COMMERCIAL CRIME INSURANCE

Undeniably, you can’t ignore white collar crime which is rising at an alarming rate. Business owners are becoming more and more prone to fraud involving computers. The reality is that it’s more the senior staff and trusted employees that commit fraudulent activities. And when they strike, they do it not for once but again and again over a period of time.

 

Although many business owners have solid internal controls, there’s always a possibility that these controls can be breached by third parties or even employees. The only absolute failsafe to protect the companies’ assets is to purchase commercial crime insurance.

 

Risks to your money, property and securities

 

Businesses are exposed to internal crime carried out by employees and external crime perpetrated by third parties:

 

  • Theft, fraud or dishonesty by employees acting alone or in collusion with others
  • Theft or burglary of property, money or securities
  • Forgery of documents to obtain funds or goods
  • Fraudulent alteration of cheques to obtain funds or goods
  • Passing counterfeit money
  • Manipulation of your computer system, programs or funds transfer system
  • Credit card fraud
  • Extortion of money using threat of injury to an employee’s family member
  • Third party deceiving an employee to transfer funds erroneously
  • Fraud or dishonesty by employees of outsourcing company
  • Toll and line charges as a result of unauthorized access of your telephone system by a third party.

 

Additional costs to your business after a crime loss

 

Even once a crime is discovered the cost to your business continues:

 

  • Costs of establishing the amount of the loss
  • Business interruption costs, such as rental costs for temporary replacement equipment or premises and staff overtime
  • Cost of reconstituting data
  • Loss of interest that would have been earned on the stolen funds
  • Costs of defending an action to enforce payment of a forged cheque
  • Cost of a forensic expert to assist with investigation and production of proof of loss for insurance .
  • Cost of engaging public relations firm to limit adverse effects of negative publicity.

 

What does commercial crime insurance cover?

 

Commercial crime insurance covers a business against direct financial losses that arise as a result of theft and fraud by employees and third-party fraud, among other things.

 

  • Internal Crime (Employee Dishonesty) – Direct financial loss as a result of fraud by employees.
  • External Crime (Third Parties) – Third party computer fraud, forgery and counterfeit

 

Why Commercial Crime Insurance?

 

  • Broad protection for loss of money, property and securities from a wide range of criminal activity
  • No requirement to show ‘manifest intent’ or to identify a fraudulent or dishonest employee
  • Each loss limit of liability (inter-related criminal acts clause applies to multiple losses)
  • One deductible applies to loss from inter-related criminal acts
  • Extensive cover for additional costs to your business that result from a crime loss
  • Worldwide coverage
  • Broad definition of employee, including volunteers and retired employees on contract
  • Employee superannuation/Pension funds are covered
  • Subsidiary includes incorporated joint ventures controlled by the insured
  • Cover for loss sustained at any time

 

Coverage Extensions Available

 

  • Business interruption
  • Care custody and control cover
  • Client liability
  • Continuous cover
  • Contractual penalties
  • Court attendance costs
  • Data reconstitution costs
  • Erroneous funds transfer
  • Extended discovery period up to 12 months
  • Extortion
  • Interest
  • Investigation costs
  • Legal expenses
  • Loss investigator
  • New subsidiaries
  • Outsourcing
  • Partners
  • Public relations expenses
  • Run off cover for ceased subsidiaries
  • Telephone system fraud.
  • Who needs Commercial Crime Insurance?

 

Commercial crime insurance is important from small businesses to multi-national corporations, but it is especially important for those businesses that deal in cash, cheques, online payment systems and credit cards.

 

How do I start?

 

Walton Insurance will assess your needs and give you options. Give us a call or email us and one of our friendly staff will help you get the best cover at the right price.

0202400035 | info@waltoninsurance.co.ke

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