Why do fraud investigators need insurance?
While performing data analysis for your latest insurance fraud case, you identify information that indicates a business has engaged in deceptive practices. You base the rest of your findings on this piece of evidence, only to discover at a later date that you made a mistake during the initial examination. The business in question lodges an appeal and files a defamation case against you – professional indemnity can provide cover for legal expenses and possible compensation demands.
During an interview with an involved party in a suspected case of accounting fraud, you adjourn the meeting for a brief comfort break. Upon leaving the room the interviewee trips over the trailing strap of your laptop bag and breaks their wrist. What started out as commitment to seek the truth swiftly transforms into a claim being brought against you. Thankfully, if you choose to include public liability cover in your insurance, we’ll help with associated legal expenses, so you’re primed to continue with fraud investigation business as usual.
As a self-employed fraud investigator, you work remotely and much of your communication is conducted via email or on the phone. During correspondence about a particular case, you receive an email that seems relevant and legitimate. It contains a link, which you click, only to find your whole computer becomes locked – and a message appears containing a ransom demand. Hiscox’s cyber cover can assist recovery by deploying experts to get you back to full working order.
What insurance is available for fraud investigation?
These are just some of the types of business insurance that we can offer for fraud investigators. We can provide other specific types of cover and build them into a policy that’s tailored to your business.Get your quote
Insurance for fraud investigation: FAQs
Do I need insurance if I conduct my investigations from home?
Yes, a tailored insurance package might be beneficial for fraud investigation specialists, and you can modify it to the circumstances of working from home.
Property insurance could be a valuable addition, especially if your standard home insurance doesn’t cover your work equipment or business activities. It could be productive to first go over your current policy details to identify cover gaps as it could be crucial to keep your kit in full working order.
Insurance requirements for investigators working from home will be similar, if not the same, as those who work from an office with many of the same risks still in place.
Do I need qualifications to get Hiscox fraud investigation cover?
No, we don’t need to see details of your qualifications in order for you to get cover.
However, whether your career path began with a counter fraud internship, or even the government’s Trailblazer Apprenticeship, your qualifications might be brought into question during the claims process.
Considering that proof of qualifications and credentials may be requested in the event of a claim, giving accurate profession details during your insurance quote process is important. If the wrong information is given, it may affect your cover.
When do I need to get insurance for my fraud investigation business?
From the moment you set up your business, you could be exposed to risk – therefore, it could be a good idea to get insurance as soon as possible.
For instance, if you have to conduct interviews as part of your first investigation, you will interact with people and, as such, face some public liability risk.
Professional indemnity might be needed as soon as the first case reaches your desk and employers’ liability cover could be a necessity if you employ staff.
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