As a business, evaluating risk is a continuous process. The threats to any company can be varied in their scope and impact. One of these that can be difficult to envision or plan for is due to financial crimes against the corporation – especially those which may originate from within. Safeguarding in preparation for such scenarios are important to any risk mitigation discussion.
Protection From Dishonest Actions
Billions of dollars are forfeited by companies each year due to criminal actions, including fraud and theft. Electronic attacks against financial assets are a growing reason for these losses, which often originate from external parties. While businesses take extraordinary care to hire the best employees based on available information, internal misconduct generates the largest threat, as noted by Axis Insurance Service.
Whether criminal activities are relatively small or extreme in nature, commercial crime services can protect your institution from potentially crippling results. Coverage can be tailored to your specific industry or higher risk opportunities. Below are some of the scenarios that are not typically covered by liability policies:
- Cyber fraud and theft
- Burglary and robbery
- Employee dishonesty
- Wire transfer fraud
- Social engineering
Consider your companies’ vulnerability to such unfortunate situations. Adding a crime insurance policy can shield you from the damaging effects of criminal actions.