Crime & Cyber Liability

Crime Insurance also referred to as Fidelity Insurance, offers crucial cover for businesses, safeguarding them against financial losses resulting from theft, fraud, and acts of dishonesty. This specialised insurance policy serves as a vital shield, aiming to protect businesses and organisations from the severe financial impacts that may stem from such unfortunate occurrences.

Crime Insurance can allow business owners to provide protection and peace of mind against a wide variety of criminal activity. This coverage can be expanded to include protection against the escalating risk of cyber fraud, where businesses are deceived by fraudulent emails from imposters posing as managers or suppliers

Crime Insurance can help to cover you for theft by either your employees or third parties. This type of coverage additionally can safeguard organisations in situations where they may be held liable for monetary or property theft from a client. Defence costs can be paid if a claim from a client crime is brought against you. By obtaining Crime Insurance, business owners and organisations can proactively protect their financial interests and effectively mitigate the possible risks.

• Criminal taking or misappropriation of the insured’s money, securities or property (with no distinction between employee and third- party losses);
• Physical destruction or disappearance of money and securities while on premises, in employee custody or in transit;
• Criminal taking by an employee of money and securities or property to the deprivation of a client;
• Criminal taking by a third-party of client money, securities or property in your control and for which you are liable;
• Expenses cover to establish the existence of the loss, and verify it’s amount. This also includes notification expenses in the event of a data breach;
• Computer violation by an employee;
• Telephone fraud;
• Public relations costs following a covered claim to limit or mitigate the impact on your business;
• Court attendance costs if a person has to attend court as a witness in respect of a client crime;
• A social engineering extension is also available to protect against email impersonation fraud. The cover is tailored to enhance the Crime Insurance product to address the specific exposures.

With the constant increase in cybercrime incidents in the UK, businesses are constantly facing higher risks of data breaches, ransomware attacks, and other cybersecurity threats, and the need for Cyber Liability Insurance has never been greater. Cyber Liability Insurance, can act as a proactive measure to mitigate the increasing cyber risks that businesses and organisations may encounter in the digital landscape.

Common cyber crimes and risks include Hacking, Malware, Ransomware and Phishing. Whether your business is located in Eastbourne or anywhere else across the UK, our dedicated team at Professional Insurance Agents Ltd specialises in offering tailored Cyber Insurance cover that can meet your unique needs.

It is common to think that you only need cyber liability insurance if you are taking payments online, however, an attack on your business could cost you between £75,000 and £311,000 on average according to government statistics. Cyber Liability Insurance holds value for businesses of all kinds that may engage in the creation, storage, or management of electronic data online.

In this digital age, sensitive customer information such as contact details, sales records, personally identifiable information, and credit card numbers are highly sought-after by cyber criminals. Therefore, Cyber Liability Insurance becomes crucial when protecting your business.