Cowbell vs Gallagher: Commercial Crime Insurance

Gallagher arranges crime with outside carriers, sending small businesses to an advisor form and using peer analysis for limits on larger accounts; Cowbell's crime module, underwritten by Zurich, is open only to appointed wholesalers and targets companies under 250 employees.

Van Ness Partners presents a practical comparison of source materials relevant to financial crime exposures.Research updated 2026-09-25

Crime coverage

Cowbell

  • role: Crime coverage is one module within Cowbell's distribution of Zurich's Select Plus management liability product; Cowbell operates the platform, Zurich underwrites the module. Zurich's own page lists 'Crime Insurance' as one of the four modules a buyer can combine. Management liability page intro and module list; Zurich page module-name section.company-reportedSource ↗Source ↗
  • insurer: Cowbell and Zurich both say the Select Plus modules, including crime, are written on Zurich admitted paper. Zurich's site footer names 'Zurich American Insurance Company' in its copyright notice, but neither page states that entity is the specific policy issuer for this module. Management liability page intro; Zurich page intro and footer.company-reportedSource ↗Source ↗
  • eligibility: Cowbell targets this crime module at private companies with under 250 employees and under $50M in assets, across the same target industries listed for the broader Select Plus product. FAQ 'What size accounts are targeted?' and Target industries list.company-reportedSource ↗
  • coverage: Cowbell describes crime coverage as protecting against losses resulting from criminal acts such as theft, fraud, and embezzlement committed by employees or third parties. FAQ 'What is the difference between management liability and D&O?'.company-reportedSource ↗
  • limits: Neither the Cowbell page nor Zurich's own Select Plus page, both read in full, publishes crime-coverage limit or retention amounts. Cowbell page and Zurich page, both read on 2026-09-23.not-disclosedSource ↗Source ↗
  • services: Neither reviewed page describes crime-specific risk-control services such as employee-dishonesty prevention programs; both describe the Select Plus product's claims backing only at the whole-product level. Management liability page and Zurich page, both read on 2026-09-23.not-disclosedSource ↗Source ↗
  • application: This crime module is accessed only by appointed Zurich E&S wholesalers through the Cowbell platform's API; it is not sold directly to businesses. FAQ 'How can I access the Zurich Select Plus management liability product through Cowbell?'.company-reportedSource ↗

Gallagher

  • role: Gallagher Small Business arranges Fidelity and Crime coverage with outside carriers for small-business clients; its group-level Executive and Financial Risk practice separately places the same coverage for larger accounts. Gallagher does not underwrite either policy. Small-business crime product page and the group-level executive-risk practice page.company-reportedSource ↗Source ↗
  • coverage: Gallagher describes Fidelity and Crime insurance as covering losses from fraudulent or dishonest acts, including credit card forgery, computer fraud, funds-transfer fraud, employee fraud, theft and destruction of property. Small-business crime product page; a coverage description, not a specific policy's insuring agreement or exclusions.company-reportedSource ↗
  • eligibility: Gallagher recommends this coverage for small businesses exposed to funds-transfer fraud, computer fraud, employee fraud, or destruction of personal property. Small-business crime product page "Do you need Fidelity and Crime insurance?" list; actual acceptance depends on underwriting.company-reportedSource ↗
  • services: For larger accounts, Gallagher says its methodology for setting crime coverage limits includes peer analysis using third-party databases and an exposure index developed by the Surety Association of America with the American Institute of Accountants. Group-level executive-risk practice page; not confirmed as applied to the small-business product.company-reportedSource ↗
  • application: The small-business crime page routes buyers to a Connect With An Advisor form asking for company details, business description, other coverage interests, employee count and annual revenue. Product page inquiry form, inspected without submission.company-reportedSource ↗
  • insurer: Neither the small-business crime page nor the executive-risk practice page names the insurer that would issue a given client's crime policy. Checked both pages on 2026-09-23.not-disclosedSource ↗Source ↗
  • limits: Neither page publishes specific crime coverage limits or premium ranges. Checked both pages on 2026-09-23.not-disclosedSource ↗Source ↗

What Are the Key Differences Between Cowbell and Gallagher Crime Insurance?

If your business is larger than Cowbell’s stated size target, Gallagher describes a separate large-account practice and a peer-based way to set limits. Cowbell requires an appointed Zurich wholesaler, while Gallagher’s small-business team starts with an advisor form. [4] [3] [5]

Who Underwrites Versus Who Places

Cowbell operates the platform for Zurich’s Select Plus crime module; Zurich underwrites that module. Gallagher Small Business arranges Fidelity and Crime with outside carriers for small-business clients, and Gallagher’s Executive and Financial Risk practice places the same coverage for larger accounts. Gallagher does not underwrite. [3] [9] [5] [4]

A Cowbell quote is Zurich’s module on paper Cowbell and Zurich describe as Zurich admitted. A Gallagher quote is a placement with a carrier Gallagher’s reviewed pages do not name. [9] [5]

How You Reach a Quote

Cowbell’s crime module is available only to appointed Zurich E&S wholesalers through the Cowbell API. Gallagher’s small-business crime page routes you to a Connect With An Advisor form. [3] [5]

You cannot buy the Cowbell module yourself. You start Gallagher small-business crime by sending that advisor form. [3] [5]

Limits on Larger Gallagher Accounts

For larger accounts Gallagher says it sets crime limits using peer analysis and an exposure index from the Surety Association of America and the American Institute of Accountants. Neither the Cowbell page nor Zurich’s Select Plus page publishes crime limit or retention amounts. [4] [3] [9]

What Should You Confirm in Cowbell and Gallagher Crime Insurance Quotes?

  • Confirm the appointed Zurich E&S wholesaler for Cowbell. [3]
  • Ask Gallagher whether the quote is the small-business product or the executive-risk practice. [5] [4]
  • If Gallagher uses its peer-analysis method, ask for the recommended limit. [4]
  • Compare Cowbell’s theft, fraud and embezzlement description with Gallagher’s listed perils on the bound forms. [3] [5]
  • Check Cowbell’s under-250-employee and under-$50-million-asset target against your figures. [3]

Cowbell fits private companies under 250 employees and $50 million in assets that can work through a wholesaler; Gallagher can assess both small-business needs and larger accounts using peer-based limit analysis.

Sources consulted

  1. 01
    Commercial Insurance Guide

    California Department of Insurance · Crime · accessed 2026-09-16

  2. 02
    Social Engineering Fraud Insurance

    Chubb · Opening; coverage highlights · accessed 2026-09-16

  3. 03
    Management liability coverage for small & medium enterprises

    Cowbell · FAQ 'What is the difference between management liability and D&O?' (Crime Coverage definition); Target industries list; FAQ on access and account size · accessed 2026-09-23

  4. 04
    Executive and Financial Risk Insurance

    Gallagher · Employee Dishonesty (Crime) and Fidelity Bond insurance section · accessed 2026-09-23

  5. 05
    Crime

    Gallagher Small Business · Coverage Overview; Do you need Fidelity and Crime insurance?; Connect With An Advisor form · accessed 2026-09-23

  6. 06
    Crime Terms and Conditions

    The Travelers Companies, Inc. · I.A–G, printed/PDF pages 1–4; III.RR, printed/PDF p.13; V.B.1–2, printed/PDF pp.18–20; Consideration, printed/PDF p.1; III.P p.8; V.A.3 pp.16–17; V.A.4 p.17; V.B.3 p.20; I.A.3 p.1; III.C p.7; III.S pp.8–9; III.II and III.KK p.12; III.QQ p.13; V.A.5 pp.17–18 (printed/PDF pages); IV.J–O, printed/PDF pages 14–15 · accessed 2026-09-16

  7. 07
    Crime Non-Financial Applications and Forms

    Travelers · Opening paragraph; Sample Policy Forms · accessed 2026-09-16

  8. 08
    Commercial Crime Coverage Application

    Travelers Casualty and Surety Company of America · I–III pages 1–2; IX–XI pages 3–4; V–VII, printed/PDF pages 2–3 · accessed 2026-09-16

  9. 09
    Small and Midsize Business Management Liability | Zurich Select Plus

    Zurich North America · Intro on the Zurich/Cowbell collaboration; module name 'Crime Insurance'; FAQ 'What is the difference between management liability and D&O?' (identical to Cowbell's page); Targeted industries list; footer copyright · accessed 2026-09-23

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