare?
Review whose property is insured, how covered loss is measured, when loss must be discovered, and how prior losses are treated. Compare deductibles, per-event limits, sublimits, and any required payment verification controls. Ask about investigation costs and notice timing. A limit that looks sufficient on a summary can be less useful when the scenario you are concerned about sits within a smaller sublimit.
A practical payment scenario
Your accounts payable team receives a request to change a supplier’s bank details shortly before a scheduled payment. Before assuming that a fraudulent transfer would be insured, review how the request is verified and how the policy treats those facts. This scenario can help align insurance with internal controls. It does not replace banking security measures or determine coverage for an actual loss.
How do we begin a crime insurance review?
Share your business activities, approximate size, payment processes, current crime and cyber coverage, and renewal timing. Discuss prior incidents accurately during underwriting. Cory can help frame the comparison around your financial controls and the exposures you want to review. Avoid putting bank information, credentials, or detailed incident documents into the public inquiry form; begin with basic business contact details.
Related coverage guides
Changed payment processes or access to company funds?
Start with how payments are approved and which fraud or employee-theft questions you want to review. Cory will follow up to discuss the business and the information needed for the next step.
Request an insurance review with Cory or call 845-721-0744.
Preparing for the conversation? Download the business insurance review checklist (PDF). No signup required.
Practical reading before your next decision
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Submitting an inquiry does not bind, amend, or cancel coverage. Coverage availability and terms depend on underwriting and the policy issued.
Further reading: Coverage background.
