Tag Archives: Burglary

I Trust My Employees, I Don’t Need Crime Insurance.

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Trust and morals are  a core element of any type of relationship—business or friendship. And no one hires, at least knowingly, a dishonest employee. Sometimes people change, however. Employees can become dishonest, albeit only a minority of them do. Employees can rationalize their theft in many ways: ‘the company won’t miss it,’ ‘they’re not paying me enough,’ or the person succumbs to a gambling or some other addiction.

Unfortunately businesses do go bankrupt because their employees’ steal large amounts of money, or smaller amounts over a period of years, or in some other way commit computer fraud or some other type of fraud. This has an impact not only on your business but also on your other employees and those who count on your services or products.

To learn more about commercial crime insurance and how to protect your business, visit us at www.BFBond.com. We’ll work with you to:

  • Assess the risk potential for external or internal criminal actions
  • Determine the precise insurance coverage you need for your business
  • Click here to learn more about Crime/Fidelity Bonds

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Typical Fidelity/Crime Insurance coverage highlights include:

Typical Fidelity/Crime Insurance coverage highlights include:

Comprehensive coverage for:

  • Employee theft
  • Money and securities while on premises or in transit
  • Forgery
  • Funds transfer fraud
  • Computer fraud
  • Money order and counterfeit currency fraud
  • Credit card fraud
  • Optional client coverage
  • Coverage for investigative costs for covered losses
  • Responds to Employee Retirement Income Security Act of 1974 (ERISA) plan bonding requirement.
  • Broad definition of employee, including directors and officers; employees, including part-time, leased, temporary, and seasonal employees; and volunteers.
  • Worldwide coverage.

Complete the EZ application for a quick quote

 

Why do I need Fidelity/Crime Insurance?

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Why do I need Fidelity/Crime Insurance?

Fraud and embezzlement in the workplace is on the rise, occurring in even the finest work environments.

  • 82% of workplace crime is carried out by employees
  • 1 in 4 employees has either committed or witnessed workplace fraud and abuse
  • 1 in 4 employees committing fraud against their employer has been with the company for more than 10 years
  • Only 1 in 3 of those who have witnessed a workplace crime bother to report it

These crimes can go on for years and when discovered the impact can be huge. Smaller companies are especially vulnerable to Fidelity crimes because the trust factor is increased due to the closeness of the employees.

Most business insurance policies either exclude or provide only nominal amounts of coverage for loss of money and securities as well as employee dishonesty exposures.

Employee dishonesty causes as much as 20% of the nation’s business failures.

White collar crime can have serious financial consequences, even threatening a private company’s survival. Bernard Fleischer & Sons, Inc. offers a solution to handling crime losses such as dishonesty, forgery, robbery, safe burglary, computer fraud and other criminal acts committed by employees, leased employees, volunteers or someone required to be bonded under ERISA, through a Crime Insurance Policy. For more information about Fidelity/Crime Bonds call 1.800.921.1008 or visit our website to get a free no obligation Fidelity/Crime Insurance quote.

Overview of crime coverages

 

Today’s business environment is constantly evolving, and executive liability and crime exposures are rapidly changing
right along with it. Making sure your client’s insurance coverage is keeping pace is now even easier with the new
enhancements:
Multitude of coverages to suit every need
Below are some of the highlights of coverages
Loss from forgery or alteration of covered

instruments (including business credit card
instruments)
• Loss of money, securities and other property
on your premises or banking premises
• Loss of money, securities and other property
while in transit
• Loss from acceptance of unpaid money orders
and counterfeit money (including coins and
travelers checks)
• Loss from computer crime (including computer

Fidelity
Includes coverage for employee theft, ERISA fidelity and
employee theft of client property for direct loss of, or
direct loss from damage to money, securities and other
property.
Claim example:
An employee leveraged her role as
executive director to procure payment to fraudulent
vendors and to procure gift cards and other goods for
personal benefit.
Forgery or Alteration
Includes coverage for loss sustained through forgery or
alteration of outgoing negotiable instruments made or
drawn by you, or drawn on your account(s), or made or
drawn by one acting as your agent.
Claim example:
A signature of another person was
fraudulently signed on a check and cashed at the
insured’s bank . An affidavit
of forgery was executed claiming that the person’s
signature that appears on the check was not placed on
the check by that person.
On Premises
Includes coverage for direct loss from damage, money or
securities located inside the premises directly caused by
theft, robbery or safe burglary.
Claim example:
Rent checks from eight different
residents were stolen from inside the insured’s
premises. Loss was discovered after notices were sent
out to residents advising that payments were overdue
and one of the residents advised that his check had
already been cashed.
In Transit
Includes coverage for direct loss of money or securities
directly caused by theft, disappearance, damage or
destruction while in transit outside the insured’s
premises and in the care and custody of a messenger or
armored vehicle company.
Claim example:
A company lost money was stolen from its messenger’s
truck while in transit.
Money Orders and Counterfeit Money
Includes coverage for direct loss caused by the insured’s
good faith acceptance of worthless money orders or
counterfeit money.
Claim example:
A company received a counterfeit
cashier’s check for payment of delivered equipment.