Most businesses do the majority of their banking and bill paying online. This, combined with an increase in remote working, has increased our vulnerability to several crime losses. In the past, most of these types of losses were happening to large businesses. Recently we have seen these types of claims in small and medium sized businesses. This past year, we have had several clients that were victims of Ransomware and Social Engineering claims.

Ransomware
Hackers put a virus in your computer system to block your access until money is paid.

Deceptive emails that appear to come from within your organization instructing your employee to send money. The emails are meant to appear to come from an owner or person in charge of funds.

Fraudulent access to your computer system with the intent to transfer funds from your bank account to another person.

Electronic, phone or fax instruction directing your bank to send funds to another account.

We have had several claims the last few years where employees have manipulated computers systems to steal money and pay personal bills through their employer.

These coverages are not expensive to add, so it would be smart to include them in your insurance program. Contact us today for more information or costs.