Crime Coverage

Theft, fraud schemes, and social engineering can be perpetrated by external sources, but, unfortunately, they are often crimes committed by employees. Is your CPA firm covered?

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1.800.221.3023

Crime Coverage

Get a Quote

Apply Now

1.800.221.3023

What is a Crime Coverage Endorsement?

A crime coverage endorsement to your AICPA Professional Liability policy can help limit exposure to your firm against risk of loss of or damage to certain types of property resulting from employee theft, forgery/alteration, and fraud schemes. Today’s criminals who target businesses have become far more crafty and sophisticated in the types of crimes, fraudulent activity and theft that they pursue. Notably, CPA firms may encounter threats from both external and internal sources.

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What it covers

Employee Theft: Theft resulting in loss of, or damage to covered property, committed by an employee, or partner performing acts within the scope of usual duties of an employee and under the control and supervision of management, acting alone or in collusion with other persons
Forgery or Alteration: The forgery (signing of the name of another person or organization with intent to deceive) or alteration (material modification of an original document by a person acting without authority and with the intent to deceive) of, on, or in a covered instrument that are made or drawn by or drawn upon by the insured, or made or drawn by one acting as the insured’s agent
Computer Fraud: Use of a computer to fraudulently transfer covered property through unauthorized and intentional use of corrupt code by a party, other than an employee or a natural person acting in collusion with an employee, and without the knowledge, consent, or intervention of you or your employees
Funds Transfer Fraud: A fraudulent instruction directing a financial institution to transfer, pay or deliver such money or securities from your transfer account, resulting in loss of money or securities
Social Engineering Fraud: The intentional misleading of an employee (including your managers, partners, owners, shareholders, proprietors, directors, officers, trustees, or governors) through use of a communication by a party, who is not, but purports to be the insured, an employee, or a pre-existing client or a vendor

What it costs

The cost of the crime policy endorsement for your CPA firm is dependent on your coverage selections. Whether large or small, we’re committed to helping you achieve your goals and mitigate the risk of future exposure. To learn more about how your CPA firm can benefit from a crime coverage endorsement, request an estimate.

Why CPAs choose AICPA Crime Coverage?

Criminals have become more sophisticated and CPA firms are looking to ensure their coverage has kept pace
The average employee theft claim can be costly, estimated to be around $145,000. ¹
Endorsed by the AICPA and overseen by a Committee of CPAs in public accounting.
Underwritten by a CNA member company, limits of up to $2.5 million are available to qualified/eligible insureds, as well as a $100,000 sublimit for Social Engineering Fraud.

About the Underwriter

CNA is one of the largest U.S. Commercial Property and Casualty insurance companies. CNA provides a broad range of standard and specialized Property and Casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by more than 120 years of experience.

I’m not a policyholder. How can I purchase a crime coverage endorsement for my CPA firm?

The crime coverage endorsement is currently available exclusively to Premier Professional Liability policyholders. We are here to help safeguard your livelihood and empower you and your firm’s future. If you wish to discuss a Premier Professional Liability policy for your firm, please contact a Risk Advisor at (800) 221-3023 from 8:30 AM to 6 PM Eastern Mon-Fri.

I trust my partners and employees. Do I really need this endorsement?

Embezzlers don’t look and act like bad people. However, the perpetrators of major theft schemes may include your own employees, or partners. Unfortunately, most people convicted of employee theft schemes appear to be good people—who make bad decisions.

What are some examples of crimes at CPA firms?

• The engagement partner at a CPA firm embezzled more than $1.5 million from multiple clients over several years. The theft was revealed when a client noted an unusual balance on a statement.²

• An accounting firm made wire transfers amounting to $192,000 in response to email requests that appeared to be from a client. In reality, they were from a criminal that had taken control of the client’s email account.²

• A “star” associate brought a wealthy elderly client to a firm, and then proceeded to write unauthorized checks to herself. The thefts were discovered by the client’s heirs after her death.²

How else can I protect myself and my CPA firm from criminals, including cybercriminals?

Today, criminals do not necessarily use weapons—they also use computers. Protecting yourself and your CPA firm from crimes that may include cybercrimes does not have to be a daunting task. The combination of your professional liability policy and the crime endorsement can help limit exposure against financial loss caused by criminals, including some cybercriminals, but your firm also may face additional risks due, in part, to the sensitive information you store.

Two other optional endorsements CPA NetProtect® and CPA NetProtect PRIME® can help address risk exposures for third party claims of network damage, extortion demands, and the expenses associated with a privacy data breach, such as client notification and credit monitoring. CPA NetProtect PRIME® can help limit exposure against covered first party loss that may include business interruption and network impairment, and could pay costs for covered regulatory proceedings and/or fines arising from a violation of privacy breach notice law. Please contact us to inquire.

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporations subsidiaries use the “CNA” service mark in connection with insurance underwriting and claims activities. Copyright © 2020 CNA. All rights reserved.

¹“Occupational Fraud 2024: A Report to the Nations” Association of Certified Fraud Examiners, 2024.
⁴Deborah K. Rood, CPA and Gretchen McCole, "All in a Dishonest Say's Work", AICPA Member Insurance Programs, 2020.
⁶"Federal Bureau of Investigation Internet Crime Report, 2023" Subject to the terms and conditions of the policy.