As businesses embrace new technological developments, they become inadvertent hosts to advanced exposures and an entire set of new risks. Fraud involving computers is fast becoming a problem in today’s technologically enhanced society. Couple that with issues such as job insecurity and reduced company loyalty and we have an environment that increases the probability of an employee being dishonest. Whilst stringent internal controls and sound administrative and management practices help limit exposures, they can never eradicate the risk completely. That’s where a crime policy is needed.
Commercial Crime policies are now becoming increasingly popular amongst the Industry in view of 2 fold requirements – contractually imposed Insurance requirements by customers and the high cost and probability of indemnifying customers for consequential claims / losses.
Crime policies provides:
- Employee Theft Coverage.
- Premises Coverage.
- Transit Coverage.
- Depositor’s Forgery Coverage.
- Computer Fraud Coverage.
- Third Party Crime or Employee Dishonesty Cover.
Any business employer needs to be concerned with Employee Dishonesty or any business handling cash or securities needs protection from robbery or theft will need Fidelity/Crime Insurance.