Commercial Crime

Protection from financial crime, employee theft, and emerging fraud risks.

A look at the numbers

$290K

Median loss from employee theft cases at small and mid-sized businesses*

68%

Percentage of embezzlement cases that occur in small and mid-size businesses with fewer than 500 employees*

$50B

Estimated cost of employee theft to U.S. businesses annually**

* Hiscox: 2017 Hiscox Embezzlement Study **U.S. Department of Commerce

Built for small businesses

Thousands of small businesses use Counterpart’s insurance product offerings and risk management services to manage some of their most complicated risks

Technology

Example

Technology

State:

Colorado

Limit:

$250,000

Retention:

$5,000

Premium:

$1,395

Restaurant & Food Services

Example

Restaurant & Food Services

State:

Massachusetts

Limit:

$500,000

Retention:

$10,000

Premium:

$1,458

Construction

Example

Construction

State:

Nevada

Limit:

$1,000,000

Retention:

$5,000

Premium:

$2,231

Manufaturing

Example

Manufacturing

State:

Illinois

Limit:

$500,000

Retention:

$5,000

Premium:

$2,125

Hospitality

Example

Hospitality

State:

Texas

Limit:

$500,000

Retention:

$5,000

Premium:

$1,859

Retail

Example

Retail

State:

Florida

Limit:

$1,000,000

Retention:

$5,000

Premium:

$3,090

Medical Practitioners & Outpatient Care

Example

Medical Practitioners & Outpatient Care

State:

Wisconsin

Limit:

$100,000

Retention:

$5,000

Premium:

$1,135

We cover 300 + more industries

Across all 50 states

State:

Limit:

Retention:

Premium:

What is covered?

Employee Theft

Theft and dishonest acts of employees

Third Party/Client Theft Coverage

Theft committed by an Employee sustained by a Third Party

Forgery

Forgery, alteration, or counterfeiting of financial instruments

Inside Premises

Theft, robbery, or burglary on business premises

Outside Premises

Theft or robbery while in transit

Computer System Fraud Coverage

Direct loss of money, securities, and other property

Funds Transfer Fraud Coverage

Theft of funds from an account maintained at a financial institution

Social Engineering Fraud Coverage

Loss caused by the good faith transfer of money or securities, or other property as a direct result of intentional misrepresentation

+ Much more

And dozens of other coverages that are designed to help business grow with less risk

Download our full coverage & appetite guide

How we’re different

Others

Modular Forms

Quote multiple limits, retentions, and coverage options across all coverages

Others

Admitted & Surplus

More coverage options, from standard coverage to more unique, complex risks

Others

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AM Best rating of A XV (Excellent)*

Underwritten by industry leaders with one of the strongest credit ratings from AM Best

Others

?

Risk assessment

Generate custom risk assessments with proprietary insights into the exposures your clients may face

Others

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Multi-channel support

Get a quote in minutes, any where, and on any device via email, digital application, or API

Others

?

Underwriter on-call

Get support from underwriters with over >120 years of collective experience

Others

?

Counterpart Insurance Product Manager, Tiffany Park

We’re behind you

Tiffany has worked in various underwriting roles within the Financial Lines division at AIG and most recently helped spearhead the development and digitalization of small business management and professional liability underwriting at Hiscox. She has expertise in strategy development focused on profitable growth and engaging with broker partners nationally.

Tiffany Park
Insurance Product Manager

Claims Examples

Forgery & Alteration

Cost: 60-90 days

Time to resolve:

$10,000-$25,000

Example

A trucking company noticed its fuel costs had risen significantly over the past few months while conducting a routine financial audit. Further investigation revealed a series of unexplained and undocumented charges on one of the company’s fuel cards. They notified the police, who used security camera footage to identify and arrest the fraudster. The card issuer agreed to reverse most of the bogus charges, and insurance covered the rest.

Employee Theft

Cost: $10,000

Time to resolve:

60-90 days

Example

A distribution company was surprised to receive a call one day from a customer alerting them to the fact that one of their exclusive items had appeared for sale on a popular online auction site. The company investigated and learned that an employee in its fulfillment center had been stealing small quantities of goods, selling them online, and keeping the profits.The employee was arrested and charged with theft, and the company’s Crime insurance carrier paid for the loss, nearly $10,000.

Social Engineering

Cost: Up to $100,000

Time to resolve:

90-180 days

Example

A reseller of stone and tile products fell victim to a phishing scheme when a fraudster pretending to be one of their overseas suppliers requested a change in their banking information. The insured wired more than $400,000 to the “new” bank account before the fraud was discovered. Although most of the funds were recovered directly from the bank, the insured was still left with a loss of roughly $100,000, which was covered by insurance.

Forgery & Alteration

Cost: 60-90 days

Time to resolve:

$10,000-$25,000

Example

A trucking company noticed its fuel costs had risen significantly over the past few months while conducting a routine financial audit. Further investigation revealed a series of unexplained and undocumented charges on one of the company’s fuel cards. They notified the police, who used security camera footage to identify and arrest the fraudster. The card issuer agreed to reverse most of the bogus charges, and insurance covered the rest.

Employee Theft

Cost: $10,000

Time to resolve:

60-90 days

Example

A distribution company was surprised to receive a call one day from a customer alerting them to the fact that one of their exclusive items had appeared for sale on a popular online auction site. The company investigated and learned that an employee in its fulfillment center had been stealing small quantities of goods, selling them online, and keeping the profits.The employee was arrested and charged with theft, and the company’s Crime insurance carrier paid for the loss, nearly $10,000.

Social Engineering

Cost: Up to $100,000

Time to resolve:

90-180 days

Example

A reseller of stone and tile products fell victim to a phishing scheme when a fraudster pretending to be one of their overseas suppliers requested a change in their banking information. The insured wired more than $400,000 to the “new” bank account before the fraud was discovered. Although most of the funds were recovered directly from the bank, the insured was still left with a loss of roughly $100,000, which was covered by insurance.

Forgery & Alteration

Cost: 60-90 days

Time to resolve:

$10,000-$25,000

Example

A trucking company noticed its fuel costs had risen significantly over the past few months while conducting a routine financial audit. Further investigation revealed a series of unexplained and undocumented charges on one of the company’s fuel cards. They notified the police, who used security camera footage to identify and arrest the fraudster. The card issuer agreed to reverse most of the bogus charges, and insurance covered the rest.

Other products

Private Directors & Officers

Protect the company's assets and key management.

Geometric shape, triangle with curved edge

Small business owner with insurance stands confidently in the doorway of her business

Employment Practices

Protect the company against employment-related lawsuits.

Small business owner with insurance confidently meeting with customers.

Fiduciary

Protect the company against financial crime, employee theft, and emerging fraud risks.

Two small business owners with insurance confidently standing on the manufacturing floor of their business.

Underwritten by the world’s leading insurance providers

Counterpart’s products are unwritten by Aspen Specialty Insurance Company (AM Best Rating of A XV*), Evanston Insurance Company, a Markel® Company (AM Best Rating of A XV*), and Westfield Specialty® (AM Best Rating of A XV*).