Crime Insurance

Crime insurance can protect against criminal activity that costs UK businesses hundreds of millions every year

Get indemnity™ crime insurance

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Protect against employee theft, cyber-crime and social engineering fraud with crime insurance.
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Compare crime insurance quotes starting from £423 annually or £35.25 monthly.
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Commercial crime insurance can protect against a wide range of business fraud.
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Combined crime insurance and cyber insurance under one policy to fully protect your business.

Commercial Crime Insurance

Compare business insurance to protect against a rise in fraud from sophisticated criminals

Companies with inadequate controls are often the target of sophisticated criminal networks and disgruntled employees. Crime insurance can offer valuable protection against an increasing threat of criminal activity. 

At get indemnity™ crime insurance quotes start from £423 annually or £35.25 monthly. Below we seek to provide some background and explain, what crime insurance cover are available and why you should consider protecting your business.


    What is crime insurance?

    Crime insurance (otherwise known as commercial crime insurance) offers financial protection from a criminal or fraudulent taking, obtaining or appropriation of money, securities or property.

    Typically offered on an all-risks basis and will cover a variety of financial losses from fraudulent behaviour. Crime insurance can be combined with cyber insurance to provide comprehensive protection.


    What types of crime insurance cover are available?

    Each insurers crime insurance policy can vary, and the terminology may alter, however the broad covers are comparable under the below sections:

     

    Employee fraud insurance

    Employee fraud (also known as fidelity guarantee) under a crime insurance policy provides protection for financial loss, caused by an employee's criminal or fraudulent behaviour.

     

    Third-party fraud insurance

    Third party fraud under a crime insurance policy provides protection for financial loss caused by a third party's criminal or fraudulent behaviour.

     

    Client fraud insurance

    Client fraud under a crime insurance policy provides protection against for financial loss, to the deprivation of a client, caused by an employee's criminal or fraudulent behaviour.

     

    Social engineering fraud insurance

    Social engineering fraud under a crime insurance policy provides protection against financial loss, caused by an act of influencing an employee to divulge sensitive information or perform a task on the fraudsters behalf.


    Get indemnity™ crime insurance

    Crime insurance can be tailored to meet your individual needs. It's worth noting that some crime covers are available under package policies such as management liability insurance, however cover will typically be limited to employee fraud.

    Get indemnity™ crime insurance can combine the protections available under a crime policy and a cyber policy, typically referred to as cyber and crime insurance. To reduce your fraud exposure read: CyberCrime Prevention and Business Insurance Explained 1O1

    Businesses of all sizes and industries should consider buying crime insurance, the losses incurred can be substantial and occur over a long period of time before the fraud is identified.


    Cyber insurance vs crime insurance?

    A cyber crime can potentially be covered under both crime insurance and cyber insurance, however each provides cover in different ways:

    Cyber insurance definition vs crime insurance definition

    How to prevent cyber crime insurance losses?

    All companies and industries will face their own challenges to prevent dishonesty and business fraud, below is a list of common practices that promote good risk management:

         

    Centralised systems and controls

    Dedicated IT personnel

    Dedicated internal audit function

    Segregation of duties for banking functions

    Dual signatories for authorising payments

    Independent wage check against personnel records

    Pre-employment screening

    Whistle blowing policy

    Encryption software

    Unique passwords

    Antivirus software

    Firewall

     

    How do insurers price your crime insurance cost?

    Insurers are confronted with a number of challenges in attempting to accurately price your crime insurance cost. For example, the diversity of exposures from different business activities, increasing sophistication of criminals.
     
    Below are key considerations when insurers calculate your crime insurance cost:
    • The size and scope of an applicant's activities and territorial exposure measured by turnover, employee numbers and total assets will impact your crime insurance cost.

    • The quality of controls to mitigate potential exposures, will also impact your crime insurance cost:

      • Are employee duties segregated, so no one employee can control any transaction from start to finish?

      • Do you maintain a dual authorisation procedure for transferring funds?

      • When recruiting for positions of trust involving money or stock, do you undertake background checks?

    • Frequency and severity of claims, in addition to any remedial action for any historic losses will impact the availability of crime insurance.


    How does a crime insurance policy work?

    Crime insurance policies operate on a losses discovered basis. Which means the current policy will respond to claims once the loss has been identified and notified to the insurer.

    If you discover a crime has occurred during the policy period, it is important to notify the insurer of those circumstances immediately.


    How to compare quotes for cyber and crime insurance?

    To compare cyber and crime insurance quotes from a range of wholesale insurers, please complete our online application. Our digital onboarding process has been designed with our customers in mind, recording material information to promote competition between insurers.

    At get indemnity we have seen limited competition within the insurance market for large companies. However, small to medium sized companies with the ability to demonstrate sufficient controls will be able to negotiate favourable terms.

    If your business is perceived as carrying a high hazard exposure or you have recent claims activity, you should engage with your crime insurance broker early in the renewal process.

     

    Compare crime insurance online


    This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.