Insurance brokerage Arthur J.
Gallagher has launched two products targeted at UK private limited companies amid the heightened risk of commercial crime facing small and medium-sized enterprises.
Called ‘Definitive’, the new customised management liability and crime insurance products provide non-traditional cover and respond to ‘modern’ risks including social engineering and computer fraud.
‘Definitive Crime’, which is backed by A-rated capacity, reimburses the company in the case of direct financial loss of assets caused by a dishonest employee or third party. It also provides protection against criminal damage of money or securities as a result of robbery or safe burglary.
Meanwhile, the management liability cover gives directors and officers full civil liability cover and has modules for corporate legal liability, employment practices liability, and pension trustees.
David Ritchie, managing director of Arthur J. Gallagher’s management liability practice, said combining commercial crime and management liability in one single offering is both unusual and innovative.
“No business is immune from dishonest behaviour, so it is important to focus on arranging suitable insurance cover that can provide appropriate support should it be required,” he said.
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