The traditional Fidelity Guarantee policy provides cover to your business for direct (internal) losses resulting from theft and fraud perpetrated by staff. A Commercial Crime policy extends this cover to include liability arising from fraud by external parties and computer hacking, as well as liability to external parties arising from employee dishonesty.
Professional Indemnity policies typically include an extension which provides limited FG cover, however, this may not be sufficient for your particular business. Hence ‘standaloone’ FG cover as a policy in itself is also available.
The losses from fraud can often be crippling to a business, apart from the severe reputational damage. It is therefore imperative that losses of this nature are provided for under the insurance cover of your business.