Allianz Trade has launched a standalone fraud insurance product to help UK businesses combat the post-pandemic rise in employee fraud and external scams.

The new product covers internal fraud by employees, including bribery, embezzlement and misappropriation or theft. It also covers external fraud including robbery, burglary, intercepted payments, payments made on the basis of a forged ‘order’ and impersonation fraud.

Sarah Murrow, CEO of Allianz Trade in the UK and Ireland, said: “The time is right to launch this new standalone cover in the UK in response to economic changes and growing interest in the market. Post pandemic economic uncertainty and increases in the cost of living mean that businesses face a heightened risk of internal and external fraud.”

Allianz Trade says its fraud insurance product encapsulates a wide definition of ‘employee’, including full-time, part-time, temporary and contract workers. Social engineering is covered as standard, while there is unlimited retroactive cover for losses incurred prior to inception.

The insurer also offers customers a dedicated team of fraud specialists to assess claims and provide support in the aftermath of a fraud-related loss.

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