Why do you need it

Commercial fraud is estimated to cost UK businesses £193bn* each year. On average, companies lose 6% of their total annual revenue to employee theft. Crime insurance provides balance sheet protection for the Insured.

* the Annual Fraud Indicator (2016) and The Association of Certified Fraud Examiners.

Dishonest acts are not restricted to any particular group. Average people with average morals can be tempted to commit fraud if the opportunity exists and their situation is desperate enough. Companies have been victimised by the dishonest acts of strangers, dissatisfied customers, unhappy stockholders, and employees from entry-level workers to chief executives. However, most general insurance policies specifically exclude coverage for losses arising from dishonest acts committed by employees. Crime insurance can be used to fill this gap in coverage.

In addition to employee fraud, many other Crime policies do not cover criminal acts that are committed by a third party. Plus Risk do.

What is covered

Crime insurance is balance sheet protection for a company. It protects a company from the loss of money, securities or other tangible property resulting from criminal acts.

Our comprehensive Crime policy provides coverage for commercial organisations against:

  • The direct financial loss from dishonest acts committed by employees or third parties
  • Computer Fraud as a result of unauthorised access into a computer system
  • Expenses arising from a Crime

What we do

  • The policy adopts an "all risks" approach
  • Coverage is provided on a loss discovered basis
  • We have a clear insuring clause on Social Engineering, to remove any ambiguity from the coverage

Limits & Policy

Limits available up to GBP 5m any one loss.
Expenses up to GBP 100,000.
Access to a dedicated legal helpline to assist with legal issues

Generous Additional Policy Benefits, including:

  • Computer Violation Expenses
  • Employee Benefit Plans
  • Reputational Expenses
  • Third Party Liability
  • Social Engineering *

* on completion of our Social Engineering Questionnaire.

Feel free to contact us or pick up the phone to see how Plus Risk can assist you and your clients.

Claims Examples

The Money Saver

A woman was employed by a company, on the strength of her apparent accountancy qualifications, to save money. In fact, she had faked the accountancy qualifications on her CV and, instead of saving money, she siphoned out £115,000 over the course of three years in a series of thefts involving use of the company cheque book, company credit card and electronic banking facility and forgery of her boss’ signature.

Employee Steals for Online Gambling

An accounts administrator using his office computer, spent a total of £1,047,550 of his employer’s money on online casinos and betting shops over a period of eighteen months. Because of his position, the employee had access to a secure account which had been set up for payments to the tax-man. The amount stolen equalled a massive 10% of the company’s turnover, in this case causing the company to collapse.

£2,000,000 helps fund seven houses and a smart car or two

A woman joined a marketing agency as Finance Director in 1999. To get the job she concealed an earlier conviction for thefts from her previous company. At the agency, she managed over time to steal a total of £2,000,000 by transferring sums into her own account and by brazenly using a company card to make purchases. The total amounted to a third of the company’s turnover. She used the money to fund a lavish lifestyle, involving seven houses, a Spanish villa, a Ferrari, a BMW and six Porsches. The dishonesty was discovered when the agency, brought to the brink of bankruptcy, asked an auditor to investigate its financial dire straits.