Employee Theft Insurance Explained

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Employee Theft Insurance

You may feel that your employees would never steal from you or that your business would never be the victim of employee theft, but the harsh truth is that nearly every business is eventually victimized by fraud or employee theft. In this day and age, thieves (including your employees) do not need direct access to cash to steal from you; merchandise, supplies and securities are all fair game finished products or even raw materials are often targeted. Essentially, anything can be a target of employee theft if there is an opportunity to re-sell something.  This is why nearly every organization should consider purchasing employee theft insurance.

The following examples represent common business thefts, specifically by employees that could be covered by employee theft insurance:

  •              Keeping two sets of books.
  •              Stealing from the cash drawer.
  •              Stealing merchandise and materials.
  •              Charging inactive accounts.
  •              Paying bonuses to those who are not supposed to receive them.
  •              Increasing amounts on checks and invoices after they have been paid.
  •              Paying bills to companies that do not exist and then cashing those checks.
  •              Padding payroll and cash expenditures.
  •              Not crediting cash payments.
  •              Removing ledger sheets from the business to cover up shortages.
  •              Invoicing materials below sale price and receiving the undercharge from the customer.
  •              Issuing checks for goods that were not returned.
  •              Stealing incoming payments and applying that money to subsequent remittances.

The Typical Employee Theft Insurance Policy Contains Coverage For Numerous Types of Losses Including:

  • Employee Theft Coverage: Protects your money and your business against theft, both from inside the organization and out.
  • Depositors Forgery or Alteration Coverage: Protects against losses by forgery or alterations of checks, drafts, promissory notes, orders or directions to pay money that is drawn upon you or is drawn upon your accounts by someone acting as your agent.
  • Theft Disappearance and Destruction Coverage: Protects against loss of money and securities by way of theft, disappearance or destruction while the property is on your business and/or banking premises.
  • Robbery and Safe Burglary Coverage: Protects against loss of money or securities on your premises, or while in the custody of a messenger outside of your premises.
  • Computer and Funds Transfer Fraud Coverage: Protects against loss of money, securities and other property via computer fraud.
  • Money Orders and Counterfeit Currency Coverage: Protects against losses that are not paid upon presentation or are in the form of counterfeit Canadian and the United States currency paid in exchange for goods or services.
  • Public Employee Theft Coverage per Loss: Protects your money, securities and other property when it is stolen by employees.
  • Public Employee Theft Coverage per Employee: Protects your money, securities and other property when it is stolen by employees.

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