Half of Belgian companies report economic fraud to law enforcement agencies. The five most common types of fraud in Belgium are cyber crime, embezzlement, breaches of intellectual property rights, public procurement fraud and money laundering. Your company could fall victim to fraudulent practices as well.
According to a survey by PricewaterhouseCoopers (2014), 55% of economic crimes are discovered during company audits, such as reporting of suspicious transactions, internal audits and fraud risk management.
Our risk managers specialise in the identification and management of fraud risks. In the event of a claim, they will put you in touch with specialists such as forensic accountants and claims adjusters. They can advise your company about fraud risks and possible preventive measures from the perspective of their own discipline.
You can create an atmosphere of increased fraud awareness within your company, so that colleagues do confront each other about fraudulent behaviour. You can also take measures yourself to limit the financial damage.
A fraud insurance is the ideal supplement to your company’s prevention policy. Your insurer will shoulder the negative financial impact of a case of fraud so that it does not have an unfavorable influence on your figures at the end of the year.
Your premium will depend on the size of your company, the number of employees, the number of sites and the geographical distribution. Your premium will be significantly lower if you have a well-organised and controlled financial administration and ditto accounts.
You can extend the insurance cover (e.g. for financial damages and the cost of restoring your company image) by taking out cover to include investigation costs, cost of recompiling data, crisis management and communications etc.