It is estimated that fraud costs the UK economy a staggering £20-£30 billion a year.
Worryingly, the most common type of theft against businesses is internal; this can be the falsification of expense claims or overtime payments or the unlawful transfer monies. We recently had a claim where a long standing employee was ciphering off company money to pay personal bills.
The consequences of internal fraud can have a serious effect on a business, cause damage to reputation, stress for owners and managers, a reduction in profit and growth, and ultimately the closure of a business, resulting loss of jobs.
One of the most cost effective ways to insure against fraud is to include a “crime extension” under a Management Liability insurance policy. Cover is normally provided up to £100,000 and if higher limits are required, it is possible to arrange a bespoke crime insurance policy.
For more information on crime insurance and the impacts on a business, please contact Tony Gibbs on 0118 916 5485 or complete one of our enquiry forms.
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*Information correct as of 1st May 2016