La Playa: Insurance with Intelligence®

Science & Technology

La Playa: Insurance with Intelligence®

Crime Insurance

Have you considered the risk of fraud in your organisation?

It pays to think through the risks of fraud at work, and check you've got the right insurance protection in place.

Crime Insurance protects your business from losses that are a direct result of employee or third party dishonesty, like business fraud and employee fraud.

What if...

  • A respected and senior team member uses their budgetary control to siphon off funds?
  • An IT or finance professional defrauds your business, and uses their expertise to cover their tracks?
  • You suffer "fake president" fraud and unwittingly transfer money under false pretences?

Crime Insurance can include cover for:

  • Theft of money
  • Theft of securities
  • Theft of property
  • Costs & expenses

Download: 20 Steps to Bullet-Proof Your Business

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CASE STUDY

Employee hides fraud behind specialised knowledge

A systems manager was working for a manufacturing company for 14 years and stole property worth £150,000 during the last 7 years of his employment. The employee was responsible for ordering all IT equipment required for use by the company. The employers were impressed by the employee’s expertise and trusted him with the entire IT budget, without ensuring adequate controls were in place to record the type and amount of products ordered and whether they were accounted for on the premises. A colleague had become suspicious of the employee’s activities, but it was not until a company Christmas party that this was disclosed to senior management! Otherwise, the loss could have continued undetected for many years to come.

Slow-burn fraud by finance director

A building manufacturer in Ireland discovered their finance director had stolen €215,000 after a client contacted them querying an overdue payment that the insured owed. Although the insured’s accounts had shown the money had been paid, an inquiry by the board discovered monies had in fact been transferred to fraudulent bank accounts, controlled by the finance director and family members. The FD had manipulated refunds and payment procedures and had personally written and signed computer-produced company cheques each month for small amounts to avoid suspicion. Unfortunately, he was able to get away with this for 9 years before being caught out.

Internal gang uses stolen passwords to manipulate sales system

A retail computer company made a claim for £112,000 after it discovered three of its employees, in collusion with a third party, had stolen 40 computers through sales at four regional department stores. By using other colleagues’ passwords to access the orders and sales system, the employees were able to raise fraudulent orders and issue fictional invoices. Delivery of the insured’s property was made to third parties without payment for 8 months. It was not until a fraudulent delivery was returned to the insured’s premises that the fraud was discovered.

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Testimonials

What Our Clients Say

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Insurance brokers who understand and work with technology companies are a rare breed, to be highly recommended.

Specialist & Independent

La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language. We’ll support you with great advice - helping you make good decisions for your business.

Advice You Can Trust

…from an expert who understands you

  • Specialist insurance for science and technology
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture
  • Seamless insurance across US and UK
Robot

Tech-based business is 24/7, global and borderless, always exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.

Get Specialist Science & Technology Insurance and Innovate with Confidence

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