Commercial Crime Insurance

Assurein Insurance > Commercial Crime Insurance

Undeniably, you can’t ignore white collar crime which is rising at an alarming rate. Business owners are becoming more and more prone to fraud involving computers. The reality is that it’s more the senior staff and trusted employees that commit fraudulent activities. And when they strike, they do it not for once but again and again over a period of time.

Although many business owners have solid internal controls, there’s always a possibility that these controls can be breached by third parties or even employees. The only absolute failsafe to protect the companies’ assets is to purchase commercial crime insurance.

Risks to your money, property and securities

Businesses are exposed to internal crime carried out by employees and external crime perpetrated by third parties:

Theft, fraud or dishonesty by employees acting alone or in collusion with others
Theft or burglary of property, money or securities
Forgery of documents to obtain funds or goods
Fraudulent alteration of cheques to obtain funds or goods
Passing counterfeit money
Manipulation of your computer system, programs or funds transfer system
Credit card fraud
Fraud or dishonesty by employees of outsourcing company
Third party deceiving an employee to transfer funds erroneously
Toll and line charges as a result of unauthorized access of your telephone system by a third party.

Additional costs to your business after a crime loss

Even once a crime is discovered the cost to your business continues:

Costs of establishing the amount of the loss
Business interruption costs, such as rental costs for temporary replacement equipment or premises and staff overtime
Cost of reconstituting data
Loss of interest that would have been earned on the stolen funds
Costs of defending an action to enforce payment of a forged cheque
Cost of a forensic expert to assist with investigation and production of proof of loss for insurance .
Cost of engaging public relations firm to limit adverse effects of negative publicity.

What does commercial crime insurance cover?

Commercial crime insurance covers a business against direct financial losses that arise as a result of theft and fraud by employees and third-party fraud, among other things.

Internal Crime (Employee Dishonesty)

Direct financial loss as a result of fraud by employees.

External Crime (Third Parties)

Third party computer fraud, forgery and counterfeit

Why Commercial Crime Insurance?

Broad protection for loss of money, property and securities from a wide range of criminal activity
No requirement to show ‘manifest intent’ or to identify a fraudulent or dishonest employee
Each loss limit of liability (inter-related criminal acts clause applies to multiple losses)
One deductible applies to loss from inter-related criminal acts
Extensive cover for additional costs to your business that result from a crime loss
Worldwide coverage
Broad definition of employee, including volunteers and retired employees on contract
Employee superannuation/Pension funds are covered
Subsidiary includes incorporated joint ventures controlled by the insured
Cover for loss sustained at any time

2726276 - burglar breaks into a residential building.

Coverage Extensions Available

Business interruption
Care custody and control cover
Client liability
Continuous cover
Contractual penalties
Court attendance costs
Data reconstitution costs
Erroneous funds transfer
Subsidiary includes incorporated joint ventures controlled by the insured
Extortion
Cover for loss sustained at any time
Extended discovery period up to 12 months

Interest
Investigation costs
Legal expenses
Loss investigator
New subsidiaries
Outsourcing
Partners
Who needs Commercial Crime Insurance?
Public relations expenses
Run off cover for ceased subsidiaries
Telephone system fraud.

Commercial crime insurance is important from small businesses to multi-national corporations, but it is especially important for those businesses that deal in cash, cheques, online payment systems and credit cards.

How Do I Start?

Talk or email us at Assurein, we will assess your needs and assist you tailor a comprehensive risk management program that addresses your specific needs.

Alternatively, you can fill the form below and our team will get back to you as soon as possible.

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