Crime

Crime Insurance offers businesses financial protection against theft, fraud and dishonesty by employees or third parties.

Why this cover?

Despite more regulation and stringent internal controls, theft, fraud, and dishonesty remain major threats to business. Crime Insurance can provide extra protection against business-related crime.

Benefits for your business

The crime insurance package we arrange covers all crime risks, including:

Employee fraud

Theft of cash

Cyber fraud

Contractor fraud

Email hacking

Fraudulent changes to bank details

Social engineering

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Why should I buy Crime Insurance?

Crime can damage a business’s brand and reputation. Reduce risk by implementing robust internal controls.

Employee fraud and theft is all too common. Middle and senior managers, for instance, may have more access to business systems, with more opportunity to commit crime.
The threat is diversifying. Businesses are being targeted by employees, agents, customers, vendors, cyber-criminals, and unknown third parties.
Combating fraud is constant. A fraudster needs only one opportunity, while a business must steadfastly strive to prevent fraud from occurring.
Crime and Cyber Insurance - what's the difference? Crime cover protects your financial assets, whereas a cyber policy covers your data risk and obligations.
Peace of mind. Were you to fall victim to financial crime, comprehensive crime insurance can provide essential balance sheet protection.

Real-life examples of crime claims

The following examples are of crime losses that have directly affected our clients.

Fake president fraud

The financial director of a large interior design client, turning over around £80,000,000, paid three invoices totalling £225,000 without checking the supplier bank details. The invoices were fraudulent and the money was sent to the perpetrator’s accounts in the Czech Republic. Luckily, there were multiple frauds being undertaken and £150,000 of the client’s payments were held when the accounts were frozen. Whilst the client has lost £70,000, it is hoped that the remainder will be returned in full.

Employee system breach and theft

An employee/employees of a client obtained passwords to the till computer system that they were not authorised to have. They used these to access the system and delete transactions from the day’s takings. They then took cash to the value of the deleted transactions so that the till ‘balanced’. The irregular pattern of deleted transactions was picked up and investigations ensued, which led to the full extent of the loss being discovered (circa £50,000).

Fraudulent change of bank details in genuine email

A supply and distribution client engaged in genuine email communication with a supplier, but embedded within the email chain was a fraudulent notification regarding a change of bank details. A payment of approximately £115,000 was made to the ‘new’ bank details, which were subsequently discovered to be false. This client did not have crime insurance in place. Arrange your crime insurance package with Clear.