Embezzlement Insurance
Specialized protection for company assets against fraud and theft committed by employees or external perpetrators, which standard insurance policies do not cover.
A security safeguard against the "internal enemy" and fraud
Trust is crucial in business, but statistics are relentless: a significant portion of companies' financial losses are due to so-called white-collar crime. Whether it's a long-serving accountant falsifying invoices or a sophisticated cyber attack on company accounts, standard property insurance often excludes these damages. Embezzlement insurance (Crime Insurance) fills this gap and protects your finances from intentional acts by employees and third parties, even when the perpetrator cannot be immediately identified.
Why Trust, but Verify (and Insure)
The Myth of the Loyal Employee
Police practice shows that perpetrators of embezzlement are most often long-serving, trouble-free employees who enjoy the absolute trust of management. Motivations often include personal financial problems (gambling, debts). The chance of recovering stolen millions from an individual after discovery is often zero. In such cases, the insurance company will cover the loss.
Modern Technology as a Threat
The expansion of electronic banking and home office arrangements simplifies the perpetration of fraud. Just one compromised access point or a forged email is enough for a company to lose its operating capital. Embezzlement insurance responds to these modern threats more flexibly than traditional property insurance policies.
Protecting Reputation and Stability
Internal theft can cripple a company not only financially but also reputationally. Prompt insurance payouts ensure that fraud does not jeopardize payments to other employees or suppliers, thereby minimizing the spread of negative news in the market.
Examples of losses we will cover for you
Fictitious Suppliers
For three years, an accountant paid invoices to a fictitious company she herself had established. The loss amounted to 5 million Czech crowns. The insurance company covered the loss because it was a direct employee embezzlement.
Fraudulent Email from the Director
The CFO received an email that appeared to be from the CEO, instructing an immediate, secret payment to a foreign account (CEO Fraud). The company lost 50,000 EUR. Thanks to extended coverage, the insurance company reimbursed the loss.
Cash Theft from the Safe
Weekend earnings disappeared from the company safe. The lock was not tampered with, and only three employees had access. Although it was not possible to prove the guilt of a specific individual, the insurance covered the loss caused by an unidentified employee.
Forged Payment Orders
The bank processed payment orders with a perfectly forged signature of the executive, which were delivered to the bank by a courier. Forgery insurance covered the entire resulting loss.
How Eurovalley can help you
Cyber Insurance: Still Overlooked, But Increasingly Important
It's a paradox – companies invest millions in development, marketing, and human resources, but when it comes to protection against one of today's biggest risks – a cyberattack – they often struggle. Yet, cyber insurance can be the deciding factor in whether a company survives an attack or is brought to its knees.
Let's talk about embezzlement insurance
Trust is crucial in business, but statistics are relentless: a significant portion of companies' financial losses are due to so-called white-collar crime. Whether it's a long-serving accountant falsifying invoices or a sophisticated cyber attack on company accounts, standard property insurance often excludes these damages. Embezzlement insurance (Crime Insurance) fills this gap and protects your finances from intentional acts by employees and third parties, even when the perpetrator cannot be immediately identified.
