Crime Insurance
For Private and Non-Profit Organizations
Crime insurance AKA Fidelity addresses the most common fidelity threats, including losses due to employee dishonesty, credit card forgery, computer fraud and theft and disappearance and destruction of property. With crime protection from Bernard Fleischer & Sons, Inc, you can obtain a wide range of coverages to help protect your business against financial loss due to certain crimes.
You know and trust the people who work for you, but
that trust may be misplaced. After all, one third of all
employees admit to stealing from their employers. And
we’re not talking about the pens and paper: The median
loss from employee fraud is $175,000.*
Maintenance of strong, enforceable internal controls
should be a priority for any entity. Yet even the best
internal controls, no matter how well conceived,
frequently fall short of stopping a trusted employee
from engaging in fraudulent activity. In fact, the
median time length of occupational fraud schemes is
18 months, and the number one way that an employer
discovers a crime is by accident.*
Fidelity and Crime Coverage provides an important
backstop against the actions of a thieving employee. With
this coverage, your company’s assets are protected at
the time of a crime’s discovery, regardless of whether it
occurred prior to or during the policy period.
Why you need protection
Employee dishonesty is costly and pervasive.A high
percentage of business revenue was lost as a result
of occupational fraud and abuse. And, when it comes to
occupational fraud and abuse, your business’ size doesn’t
matter — no business is safe.
Claim scenarios
Stolen inventory –additional inventory of
products for alleged seasonal sales pushes. In reality, a
portion of that inventory was sold “out the back door”
unbeknownst to corporate headquarters.
Embezzlement –
An employee altered company deposit slips after
the owner of the company had approved them. The
employee would prepare two deposit slips: one
depositing funds into the company’s account, the other
depositing funds into the employee’s bank account.
Payroll fraud
A payroll employee had access to payroll checks and
vacation checks. Over an eight-year period, the clerk
issued duplicate checks on all legitimate employee
vacation pay.
False payment
In less than a year, a sales supervisor located outside
of the United States When customers legitimately purchased
and received goods, the employee stole their payments
for his own use. The employee attempted to cover up
the loss by substituting fraudulent checks drawn upon
other third party entities.
Billing scheme
Four employees colluded to defraud their employer
through a phony billing scheme. The employees, including
a supervisor, established fictitious vendors and submitted
bills for work performed by other, genuine vendors.
Innovative risk management services
To learn more about our fidelity and crime coverage,
talk with us 212 566-1881