13th January 2020

2020 Crime Insurance Guide

Tagged: Corporate Finance, Crime Insurance, Crowdfunding Platforms, Cryptocurrency, FCA Authorised Entities, Financial Institutions, Fintech, Fund Managers, Independent Financial Advisors, Payment Service Providers, Private Equity & Venture Capital, SME FI Scheme, Technology, Wealth Managers

Crime is on the rise and your business could be at risk

Companies of all type and sizes are vulnerable to fraud, the number one crime in the United Kingdom according to Cifas in 2018, with almost 368,000 crimes reported from April to September 2018 alone, costing victims a total of £932 million. 64% of those crimes were reported from businesses (Source: City of London Police, 2019).

A UK survey conducted by Forbes in 2018 highlighted that payment fraud is still on the rise and SMEs are at the highest risk with the total cost to those businesses at £18.9 billion.

Technological advances in business operations in recent times have increased the potential for major corporate losses, economic crime and fraud. Irrespective of size and business sector, all firms are vulnerable.

The evidence is clear: fraud can affect any type of business in many ways, and no business is too small to be a target. Consequently, the revenue, reputation and long term health of your company could be at risk unless you take action. This is why an increasing number of financial institutions are purchasing Crime Insurance.

Crime Insurance is a crucial way for businesses to protect themselves from losses arising from business-related crime, particularly when it comes to theft or misappropriation of company assets. A business crime insurance policy will usually have different limits of coverage and certain exclusions depending on the circumstances of the crime.

Download our latest Guide, which answers the most frequently asked questions we receive from our clients relating to Crime Insurance. It is designed to help you get a better understanding of what it is, why it’s important for your business, what it can cover, how much it costs, and what precautions you can take to prevent criminal activities from taking place.

Download the Guide