Hiscox updates crime coverage to protect SMEs

Specialist insurer Hiscox has introduced a crime product designed to protect small and medium-sized businesses (SME’s) in the UK and Ireland against a range of fraudulent acts from both internal and external parties.

Hiscox Crime Insurance is designed to complement the insurer’s other commercial policies, particularly cyber and cyber-crime, and is aimed at giving SMEs comprehensive cover against theft of money, securities and property, and also telephone fraud and reputational damage.

Bronwen Horn, senior development underwriter at Hiscox UK, said: “For many organisations, it is a question of when, not if, they will suffer economic crime. A recent study by PwC found that 50 per cent of UK business respondents have experienced economic crime. These risks are becoming more complex, and the threat can come from employees, suppliers, customers, agents, hackers and unknown third parties.

“Commercial crimes are often discovered purely by chance, and whilst the financial impact on a business can be devastating, what is often overlooked is the resulting threat to business processes and the reputational impact. These kinds of losses, while not always quantifiable, can over time dwarf the relatively shorter-term impact of financial losses. Our product has been developed to help our clients overcome all the impacts a commercial crime loss can cause.”