As a leader within your organization, you want to trust your employees and the people you do business with. However, no business is immune to the threat of crime and fraud. In fact, the Association of Certified Fraud Examiners estimates that a business can expect to lose 5 per cent of its revenue to fraud each year.
Thankfully, companies can turn to crime insurance, which can provide the following benefits:
It is likely that a number of your employees have access to company funds or financial information. In some cases, employees may abuse this access for personal gain. Crime insurance can protect organizations from the misuse or illegal transfer of funds, ensuring your finances are safe from internal criminal acts.
While it can be difficult to imagine, employees and outside actors can extort a company for funds by holding a director or officer hostage or through other illegal methods. Without crime insurance, your organization would have no means to recoup these losses, which could devastate your bottom line.
Computer and emerging technologies have made it easier for employees to carry out crimes against their employers. Crime insurance can provide a crucial layer of protection for any money or securities lose via computer fraud, which is an important piece of an effective cyber risk management program.
Your employees may have access to cheques that they can easily alter for their own gain. Crime insurance policies provide coverage for losses that result from the forgery or alteration of a cheque.
The only way to ensure your company has the protection it needs is through crime insurance. To learn more about crime insurance policies, contact us or request a quote below.