Burns & Wilcox Canada Highlights Importance of Fraud Awareness

Toronto, ON [March 10, 2014] – In support of Fraud Prevention Month, Burns & Wilcox Canada is encouraging Canadian organizations to re-examine the steps they take to protect themselves from fraud.  According to the Shred-it 2013 Information Security Tracker survey, each year, the average organization loses an estimated 5 per cent of its revenues to fraud. Of those organizations, 49 per cent don’t recover any of the losses.

“We often think of fraud as something that happens to an individual—someone losing money to Nigerian Prince email scam or a telemarketing fraud that requires you provide money to claim a prize ,” said Gary Hirst, National Director, Burns & Wilcox Canada. “However, businesses are just as, if not more, susceptible to fraud as individuals.”

According to recent reports, in 2013 36 per cent of Canadian organizations were affected by white-collar crime, with 61 per cent of those crimes being committed by someone within the organization. 

While the best way to manage the risk of fraud is to take preventative measures in the workplace, it’s also important to have insurance policies in place to cover damages when prevention doesn’t work. For companies looking to protect themselves, Burns & Wilcox Canada offers a comprehensive Crime/Fidelity Bond that provides coverage when an employee steals money, equipment or other assets from a company or one of its clients. The Crime Policy also includes credit card forgery, computer fraud, and money order and counterfeit currency coverage.

When clients work with Burns & Wilcox Canada, they have the confidence in knowing they have the security of A.M. Best “A-“ or better rated carriers.

For more information on Burns & Wilcox Canada’s Crime Policy, please contact:

• Maia Espejo
• Senior Professional Liability Manager
• Burns & Wilcox Canada
• Tel: 416.774.2477
• Email: mespejo@burns-wilcox.ca

About Burns & Wilcox Canada

Burns & Wilcox Canada is a leading wholesale broker and underwriting manager for the retail brokerage community. Burns & Wilcox Canada leverages both Canadian domestic insurers as well as international carriers, including Lloyd’s underwriters. With access to a broad range of specialty products including commercial lines, professional liability and personal insurance, the company offers unrivaled service and access to an international network, giving brokers a competitive edge for facilitating trans-border business for Canadian clients. With offices in Toronto, Ottawa, Calgary and St. John’s, Burns & Wilcox Canada is part of the Kaufman Financial Group.

More information can be found at http://www.burnsandwilcox.ca

About Burns & Wilcox and the Kaufman Financial Group

Burns & Wilcox is the industry’s largest privately-held wholesale broker and underwriting manager. Burns & Wilcox has more than 40 offices across the United States, Canada and London and employs more than 1,000 professionals. Founded in 1969 and headquartered in Metro Detroit, Burns & Wilcox is internationally recognized for its insurance brokerage and underwriting expertise in commercial and professional liability, property, marine and personal insurance.