Embezzlement, theft and employee dishonesty are exposures for all businesses and organizations. No one and no company is immune. Losses caused by the social engineering of employees and the impersonation of trusted business partners are increasing and show no signs of abating. The pace of innovation continues to rise rapidly, bringing with it new ways for criminals to exploit companies with even the best internal controls.
Companies need coverage that reflects the modern world we live in. By having systems that work to reduce losses caused by criminal activities, companies can counter the threats of bad actors. The Chubb Primary Commercial Crime Insurance is designed to address these exposures.
The Chubb Primary Commercial Crime Insurance provides the following insuring clauses:
Social Engineering is when an impostor posing as a vendor, client or authorized employee persuades an employee to authorize a transfer of funds. Even companies that conduct strict background screenings, employ fraud detection systems and implement strict internal controls can be vulnerable to losses if a well-meaning employee is duped by a criminal posing as a supplier, new client or fellow employee. Learn more and download Chubb’s guide to Combating Social Engineering Fraud.