Employee Dishonesty Insurance
Safeguard Your Business: Employee Dishonesty Insurance Protects Against Internal Financial Threats
Employee dishonesty insurance is crucial because it offers protection against losses resulting from acts of fraud, theft, or embezzlement by employees. Even the most trusted staff can succumb to temptation or personal crises, leading to significant financial damage to your business. This insurance ensures that your company can recover and continue operations without bearing the full brunt of internal malfeasance.
Fraud and Embezzlement in the workplace is on the rise
The Association of Certified Fraud Examiners (ACFE) estimates business losses at $400 billion per year or about 6% of total annual revenue.
The increasing trend in workplace fraud and the relatively low cost of these policies, makes Employee Dishonesty Insurance a coverage that we recommend highly to each of our clients.
Small companies can be especially effected by theft and embezzlement because they can’t afford extensive safeguards and aren’t large enough to absorb losses.
Consider too, your Office Package policy (BOP) and other Employee Dishonesty Policies may not provide coverage if the theft is of your client funds, or if the theft is by a third party (non employee).
Employee Dishonesty policies provide:
- Coverage for a loss involving money, securities and other property committed by the fraudulent act of any employee.
- Coverage for client’s property built into the form. Be aware that, your Office Package policy (BOP) and other Employee Dishonesty Policies may not provide coverage if the theft is of your client funds, or if the theft is by a third party (non employee).
- Coverage for your employees while working “off-premises” at a client’s office.
- Automatic Credit Card Forgery coverage included (when the Forgery or Alteration Insuring Agreement is purchased).
- Option to include “Crime Coverage”, or theft of your funds by non-employees.
- Automatic ERISA bond coverage included on most policies. Eliminates your need to maintain a stand-alone ERISA bond.
- Specific Employee Dishonesty policies for Investment Professionals which include coverage for the acceptance of fraudulent funds.
Information is for illustrative purposes only. Only the actual policy form and endorsements can confirm actual coverage.
Protect Your Business Today! Contact us for a tailored insurance solution or download our application to start securing your company against internal risks. Don’t wait for the unexpected—act now!
Applications
Download Travelers Crime Application Form
Download Small Firm Crime Application (Limits Less Than $1MM)
Download Large Firm Application (Limits Greater Than $1MM)
Download 3rd Party Fidelity Application