Business Insurance
Protect Your Financial Stability with Crime Insurance
No business is safe from employee theft and fraud.
It’s an unfortunate reality in today’s complex and high-tech world. In fact, theft and fraud are among the most common threats to a business.
You establish a culture of integrity, put prevention processes in place, and do your due diligence hiring and managing employees. Despite all these checks and balances, theft and fraud can still happen.
Even when you do everything right, something can go wrong. Crime Insurance protects your practice’s financial stability, so you can recover quickly from any theft or fraud loss that may occur.
Whether employee theft or fraud is a one-time incident or goes undetected over time, losses can devastate a business. From check forgery and unauthorized transfers to embezzlement, computer fraud, and invoice scams, the bottom line is that the long-term sustainability of your business is on the line.
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Healthcare practices of all sizes need Crime Insurance to safeguard against theft and fraud, whether by employees or outside parties. MSVIA’s Crime Insurance protects you and your practice from:
- Fidelity, Employee Theft, and Employee Dishonesty: covers theft from your business as
well as from your patients - Forgery or Alteration: includes when an employee forges checks or financial documents, as well as when checks are intercepted and stolen, like with check washing
- Counterfeit Paper Currency or Money Orders: recovers losses when you receive payment in good faith via counterfeit means, for both products and services
- Employee Retirement Income Security Act of 1974 (ERISA): provides coverage in line with federal law protecting retirement and health plan benefits from mismanagement
- Inside and Outside the Premises: includes theft and destruction of property that takes places on-premises, as well as theft that takes place in transit with an employee or an armored vehicle service
- Computer Fraud or Funds Transfer Fraud: covers unauthorized transfers via social engineering fraud, like invoice scams, as well as restoration of software and data
Crime Insurance is essential to protect your practice’s financial stability and business continuity from theft and fraud, so you can recover quickly, continue to deliver the level of service your patients rely on, and provide the income on which your employees and your family depend.
For every business owner, being prepared and knowing you’re covered if something does happen gives you valuable, vital peace of mind. Our team of Virginia healthcare insurance experts will help you identify and understand the options that offer you best protection.
We think beyond the short-term to position you and your practice for security, stability, and strength on the road ahead. More than the products we provide, we’re the partnership that protects.
- Providers with Employer Insurance: You do not need additional personal coverage with Crime Insurance. Your employer should have this coverage for the business.
- Independent Providers: Even if you don’t have employees, you need Crime Insurance to manage and recover from losses from incidents like counterfeit currency, fraudulent payments, check interception, and funds transfer fraud.
- Small Practices and Physician Groups: You need a Crime Insurance policy to protect your business, especially because sizable theft and fraud losses can be uniquely devastating to a small business’ financial stability. Further, smaller businesses are particularly vulnerable to theft and fraud because of limited internal controls and lack of separation of duties — when one person is responsible for multiple financial areas, it’s easier for issues to go undetected.
- Large Practices and Health Systems: You need a Crime Insurance policy to protect your business. It’s an unfortunate mathematical reality that your risk of theft and fraud increases with the number employees you have, the number of electronic systems you use, and the number of transactions that take place.
- Students: Full-time and part-time students may need Crime Insurance if you process expenses related to being a student. The policy can protect against losses from incidents like check interception and funds transfer fraud.
Our Carriers
Choose MSVIA for Your Crime Insurance
Our niche makes us next-level partners. From large healthcare systems to independent practices, insurance for Virginia providers is all we do. Our team is at the forefront of Virginia’s advocacy and legislative changes and how they impact your business, and our due diligence comes from the real-life experience of providers right here in the Commonwealth.
With deep first-hand knowledge of Virginia’s complex healthcare and legislative landscape, we ask the right questions, to help you find the right answers, to ensure you choose the right options for your practice. We help you navigate complexity, manage emerging risks, and avoid losses. Don’t just get insurance, get it right.
Let us protect your future.