Which people does the insurance apply to?
To all employees and temporary staff as well as interns, employees working from home, staff on temporary contracts, third parties contracted by the policyholder, executive staff and board members. Losses incurred through external third parties are also covered.
Insured benefits
Own loss: Theft, misappropriation or fraud: If acts such as these are deliberately committed by employees of your company or by other people in positions of trust, AXA covers the economic loss incurred and its direct financial consequences. Social engineering attacks by outsiders are also covered by the sum insured.
Liability claims: Damage caused by your own employees for which your SME can be liable is also covered by the insurance.
Costs of loss assessment and legal action: Costs of external and internal loss assessment as well as legal action are covered by fidelity insurance.
Legal protection: Within the scope of insurance, AXA pays the cost of defending unjustified claims by third parties.
Reaction and crisis management: In the event of non-compliance or business crime by employees or other people in positions of trust, you receive comprehensive support in claims handling from an interdisciplinary team of experts so that you can continue to focus on your day-to-day business. If there has been a data protection violation, people affected by this will be identified and informed; PR professionals will be consulted if there is a threat of reputational damage to your SME. You will also receive advice on how to avert any other similar incidents.
Examples of damage/loss
Betrayal of trade and business secrets: An employee in your internal research department misappropriates information and business secrets over a long period in order to build up their own company. The lost profits are considerable due to the new competitor in the sector.
Embezzlement: Despite enjoying the full trust of the executive board, a colleague has been embezzling money for years from the company's coffers and lining her pockets by declaring personal income as business expenses. This represents a shameless exploitation of trust and gives rise to a six-figure loss.
Misappropriation of goods: The manager of a DIY store has been misappropriating material from stock over a long period for his own renovations. Although the loss is incurred by head office, the cause of it is only discovered after the employee has retired, i.e. when the loss of goods suddenly stops.
Fraud/social engineering: The buyer at a production company receives an email from a seller with an excellent offer. Due to clearance sales, certain products are available for a low price for a short time. The buyer calls the seller immediately, discusses the details, and verifies the bank account number. However, after payment the goods are never delivered. It turns out that the buyer fell victim to fraud.