Anyone running a business or charity understands how important trust is within their day-to-day operation. Payroll managers, administrators, till staff, fundraisers - whatever your organisation, the likelihood is you will have people in your organisation who handle money or are responsible for cash or online payments and accounts.
But what happens when an employee or volunteer abuses that trust and undertakes criminal activity? As the saying goes, prevention is better than cure, and the most effective way to prevent losses is to put in place a robust system of internal controls. However, it can be hard to spot a stock manager misreporting product levels in order to steal stock, or a finance director siphoning off cash.
Crime insurance can cover you against the losses incurred from the theft or damage to physical goods or property, or the embezzlement of funds. In addition to material losses, criminal activity resulting from the actions of a member of staff or volunteer can generate bad press and reputational damage. Insurance cover against crime can help to mitigate the impact of an incident through supporting services such as public relations advice and fraud investigations.
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