{"id":617,"date":"2018-04-04T16:01:28","date_gmt":"2018-04-04T20:01:28","guid":{"rendered":"http:\/\/bfbond.com\/blog\/?p=617"},"modified":"2021-01-08T13:24:38","modified_gmt":"2021-01-08T18:24:38","slug":"workplace-crime-costs-50-billion-a-year-protect-your-business-with-fidelity-bonds","status":"publish","type":"post","link":"https:\/\/bfbond.com\/blog\/workplace-crime-costs-50-billion-a-year-protect-your-business-with-fidelity-bonds\/","title":{"rendered":"Workplace Crime costs $50 Billion a year, protect your business with Fidelity Bonds."},"content":{"rendered":"<p>There is a hidden risk facing small businesses across the country that often goes unnoticed until it suddenly rips through a firm&#8217;s finances: employee theft. It&#8217;s a crime that is costing U.S. businesses $50 billion annually, with 7% of annual revenues lost to theft or fraud according to Statistic Brain.<\/p>\n<p>Studies found that U.S. businesses affected by employee theft lost an average of $1.13 million in 2016. Small and midsize businesses were hit disproportionately, representing 68 percent of the cases. Their median loss in 2016 was $289,864.<\/p>\n<p>Despite the alarming levels of embezzlement taking place, it isn&#8217;t top of mind for many small-business owners.<\/p>\n<p>When one hears the word \u201cBonds\u201d it brings to mind an investment. But there are other types of bonds that have nothing to do with investing; they relate to business operations and function similarly to insurance.<\/p>\n<p>Surety Bonds are like insurance. They back up a promise to do something; if the promise is breached, the bond pays off to complete the promise.<\/p>\n<p>One common Surety Bond type is a Fidelity Bond (or Crime Bond). Fidelity bonds provide insurance against loss from employee misconduct, such as theft or embezzlement, which is not otherwise covered by a company\u2019s regular insurance coverage. A bond can provide blanket coverage for the actions of all employees or can be tailored to cover one or more specific employees.<\/p>\n<p>When safeguards like thorough employee screening and careful supervision aren&#8217;t enough, fidelity bond coverage to protect against employee theft is recommended. If one or more of your employees are entrusted to handle cash or other valuable assets, a Fidelity Bond can protect your business.<\/p>\n<p>Coverage can include:<\/p>\n<ul>\n<li>Employee theft \u2013 Stealing merchandise.<\/li>\n<li>Forgery or Alteration \u2013 Checks, gift cards etc.<\/li>\n<li>Theft of Money and Securities &#8211;&nbsp; Registers etc.<\/li>\n<li>Robbery of safe, burglary of other property, stones, bullion, etc.<\/li>\n<li>Computer fraud, funds transfer, diverting funds to personal accounts.<\/li>\n<li>Money orders and counterfeit money.<\/li>\n<li>Theft from third parties, on loan, deliveries, on customer\u2019s premises.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>The cost of Fidelity Bonds:<\/strong> There is no fixed rate for bonds. There are many factors that impact cost, such as the extent of coverage, whether there is a deductible (if allowed), and the surety company that issues the bond. As a rule of thumb, a fidelity bond can cost about \u00bd% to 1% of the coverage obtained.<\/p>\n<p>Surety and fidelity bonds are a risk management tool, it is helpful to discuss your business requirements with an experienced, trusted agent like BFBond\/Bernard Fleischer &amp; Sons Inc. We can advise you what coverage is best for your business when traditional insurance doesn\u2019t provide the protection you want or require.<\/p>\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><a href=\"https:\/\/bfbond.com\/crimebond.html\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" src=\"https:\/\/bfbond.com\/blog\/wp-content\/uploads\/2018\/02\/BF-Apply-Now-Button-1.png\" alt=\"\" class=\"wp-image-591\" width=\"263\" height=\"70\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>There is a hidden risk facing small businesses across the country that often goes unnoticed until it suddenly rips through a firm&#8217;s finances: employee theft. It&#8217;s a crime that is costing U.S. businesses $50 billion annually, with 7% of annual revenues lost to theft or fraud according to Statistic Brain. Studies found that U.S. businesses &hellip; <a href=\"https:\/\/bfbond.com\/blog\/workplace-crime-costs-50-billion-a-year-protect-your-business-with-fidelity-bonds\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Workplace Crime costs $50 Billion a year, protect your business with Fidelity Bonds.<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,57,5,4,1],"tags":[],"_links":{"self":[{"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/posts\/617"}],"collection":[{"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/comments?post=617"}],"version-history":[{"count":4,"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/posts\/617\/revisions"}],"predecessor-version":[{"id":837,"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/posts\/617\/revisions\/837"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/media\/619"}],"wp:attachment":[{"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/media?parent=617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/categories?post=617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bfbond.com\/blog\/wp-json\/wp\/v2\/tags?post=617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}