Global insurer RSA has launched a new Commercial Crime Protection policy, designed to provide very broad cover for commercial businesses to mitigate the financial impact of crimes such as fraud, dishonesty or malicious acts.
Offering direct financial losses coverage to companies due to a crime committed by anyone, the all risks policy includes extension for client cover, identity theft costs, commercial disruption costs and malicious data damage costs.
Each policyholder will be provided up to £20m worth of capacity by RSA, while reducing the number of exclusions in the policy for clarity.
RSA Professional and Financial Risks director Pat Brice said crime was an ongoing threat to any business, so a robust insurance cover should not be gauged.
According to RSA’s Risky Business Report, as many as one in four firms have been affected by criminal activity in the past two years, at an average cost of £12,800 per year.
The company is a commercial lines insurer in the UK and has major operations in Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe.