Every business, regardless of size, is a potential target for white collar crime. Australia-wide fraud is estimated to cost corporations around $4 to $5 billion a year. The tougher economic climate, advancements in technology and online gambling make the threat of loss more ominous than ever before. With white collar crime being one of the fastest-growing, most prevalent problems facing business today, such losses can cause financial ruin to a business and destroy its credibility.
Burglary or theft cover under standard business insurance policies excludes theft by employees and business partners and therefore a properly structured Crime Insurance policy is a necessity for any business concerned with protecting its assets today and in the future.
Cover can be arranged on a standalone basis, or alternatively under a Management Liability policy however care must be taken to ensure that broad coverage is arranged.