Arthur J. Gallagher’s specialist Management Liability Practice has responded to the heightened risk of commercial crime facing SME businesses by creating tailor-made management liability and crime insurance products. The two products are targeted at UK private limited companies.
Backed by “A”-rated capacity, the “Definitive Crime” cover reimburses the company in the case of direct financial loss of assets (money, securities and other defined property) caused by a dishonest employee or third party, the broker said in a statement.
The product also provides protection against criminal damage of money or securities as a result of robbery or safe burglary, as well as safeguarding businesses against the increasing risks caused by social engineering and computer fraud, the company explained.
The management liability cover gives directors and officers full civil liability cover – believed to be the broadest cover available – and has modules for corporate legal liability, employment practices liability and pension trustees.
“Combining commercial crime and management liability in one single offering is both unusual and innovative, and our decision to create this broad, bespoke policy wording means we can offer a greater level of certainty to clients,” said David Ritchie, managing director of Arthur J. Gallagher’s Management Liability Practice.
“Our specialist team has created products that go beyond traditional cover and respond to the array of risks that the modern work environment poses, such as social engineering and computer fraud,” he said.
“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.”
Arthur J. Gallagher is the brand name for the international broking division of Arthur J. Gallagher & Co., outside of the United States. The company employs approximately 6850 staff across the UK, Australia, Canada, the Caribbean, Chile, Colombia, New Zealand, Norway, Peru, Singapore and Sweden.
Source: Arthur J. Gallagher
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