Products gives smaller businesses access to comprehensive cover
Hiscox has launched a new product designed to protect smaller businesses against economic crime.
The insurer’s crime insurance covers against theft of money, securities and properties from both employees and third parties, telephone fraud and reputational damage.
It includes public relations costs and court attendance compensation.
The product has been created to complement other commercial policies, particularly cyber and cyber-crime.
Hiscox UK senior development underwriter Bronwen Horn said: “For many organisations, it is a question of when, not if, they will suffer economic crime. These risks are becoming more complex, and the threat can come from employees, suppliers, customers, agents, hackers and unknown third parties.
“Commercial crimes are often discovered purely by chance, and whilst the financial impact on a business can be devastating, what is often overlooked is the resulting threat to business processes and the reputational impact.
“These kinds of losses, while not always quantifiable, can over time dwarf the relatively shorter-term impact of financial losses.”