Crime Insurance Explained

So crime insurance primarily concerns your cash as a business and it covers things such as theft from your till but it covers a lot more than that.

So some of the common claims we see are employee dishonesty; where an employee will steal cash from a business over a long sustained period of time often very small amounts so it goes unnoticed and at the end it can result in quite large sums insured being stolen from the business.

Another common error we see is computer transfer fraud or or financial transfer fraud and that’s where a criminal steals cash directly from your bank account by illegally gaining access to your bank account.

Finally one of the areas we see is forgery and alteration where criminals and effectively alter or all forged your signatures on things such as cheques, invoices, purchase orders, credit notes and and similar mechanisms.

The most recent example unfortunately was a a client issued an invoice to one of their clients, a criminal yet intercepted that invoice, they had altered subtly the details on the invoice and as a result the client’s client paid an invoice into the wrong account and before we knew it that the cash was gone unfortunately.