Business Fraud Insurance, also known as Fidelity 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.
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 whether you're a small business or a large corporation.
Reliable
Claims are managed by dedicated legal professionals with extensive experience in handling economic crime cases
Economic Crime by numbers
Fraud and economic crime is an ever-present risk and can affect companies of all sizes, industries, and locations.
The following figures highlight the need for a comprehensive safety net to cover threats that bypass protection and preventive measures.
The following figures highlight the need for a comprehensive safety net to cover threats that bypass protection and preventive measures.
2,7 billion dollars of losses were caused to 21,442 companies worldwide through social engineering fraud via faked e-mail communication
Source: FBI Crime Report 2024
Source: FBI Crime Report 2024
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 do our solutions 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:
Learn more about our business fraud insurance and get a
no-obligation price estimate for your company.
Our experts will reach out to you to answer your questions and guide you through a tailored process that meets your needs and expectations.
Business Fraud is available in:
Most 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.
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Our expertise and commitment
Allianz Trade is the global leader in trade credit insurance and credit management, offering tailored solutions to mitigate the risks associated with bad debt, thereby ensuring the financial stability of businesses. Our products and services help companies with risk management, cash flow management, accounts receivables protection, Surety bonds, business fraud Insurance, debt collection processes and e-commerce credit insurance ensuring the financial resilience for our client’s businesses. Our expertise in risk mitigation and finance positions us as trusted advisors, enabling businesses aspiring for global success to expand into international markets with confidence.
Our business is built on supporting relationships between people and organizations, relationships that extend across frontiers of all kinds - geographical, financial, industrial, and more. We are constantly aware that our work has an impact on the communities we serve and that we have a duty to help and support others. Everyone at Allianz Trade is encouraged and supported in giving back to communities around them and sharing the benefit of our skills and resources. As a financial services business, we are especially dedicated to raising the level of financial literacy through our business Tips & advice so that individuals can live their lives in confidence and security. We are also strongly committed to fairness for all, without discrimination, among our own people and in our many relationships with those outside our business.