As a small business owner, you are faced with a lot of expenses just to keep your business running. When it comes to insuring your property like your building, equipment and inventory, those are tangible losses that you can visualize and put a value on. But, when it comes to commercial crime insurance, you may hesitate.
You think you are surrounding yourself with trustworthy people, so no need for …
The very nature of business commerce – the activity of buying and selling on a large scale – is exactly what makes businesses susceptible to a variety of different crimes. Money is almost always the main motivation in business crimes, and in some cases the thieves feel justified stealing from a “corporation” rather than a person. However, money stolen from corporations has to come from somewhere, and stealing from businesses …
A 2016 insurance outlook report discovering various insurance lines and trends came out earlier this year. Crime insurance was among the lines of insurance discussed. According to the report, while vendor fraud associated with employee dishonesty continues to be the largest source of claims, imposter fraud is among the growing trends crime insurance underwriters are evaluating.
Impostor fraud, which includes phishing, involves schemes designed to trick organizations into redirecting …
Did you know that the average organization loses five percent of its revenue due to fraud each year? What’s more, according to the Association of Certified Fraud Examiners (ACFE), median fraud loss among U.S. companies is $100,000. Occupational fraud in the workplace comes in the form of asset misappropriation, which is by far the highest participation of fraud at about 85% of all incidents; corruption; and financial statement fraud.
How …
