Crime insurance should cover claims relating to fraudulent transfer of cash directly from your business bank accounts. Many businesses assume their bank will pick up the cost of fraudulent transactions, however, this is far from the case. The financial protection offered by banks for computer fraud and fund transfers fraud is often very limited, whereas the cover under a crime insurance policy is far broader. In some circumstances, the banks only provide cover up to a certain amount, and only when they are directly responsible, such as where the failure of the bank’s security mechanisms has directly contributed to the crime. The protection is for businesses with banks is often far more restricted than the protection afforded to consumers.
Theft by employees is a risk to most, if not all businesses, and should always be included within a comprehensive crime insurance policy. Very few insurance brokers understand the industry as well as we do. For over a decade we have specialised in insuring and advising finance, technology and media companies about their risk. As an independent broker, we have access to a large panel of specialist crime insurers and have experience arranging crime insurance for all business types from self-employed to high-value FTSE companies and Family Offices.