Commercial Crime Insurance

What is it?

The risks of crime have become increasingly global. Also developments in technology ensure businesses are now more than ever, faced with not only an increased exposure to commercial crime but a huge variety of different ways coming through from many different ways. Thieves and fraudsters can include internal employees, external sources, or a combination of the two working together for their own personal gain.

Why do you need it?

During periods of economic uncertainty it appears people become more desperate and this appears to lead to increased criminal activity. Therefore the discovery rates by Businesses and their Managers are escalating. Mergers or acquisitions can heighten exposure to crime. Also when Businesses implement cost saving measures such as salary freezes and redundancies, disgruntled employees to look for alternative ways to supplement or increase their income. As the worldwide use of computers has grown, so has computer-related criminal activity.Cyber thieves attempt to assume identities, commit credit card fraud, alter websites and maliciously destroy online systems. Small, portable high-tech products that can quickly skim cards or film password entries can easily be bought on the black market. As a result we can all be an easy target for internal and external sources because the earning potential is huge.

As organisations operate globally, cross-border criminals, fraudsters and professional gangs have the opportunity to operate on an international scale. Detecting a crime on this scale is more complex. Fraud or crime poses a greater threat in emerging countries. As a company expands its operations there can be a lack of understanding in terms of the language and culture of the new territory .

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What does it cover?

Commercial Crime coverage is designed to meet the needs of corporate organisations in challenging times. It provides broad coverage to ensure protection and peace of mind against a wide range of criminal activity.

You should look for a broad coverage that offers protection for your business by providing Worldwide coverage, an insurer with a large capacity, broad definitions of external parties and third parties, a broad definition of employee, Insured definition includes employee superannuation funds and cover for loss sustained at any time.

The types of extensions of coverage you should seek include Care Custody and control cover, Client Liability, Credit Card Fraud, Data Reconstitution Costs, Erroneous Funds Transfer, Extended Discovery Period up to 12 months, Extortion, Interest, Investigation Costs and Automatic cover for new subsidiaries and run off cover for ceased subsidiaries.

 Who can help?

An insurance broker's role is to act as your representative and work in your interests, seeking the best cover at the best price for you from market knowledge. Call a good one. Call CPR. We can be contacted on 07 3123 1137 or 0439 530910. Fax 07 3102 9294.  Email enquiries@professionalrisk.com.au.

Latest News

Finalist in the Insurance Industry Awards

We were pleased to be advised this week that we are a finalist in the Australian Insurance Industry Awards in the category of Most Outstanding Authorised Representative Business for 2019.

Our company very much appreciates the accolade and just being nominated is prestigious to us. The awards ceremony is in August and we will see how we go, but being in the Top 4 is a credit to our team who have worked tremendously hard in the last eight years.

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2019 Insurance Brokerage of the Year

CPR Insurance Services are so proud to be awards for the second year in a row, "Australian Insurance Brokerage of the Year (1-5 staff)". To win this award two years running is very much a fantastic achievement and reflects the high standard we have maintained in the last two years.

We very much thank our hard working staff, Ausure Insurance Brokers our licence holder, the Steadfast Group, NIBA and LMI who have supported us with resources and services to meet the demands of our clients.

And of course we thank all our clients for their fantastic support over the eight years of our business, who if not for them, we would not have a business. Thank you.

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