While it might seem straightforward, the world of fraud insurance is one of the most unusual places in the risk management industry. Not only do insurers need to understand the nuances of different roles within each industry they serve to protect against common risks, they also need to understand the unusual lengths that criminals can go to when scheming up a fraud. There are enough shocking insurance fraud cases making the news every year to emphasize just how important creativity can be when writing coverage for any company.
Cybersecurity, Crime Insurance & More
Depending on your company’s role and industry, fraud can take many forms. Construction companies, for example, have to worry about job site theft and forms of workplace fraud that are unique to businesses depending on subcontractors. Financial companies have to worry about the fiduciary duties of their own people as well as the exposure they face from outside fraudsters looking to phish their way in. Both need fraud protection that anticipates every possible situation to make sure that an unusual scam cannot bypass the company’s coverage.
Finding Quotes on Fraud Coverage
The best place to go for fraud insurance coverage is either a liability coverage specialist or a risk insurance specialist, depending on your focus. Liability coverage protects you from damages related to fraud against your customers, where risk insurance protects you from losses in the event you are somehow a victim of future shocking insurance fraud cases. Sometimes, if you are lucky, you can even find fraud and crime insurance coverage that bundles the two together for total protection.