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.
Crime Insurance can include cover for:
Download: 20 Steps to Bullet-Proof Your Business
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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Insurance brokers who understand and work with technology companies are a rare breed, to be highly recommended.
The service we get from La Playa is faultless. You are a pleasure to work with.
Thanks for all of your help with this, you've been incredibly helpful!
I like that you can put together a small package suitable for us as a startup and that this can easily be adapted as our needs develop without breaking the bank on the way
For smart technology insurance, you don't get much smarter.
An innovative leader in providing insurance solutions to technology businesses.
We thought that we had exhausted all options for our type of business. La Playa completely understood the field we operated in and provided us with new options - and then shopped around for us to get a better price.
[La Playa] provided world-class expertise and professional service. [They are] experts in insurance and risk management for the technology sector and managed to provide superior product and service whilst reducing cost.
These guys are the only insurance people I will tolerate speaking to these days, as they are actual humans (with both a brain and a heart!) and offer very good packages too - they answer calls and emails promptly and when I had an issue recently with my bank were very helpful to get it fixed.
We've been putting off our insurance needs for far too long, and I feel we are now in safe hands.
I always appreciate how quickly [you] respond to all our questions.
Thanks as always for your extraordinarily quick response and great customer service.
As always we come away thinking how lucky we are to have found La Playa and the people we deal with there - bet there's not many that can say that about their insurance company!
They are the best insurance company to deal with and our contacts there get 10 out of 10!
Open, friendly and supportive
Thank you so much for giving so generously of your time to contribute at the Ignite Programme - it would not be the success that it is if it were not for the commitment and dedication of contributors such as yourself.
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.
As a Lloyd's broker, La Playa has solutions for even the most complex risks, and our services also include Business Protection and Employee Benefits. But what does "Boutique Service" actually look like?
Careful listening to really understand your needs and priorities
As much help as you need with completing forms to provide risk information
A discreet and complimentary appraisal* to assess the risks and ensure you have the right coverage where you need it
An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
Careful monitoring of the carriers’ financial strength, claims and customer service
An independent recommendation of the best policy for you - and why
Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analyzed a wide range of policy wordings and have selected only the best for our panel. Our advisors have a deep working knowledge of these policies
*subject to insurer availability
An intelligently designed portfolio of protection across multiple asset classes, liabilities and territories
Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
A dedicated advisor so you can speak to the same person each time.
Expert guidance on valuations, security and risk management, and connecting you with specialist advisors and suppliers
Direct phone and email access to your advisor for questions and advice.
Policy documents emailed to you - no logins and passwords to remember
An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running, and driving through a swift financial settlement
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.