Protect yourself from criminal acts
Embezzlement, theft and employee dishonesty are exposures for all businesses and organizations. No one and no company is immune. Losses caused by the social engineering of employees and the impersonation of trusted business partners are increasing and show no signs of abating. The pace of innovation continues to rise rapidly, bringing with it new ways for criminals to exploit companies with even the best internal controls.
What areas does crime insurance cover?
Crime policies typically address areas of your veterinary hospitals exposed to risk including:
- Employee theft
- ERISA fraud or dishonesty
- Client theft
- Theft on premises or in transit
- Funds transfer fraud
- Social engineering fraud
- Money orders and counterfeit currency fraud
- Claim and computer investigations expenses
- Computer investigation expenses
What is social engineering?
Social Engineering is when an impostor posing as a vendor, client or authorized employee persuades an employee to authorize a transfer of funds. Even companies that conduct strict background screenings, employ fraud detection systems and implement strict internal controls can be vulnerable to losses if a well-meaning employee is duped by a criminal posing as a supplier, new client or fellow employee.
What are some examples of social engineering?
- An imposter, pretending to be a trusted vendor or supplier, tricks Accounts Payable into using a new account for bill payment.
- A criminal, pretending to be an employee, tricks Payroll into routing salary into a fraudulent new direct deposit account.
- A stranger impersonates a senior executive, either by voice or email, and pressures an employee into making an illegal transfer.
What type of businesses need crime coverage?
All businesses of all sizes need protection, including:
- Privately-held companies
- Publicly-traded companies
- Not-for-profit organizations
- Healthcare organizations
How can crime insurance help you prevail against theft
According to the ACFE 2024 Report of the Nations, organizations lose an estimated 5% of their annual revenue to occupational fraud, with a median loss of $145,000 per case. The study, covering 1,921 cases globally, found that asset misappropriation is the most common form (89% of cases), while financial statement fraud is the costliest (median loss of $766,000)
Even valued and trusted employees can be susceptible to misappropriation of company funds, especially during times of increased economic and social stress. Having Crime Insurance is more important than ever, but the rapid growth of COVID-19 and the subsequent economic challenges are putting strain on businesses like never before.
In veterinary hospitals, theft of inventory is a common problem. Uncontrolled inventory can be easy to steal, abuse or convert to cash outside the business. There are many ways an employee can steal. Below are just a few:
- Keeping two sets of books
- Stealing merchandise, inventory, etc.
- Paying bills to a fictitious company
- Making charges against inactive accounts.
Like any other type of business, veterinary practices are vulnerable to losses due to criminal activity inside and outside the business premises. Theft, embezzlement, forgery, and fraud are only some of the crimes that may occur within or be perpetrated against your company. When a crime is committed, there will be crime-related losses.
Commercial crime insurance allows you to protect your business with coverage for loss in the event of a crime. Crime insurance may be purchased as part of a larger business insurance package or stand-alone.
© 2026 Vetinsure. All rights reserved.
© Copyright 2026 Vetinsure. All rights reserved.