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
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.
We offer a variety of surety bonds to our commercial customers, including:
Contract/construction surety – These include performance or payment bonds, which are required of contractors performing any project funded by federal, state or municipal entities.
Commercial surety – Examples of commercial surety are license, permit, probate or court bonds, which may be required if you operate under local, state or federal license.
Fidelity bonds– These protect employers against acts of employee dishonesty, and provide coverage above and beyond the limits of most package products. We also offer a commercial crime bond, which covers losses from burglary, robbery and depositor’s forgery