Crime Insurance

Inside job or faceless scam. Be ready for any criminal attack

Crime Insurance

Fake expenses. Non-existent suppliers. Disappearing stock. If you spent all your time worrying about employee fidelity or a social engineering attack, you’d never get anything done. We’re not here to scaremonger. We’ll simply give you straight-forward advice about how to help protect your business from crime.

What is Crime Insurance?

Also known as Fidelity Insurance, Crime Insurance covers your business for financial loss as a result of theft, fraud or dishonest activity. Because theft and fraud can be committed internally or externally, we work with insurers that offer ‘all-risks’ Crime Insurance which insures you for employee infidelity as well as crimes committed outside your organisation. Crime insurance is different to cyber liability insurance which protects you from cybercrime.

“Regardless of the security measures you put in place, there will always be individuals who find a way to take or damage what’s not theirs.

– Matt Thrupp, Crime Insurance specialist at Macbeth

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Talk to Matt about our all-risks cover.

How Crime Insurance protects you

Imagine walking into work one day to find out that a trusted colleague has been using a company credit card for personal purchases. Or that company funds have been squandered on a supplier that doesn’t exist. Or that Ian in accounts has been manipulating bank and accounting records and you’re missing £100k in cash. 

It’s almost impossible to believe that any of these things could happen right under your nose. But they can and they do. Crime Insurance can protect you from:

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  • Employee infidelity

    Cover for crimes committed by employees, including the embezzlement of company funds or property.

  • Social engineering fraud

    Crime Insurance covers fraud techniques such as pretending to be a supplier, or impersonating a person of authority in your organisation.

  • Reputational damage

    We always try to source insurance with reputational damage cover too, so you can afford PR activity to protect the brand you’ve worked so hard to build.

How to reduce employee fraud and infidelity

  • Thoroughly vet candidates and suppliers – double check references, previous employment and background checks.

  • Divide financial responsibilities between employees to stop a single person having too much control or access to sensitive financial information.

  • Carry out regular financial audits and reconciliation of accounts to detect discrepancies.

  • Establish a whistleblower protection program so employees can report fraud or unethical behaviour without fear of retaliation.

  • Implement strong password policies and regularly update access credentials.

  • Use fraud detection software and analytics tools to monitor financial transactions for unusual patterns.

In PwC’s 2022 Global Economic Crime and Fraud Survey, 46% of organisations said they’d been a victim of economic crime or fraud. Most notably, nearly two thirds of technology, media and telecommunications companies experienced some form of fraud, the highest incidence of all industries.

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