Inside job or faceless scam. Be ready for any criminal attack.
From fake expenses and disappearing stock to spoof emails and non-existent suppliers, cases of economic crime and social engineering fraud are increasing rapidly. Every organisation is vulnerable, regardless of size, location or business sector. And there’s no way of knowing where an attack will come from – it could be hackers on the other side of the world or the colleague sitting opposite you.
What is Crime Insurance?
Also known as Fidelity Insurance, Crime Insurance covers your business for financial losses as a result of theft, fraud or dishonest activity. Many insurers now offer ‘all risks’ policies that combine employee infidelity with crimes committed by people outside your organisation, giving you all-round protection whatever the perpetrator.
"Regardless of the various security measures you put in place to protect your business, unfortunately there will always be individuals, either from within your business or external to it, who seek to to take or damage what is not theirs. That’s why we always recommend that a company considers Crime Insurance to shore up their defences."
- Matt Thrupp, Crime Insurance specialist at Macbeth
How Crime Insurance protects you
The financial impact of economic crime and fraud on a business can be devastating. With Crime Insurance you’re protected against a wide range of risks, including forgery, embezzlement, telecommunications fraud and social engineering fraud.
Protecting your organisation’s brand and reputation after a crime has taken place is just one of the benefits of having a Crime Insurance policy.
- Employee infidelity – you’re covered for crimes committed by employees, including the embezzlement of company funds and property
- Social engineering fraud – Crime Insurance covers a variety of techniques used by fraudsters such as pretending to be a supplier or impersonating a person of authority within your organisation
- Reputational damage – many policies include the cost of PR activities to protect your reputation following an attack on your business
In 2018, 49% of organisations said they’d been a victim of economic crime or fraud – up from 36% in 2016.
Why you should consider Crime Insurance
- In PwC’s 2018 Global Economic Crime and Fraud Survey, 49% of organisations said they’d been a victim of economic crime or fraud – up from 36% in 2016 – with a third of incidents involving some form of cyber crime.
- As thieves and fraudsters become more strategic and sophisticated in their approach, an attack can be financially crippling – and the associated reputational damage is difficult to repair.
- There have been many cases of employees stealing large sums of money from their employers. This fraudulent activity can continue over a number of years – and it’s often discovered purely by chance.
- The risks your business faces aren’t just increasing, they’re also becoming more complex, with threats extending beyond employees to suppliers, customers, agents, hackers and other unknown third parties.
Total Recall – The Pain of a Product RecallRead more
The grass is always greener – or is it?Read more
Specialist Insurance for Facility Management CompaniesRead more
Top 6 Cyber Insurance Myths DebunkedRead more
Medical Malpractice Insurance – Protection for Health ProfessionalsRead more
Employers’ Liability Insurance (EL) – Frequently Asked QuestionsRead more
Insurance Requirements for Selling into the US and CanadaRead more
PSD2 Insurance – Is Your Professional Indemnity Insurance Compliant?Read more
Vicarious Liability For Data Breaches- Prepare for DoomsdayRead more
Distribution Fraud Insurance- Know You ClientsRead more
"I can't recommend Macbeth highly enough. A small change to our business activities saw our renewal quote increase ten-fold! Catherine at Macbeth was so tenacious in finding us a more realistic quote, keeping in touch with us at every stage and, in the end, finding us the right policy at exactly the right price. Extremely impressed and very grateful."