Liberty Specialty Markets says it has issued an update to its Commercial Crime policy wording to provide more established protections against employee and third-party fraud.  

The insurer says the changes complete its professional and financial lines product suite by providing cover for a newly emerging threat.  

“Ten years ago, the idea of social engineering fraud and the ability to impersonate someone and digitally steal money didn’t really exist,” Liberty Commercial Crime National Technical Lead Brad Harvey said.  

“Now it’s a daily occurrence impacting companies in Australia. Commercial Crime insurance is a way a company can confidently protect themselves from this kind of loss.”  

Liberty says standard inclusions for the policy provide protections against internal employee fraud, forgery, direct losses from theft, social engineering and other funding frauds.  

Mr Harvey says the insurer drew on “deep experience” when assessing the policy wording changes. He says the firm is focused on bringing the market “a broad cover that businesses can rely on”.  

“Last year, we introduced our refreshed market leading Directors & Officers Liability policy wording, and now we’re pleased to be able to complement this offering with a comprehensive Commercial Crime cover,” Mr Harvey said.