Funds Protect Business

Protecting your business against a loss of funds due to third party fraud

Overview

Funds Protect Business is a focused insurance solution that covers financial losses from irrecoverable fraudulent fund transfers affecting business accounts. The policy provides protection when funds are lost through phishing scams, payment redirection, unauthorised EFTs, or hacking incidents — and cannot be recovered by your bank or third party.

This product is suitable for businesses of all sizes that transact electronically or manage online payments.

What is covered

What is covered — Funds Protect Business

Key Features

Authorised and unauthorised funds transfers are covered
Affordable
Simple application process
Easy claims procedure with no excess payable
Example Covered Events
  • An EFT to a supplier is intercepted by email fraud and rerouted
  • Fraudulent beneficiary details are introduced into your payment system
  • A ransomware attack demands payment, resulting in an unrecoverable financial loss (subject to cyber extortion sublimit)
Limitations
  • Cyber extortion payments are covered up to 10% of the total cover limit
  • Fraudulent/dishonoured cheques, cryptocurrency losses, and intercompany fund movements are excluded

Refer to the full policy wording for complete conditions and exclusions.

Product Comparison

Funds Protect Business
Protecting against a loss of funds due to third party fraud
 Funds Protect Plus
Protecting against a loss of funds due to third party fraud
 Funds Protect Trust
Protecting against a loss of funds due to third party fraud
Who is this for? Any business that:
  • Holds a bank account or similar account
  • Transacts online
  • Pays vendors via EFT
  • Holds bank account or similar account
  • Requires cover above R1m limit
  • Pays vendors/contractors
  • Transacts online
  • Any business that holds bank account for administration of trust funds
  • Legal Practitioners Trust Funds
  • Property Practitioners Trust Funds
Available cover limits R50 000 – R250 000 R250 000 – R10 000 000 R50 000 – R10 000 000
(Higher cover limits available upon request)
Conditions of cover
  • All access devices must be protected by internet security software
  • Payment premium in advance
  • All access devices must be protected by internet security software
  • Payment premium in advance
  • Documented account verification procedures
  • All access devices must be protected by internet security software
  • Payment premium in advance
  • Documented account verification procedures
Special conditions of cover ✗
  • How are new vendors/payees verified?
  • How are new payees added for verified payment?
  • How are requests for changes to beneficiaries verified?
  • How is the authenticity, trustworthiness and integrity of a payment instruction verified?
  • How are payee detail amendments/updates verified?
  • Details of verification services utilised for payment verification

*Limitations and special conditions of cover applies on Funds Protect Plus and Funds Protect Trust.

Want to Know More?

This product is distributed through licensed insurance brokers. If you'd like more information:

Email: enquiries@phishield.com

Send an Enquiry