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

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

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