Newspaper Q&A – Employee theft, email or internet liability and making insurance
We’re aiming to raise awareness of the Rothbury name in 2009 and we're doing this through a question & answer format in national newspapers across New Zealand each month. It's a good opportunity for us to provide some information to you on common questions our clients have on business insurance.Can I insure for internal fraud and employees stealing from my business?Fidelity insurance protects businesses from employee theft ranging from sophisticated payments to fictitious employees or suppliers through to simple theft of money or property. Fidelity insurance is becoming more mainstream and affordable.
Fraud and consequential costs can be crippling to a business. 50% of small businesses are victims of employee fraud – so it happens more often than people realise, even when times are good. Ironically, SMEs tend to have a more relaxed attitude towards fraud. This can be attributed to the difficulties of having internal controls, such as segregation of duties, or the closer working relationships in SMEs meaning a higher degree of trust exists between employees.
Contact a broker who can advise on a suitable risk management programme in this area.
Could my business be liable for employees’ misuse of internet tools? Yes. Stories abound of businesses unintentionally passing on viruses or employees carelessly forwarding defamatory or confidential e-mails for which the business can be held liable. The internet and e-mail have become powerful business tools but with the technology come risks and liabilities for businesses.
Internet liability insurance covers your business for things such as unintended virus transmission, defamation or breaches of confidentiality via internet tools. Talk to a broker for more information.
How can I make insurance more affordable?Paying insurance by instalment, also known as premium funding, is a growing trend. It can make insurance more affordable by spreading the cost into instalments over the year.
Premium funding is like a short term loan but if organised through a good broker it won’t affect your existing overdraft and you don’t need any security. Splitting your bill into smaller payments could form part of a solution to manage your cash flow.
Rothbury offer several payment alternatives to help you manage your insurance bill.
Further information.
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For more information on Rothbury or for interviews, opinion pieces, articles, or contributions to features, please contact:
Sarah Money
Rothbury Group
Building 5, Central Park, 666 Great South Road
PO Box 62-608
Penrose
Auckland
Email: sarah.money@rothbury.co.nz
Phone: 09 579 9551
Fax: 09 579 1294
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