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Business Security
Insurance Fraud
Insurance fraud can strike a business hard. Even if successful, fighting a legal battle against a fraudulent claimant can be a time-consuming and expensive process for business owners and senior staff, a drain on valuable resources that would be better used running the company.
Figures from Allianz Insurance reveal that 45 per cent of UK businesses may be underinsured, while 69 per cent cut back on business insurance to save money.
Insurance fraudsters can be opportunistic individuals, or highly organised gangs, often targeting haulage companies or others with fleet vehicles, but all businesses should be aware of the threat they pose.
Companies must ensure they have adequate insurance in place, and that they are vigilant against fraudulent claims that would ultimately result in higher premiums and even further financial pressures in difficult economic conditions.
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At a Glance
45 per cent of UK businesses may be under insured
Source: Allianz Insurance
69 per cent cut back on business insurance in order to save money
Source: Allianz Insurance
In 2009 the insurance industry paid out £3.8m to businesses on property damage, and £6.4m in liability claims
Source: Association of British Insurers
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