Place 1/4 cup of chocolate chips in a small bowl. Place the bowl over a small pan of barely simmering water. Heat, stirring occasionally, until the chocolate is melted and smooth, about 2 minutes. Remove the pan from the heat.
Gently squeeze the sides of an apricot together until 3/4-inch thick. Using a wooden skewer, make a hole through the center of the side of the apricot and thread a piece of licorice through the hole. Repeat twice more on either side of the first hole. Gently flatten out the apricot to its original shape. Dip the blunt end of the skewer in the melted chocolate and place a very small dab of chocolate onto the flat side of 2 chocolate chips. Place the chocolate chips side-by-side on the end of the apricot to form 2 eyes. Repeat with the remaining ingredients. Allow the melted chocolate to harden, about 15 minutes, and serve.
Cook's Note: The bugs can also be made using dried prunes. Use red licorice lace for the legs and white chocolate chips for the eyes.