Business Fraud Insurance is an essential component of a comprehensive risk management strategy, complementing an organization's efforts to mitigate the effects of fraud. It covers financial losses due to fraud and provides post-incident support, ensuring financial stability and allowing your business to focus confidently on core operations.
Business Fraud Insurance
Allianz Trade's Business Fraud Insurance protects your business against financial losses from fraudulent or
deliberate unlawful actions of staff, contractors and criminals.
What is Business Fraud Insurance?
The advantages of our Business Fraud Insurance
Comprehensive
Benefit from broad coverage, encompassing both direct losses and associated costs to maintain your business's financial stability.
Flexible
Cover is tailored to your company's size, budget, and risks, providing the right level of protection according to your needs.
Reliable
Supported by our company's century-long history of protecting against economic crime, our team of legal professionals is dedicated exclusively to handling business fraud claims.
Fraud trends in the Benelux
- Fraud remains a widespread and growing risk. As many as 89% of organizations experienced attempted fraud over the past year. Internal fraud continues to be the most common form, while external fraud is rising sharply, with invoice fraud ranking as the number one threat. Email remains the primary fraud channel.
- The impact is significant: for one in three organizations, fraud had a (very) substantial financial or operational impact, sometimes resulting in losses exceeding €500,000. At the same time, complexity is increasing due to espionage, sabotage and AI‑driven fraud, which has now been identified in two‑thirds of organizations.
- While many companies believe they are becoming more resilient, actual preparedness is lagging behind. Investments in prevention are barely increasing and contingency plans are increasingly absent. This highlights the importance of awareness, robust controls and the timely recognition of fraud patterns — including within organizations’ own finance teams.
How does our Business Fraud Insurance work
Proactive measures are crucial in addressing economic crime. Therefore, we provide your organization with the necessary expertise to both prevent and detect fraudulent activities.
- Prevention: Equip your organization with the know-how to prevent and identify fraudulent acts.
- Crisis support: Access guidance from specialists to manage the business impact of fraud.
- Indemnification: Receive compensation for direct financial losses and other costs incurred.
What does our Business Fraud Insurance cover?
Internal Fraud
Internal fraud is committed by one or more of your employees or contractors. Since many business procedures rely on trust and internal control systems might not be strong enough, internal fraud is common and can significantly impact the financial health and reputation of your company.
Our coverage includes for example:
External Fraud
External fraud involves outsiders, including fraudsters using sophisticated tactics like social engineering to impersonate business partners or managers and fraudulently obtain funds or goods. Techniques include identity theft, deepfakes, voice and signature imitation, fake emails and IT-system intrusion.
Our coverage includes for example:
We cover a wide range of costs related to a business fraud case
Not only can direct financial losses jeopardize your company's financial health, but the associated costs can also be substantial and extend over time. Our product covers a wide range of costs related to a business fraud case, providing support when you need it most.
Our coverage includes for example:
- Contractual penalties
- Costs for mitigating reputational damage
- Business operation continuation costs (for 6 months).
- Certain ascertainment costs (up to 50% of the sum insured)
Do you want more information about our Business Fraud Insurance?
Fill out the form and we will contact you as soon as possible.
Please note: This insurance is available to organizations that meet 2 of the following 3 conditions: a net annual turnover of at least €13.6 million, a balance sheet total of at least €6.6 million or at least 250 employees.
Frequently asked questions
Our business fraud insurance covers a broad range of individuals working in or for your organization and its subsidiaries. This includes permanent and temporary employees, lawyers, tax advisers, accountants, and even board members with a stake not exceeding 30%.
The advantage from Allianz Trade: Cover can also apply in the case of unidentified perpetrators – i.e., when it is not possible to identify who caused a loss.
The advantage from Allianz Trade: Cover can also apply in the case of unidentified perpetrators – i.e., when it is not possible to identify who caused a loss.
Business fraud can affect any company, making this insurance advisable for all businesses, regardless of size or industry. Companies may believe they have sufficient security and compliance systems in place or that their employees would not commit fraud, but our experience and data show that any company can be impacted by internal or external business fraud, with potentially high costs, regardless of size.
A study by ACFE¹ indicates that a typical occupational fraud case lasts 12 months before detection, a trend reflected in our internal data. Unlimited retroactive cover is particularly beneficial if a business fraud case is already occurring without your knowledge. If discovered after subscribing to our insurance, we can cover the financial losses.
¹Occupational Fraud 2024, A Report To The Nations - ACFE
There are several ways to mitigate business fraud, with key pillars being a positive corporate culture that fosters trust, along with necessary precautions and controls, such as security and compliance systems and employee training. While these are essential, business fraud insurance is a crucial component of a comprehensive risk management strategy, providing coverage when other methods fail to prevent incidents.
The cost of business fraud insurance depends on various internal and external factors related to the company. Our solutions ensure pricing is tailored to the company's size and needs. Contact our experts for a precise estimate of the insurance cost for your company.
Insure your trade with additional services
E-commerce credit insurance
Discover how the e-commerce credit insurance protectsc B2B e-merchants from the risk of customer insolvency.
Surety bonds and guarantees
Our financial stability and global insights make us the surety of choice for contractors and project owners.
Discover how to protect your business against unexpected commercial and political risks with trade credit insurance.
