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

Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

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Finalist for QLD Broker of the Year

Robert Cooper was honoured to be nominated as a finalist for Queensland Insurance Broker of the year for 2020, as part of the National Insurance Brokers Association. Unfortunately he missed out on the ultimate award but is a reflection of the high standard that the industry now has for such awards.

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