Crime Insurance
Protect your business against financial crime
Financial crime can impact businesses of all sizes and sectors. From fraud and theft to forgery or internal misconduct, the consequences can be significant, both financially and to your reputation.
What is Crime Insurance?
Crime Insurance provides your business with a strong financial safety net against both internal and external forms of financial crime. It offers coverage when trust is abused, and when a dishonest act results in the loss of money, assets, or data.
An insurance that goes beyond the traditional
The insurance is designed to protect your business in situations where traditional business insurance falls short.
It takes into account the complex risks that come with digitalisation, employee access, and advanced financial processes, including:
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Increased use of automated payment systems
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More people with access to the company’s financial data
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Increasing exposure to fraud and digital attacks
Coverage for both traditional and modern threats
With a Crime Insurance from BinderGroup, your business is protected against the consequences of fraud, embezzlement, forgery, and cyber-related financial crimes.
The insurance covers both traditional incidents such as theft and deception, as well as newer forms of crime that often occur through IT systems or electronic payments.
Security and professional support
The insurance not only provides compensation for direct losses but also peace of mind, knowing that your business will receive professional assistance in managing the incident.
An important part of your company’s overall protection
The Crime Insurance is an important supplement to your company’s other business insurances and serves as protection against a risk that, unfortunately, becomes more relevant with each passing year.
What does Crime Insurance typically cover?
The Crime Insurance covers direct financial losses suffered by the company as a result of financial crime committed either by employees or by external parties.
The insurance applies to losses that are discovered during the insurance period.
Theft and fraud committed by employees
The insurance covers loss of money, securities, or property resulting from theft, embezzlement, or fraud committed by an employee — whether the act was carried out alone or in collaboration with others.
Robbery and burglary
The insurance covers loss of money or securities resulting from robbery or burglary in the company’s premises, safes, or during cash transport.
Extortion and threats
The insurance covers financial losses arising from extortion or threats directed at the company, its management, or its employees.
Forgery and falsification of documents
The insurance covers losses resulting from forgery, manipulation, or alteration of cheques, payment orders, promissory notes, or similar documents that lead to unauthorised payments.
IT-related crime
The insurance covers losses resulting from computer-related crime committed by a third party — for example, hacking, unauthorised access, or manipulation of the company’s systems or data.
Fraud involving electronic transfers
Covers losses resulting from false or manipulated payment instructions, where funds are transferred from the company’s accounts without authorisation.
Recovery expenses
The insurance may cover necessary expenses for external auditing, data recovery, consultancy assistance, and legal advice when these costs are a direct consequence of a covered loss.
What is not covered by the insurance?
The Crime Insurance typically does not cover:
- Indirect losses, such as lost profit, missed interest, dividends, or lost revenue.
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Fines, fees, sanctions, or punitive damages.
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Loss of money or securities while being transported by a courier service or postal carrier is excluded.
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Losses resulting from phishing, i.e. fraud carried out through fake emails or websites.
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Losses resulting from theft or misuse of confidential information, such as customer data, trade secrets, or internal documents.
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Losses arising from trading in currencies, stocks, derivatives, or similar financial instruments.
Frequently asked questions about Crime Insurance
Who should have Crime Insurance?
Crime Insurance is relevant for any business that handles money, valuable assets or sensitive data.
It is particularly relevant for businesses with:
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Employees who have access to finances or payment systems.
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Digital management of payments and remote access to accounts.
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Client funds or securities under management.
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Multiple branches, departments, or international operations.
Even in trusted environments, mistakes or deliberate actions can occur. Crime Insurance ensures that your business can recover financially from a case of fraud or theft.
What is the purpose of Crime Insurance?
Crime Insurance protects businesses against financial losses resulting from incidents such as fraud, theft and embezzlement. This may include situations where an employee misuses their access to the company’s funds, assets or systems for personal financial gain. The insurance helps limit the financial impact if the business is affected by this type of crime.
Which insurance covers a business against digital fraud?
Crime Insurance and Cyber Insurance cover different types of incidents. If a business is affected by a cyberattack, malware or other IT-related incidents, Cyber Insurance will typically be the relevant cover. Crime Insurance, on the other hand, is designed to cover financial losses resulting from incidents such as fraud, theft and embezzlement.
Crime Insurance can be combined with Cyber Insurance to provide broader protection against financial losses resulting from both financial crime and cybercrime.
What should I do if my business is affected by crime?
If your business is affected by crime, the incident should be reported as soon as possible. Learn more about how to report a claim.
Other relevant insurance solutions
Does your business need Crime Insurance?
Get help assessing your company’s needs and finding Crime Insurance that matches your risks. Our experts are ready to assist.
