Protecting your business from employee theft and fraud

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Media reports of crime against businesses often give the impression that it always comes from outside and far way. Russian hackers, African tricksters, criminal gangs all feature in the press.

We hear less often about the crimes that take place on our own doorstep or even at the next desk along in the office. It can be hard to swallow the idea that a crime could be committed by the people we have recruited carefully and rewarded as employees. Theft and business fraud cost the UK economy more than £73 billion in 2012, according to the National Fraud Agency. 

Unfortunately, the digital age has presented more opportunities than ever for these crimes. Fraud prevention can be challenging. For example, fraudsters may use the email address of a senior manager or director to instruct a member of the financial team to make payments to a new account set up illegally. Your employees may not know they are being deceived. Insuring your business against the actions of the people you employ does not suggest they are all dishonest. It is a matter of common sense when it is possible for them to be tricked in this way. 

It is important for you to take measures for fraud prevention and detection, of course. With our cover for employee fraud, you will have even greater peace of mind that one more risk for your growing business has been assessed and managed. The policy we have prepared does more than most business crime or fidelity policies because it includes cyber-attack risks. Our skilled advisers and underwriters are ready to make sure your cover meets the needs of your business.

 

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Fraud has many serious consequences for your business. External fraud is an attempt by people outside the business to steal funds or goods from you while internal fraud or fidelity crime is when your own employees steal from you. Both internal and external can involve cyber crime. Our policies will indemnify you in case of criminal acts or robbery, made by the staff you employ or by third parties. The cover we provide limits direct financial losses and also the indirect costs, such as legal charges or communications to alert your customers. It can be taken alongside our trade credit insurance. When you make a claim you benefit from access to a specialist team that is at your side through any crisis, leaving you free to concentrate on looking after your customers and maintaining your business.