Internal perpetrators are often the last to be suspected. Management never expects the secretary with 20 years of tenure to also wear the hat of “chief embezzler”. Often, embezzling employees have been doing so for many years by the time the fraud is discovered. Many corporate fraudsters are not exposed by background checks. As a result, the best way to mitigate financial injury may be with insurance. While there are many benefits to crime coverage insurance, one of the primary advantages is company protection from crimes committed by unscrupulous employees.
Crime Coverage Inclusions
While coverage may vary from state to state, general policy inclusions incorporate protection against forgery, computer and credit card fraud, as well as theft. Additionally, crime insurance coverage safeguards businesses against burglary and robbery perpetrated by outsiders. Company policies can be designed with limits and parameters that are specifically tailored for your business.
Coverage and Consultation
General liability insurance may not compensate management for loss of cash or checks that are stolen or destroyed in the course of damage to business property. Crime coverage insurance may cover these mishaps up to the amount named in your policy. In addition to obtaining a new crime coverage insurance policy, an agent can assist you in determining ways to minimize risk of employee fraud.