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Covering the High Cost of Employee Crime
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On average, a business loses about 5 percent of its revenues to fraud each year. However, considering that the average fraud scheme takes somewhere between 18 to 36 months to be detected, a business' single loss potential could end up at around 15 percent of the annual revenues of an organization. That's clearly significant, says Doug Karpp, vice president for Hiscox US who is in charge of the specialist insurer's crime book of business. "Crime happens everywhere," Karpp says. And managing the risk with crime insurance can help. But when businesses do buy crime insurance most fail to purchase high enough limits to cover the total loss, Karpp says. In this podcast, Karpp discusses popular employee-related crimes and what coverage is available to help protect businesses, large and small.
