It seems like every time you open up a newspaper, you see a story about a manager of a company who has finally been convicted after stealing money from their company for the last seven years. It’s time for businesses to protect themselves so they can reap the benefits of their hard work, and we can reap the benefits of some better news stories.
The 2011 Marquet Report on Embezzlement found that the average embezzlement scheme lasted nearly five years, and cost an average of about $750,000 to companies all over the nation. Unfortunately for these companies, typical commercial property policies only cover businesses for theft committed by outsiders. There is a way to protect your business from theft within the company through, and it’s with a commercial crime coverage fidelity bond.
Fidelity bonds assure employers for the loss of money or other property sustained through the dishonest acts of bonded individuals. Often called “honesty insurance,” these bonds provide coverage for intentional acts of fraud, larceny, misappropriation, forgery, embezzlement, and other dishonest acts committed by a bonded employee. The bonds are technically a form of surety, but are similar to an insurance policy in format and terminology.
Your crime coverage should also be able to protect you from data theft if it is broadly drafted, and some forms even extend coverage to certain computer contractors. Don’t let your business be left dazed and confused if an employee tries to steal your hard-earned profits. Crime coverage may seem like a non-necessity now, but it will save you time, hassle, and profits in the long run if an employee decides to benefit their pockets instead of the business.
To read more about protecting your business from employee theft, click on the March/April newsletter under the Resources tab.
To review your operations and coverage to help minimize exposures to employee theft, contact BPJ at (417) 887-3550 or email firstname.lastname@example.org