Employee Dishonesty
New Business Opportunities
Recent research shows that losses arising from fraud are increasing and pose more of a risk than property damage from fire. Research carried out by financial advisers MacIntyre Hudson, shows that 38% of employers questioned pointed to fraud as the single biggest threat to their business.
Most companies will routinely insure themselves against property damage but fail to take out any cover against fraud. We estimate that less than 10% of SMEs currently buy this cover.
In an increasingly competitive market, discussing and offering practical risk management solutions to this emerging threat could give you an advantage over your competitors. Conversely, failure to discuss this risk with your client could leave you vulnerable to an aggressive Broker if they fall into 38% of employers mentioned above.
If you wish to find out more about how we can help fill this gap in your clients insurance please either discuss with your Account Manager or contact us direct on 01603 681701.
Horror Stories
Employee wins £850,000 from bookmakers...
...but stakes over £9 million of his employers money by borrowing the identities of company executives to authorise fraudulent fund transfers.
Fraudsters 'not put off by jail'
Only the stiffest of prison sentences and massive fines would deter white collar fraudsters for whom the punishment does not currently fit the crime.
Evening Standard 15/06/04
Worker's £1m theft 'sent builder to the wall'
A small Dorset construction company has gone bankrupt after one of its employees apparently stole more than £1 million to spend at bookmakers.
www.timesonline.co.uk 27/01/06
Reported fraud 'at 10-year high'
Reported fraud in the UK has reached a 10-year high, with cases involving a total of almost £1bn reaching the courts, according to a study. The two biggest classes of perpetrator were managers and organised crime, which together accounted for almost 90% of the cases.
www.bbc.co.uk 30/01/06
Elvis has left the building...
...with £500,000. A town hall cashier stole up to £10,000 a month for nearly a decade to fund her obsession with Elvis Presley.
If you would like to know more about how we can help or have any opportunities to explore, speak to your Norwich Union Account Manager or contact us directly.
