Employee Dishonesty Insurance is designed to provide businesses with financial protection should an employee commit an act of dishonesty, theft or fraud. This coverage protects against the financial loss due to the dishonest activities of employees, including those working in a fiduciary capacity such as accounting and bookkeeping.
Explaining Employee Dishonesty Insurance
The insurance applies when there is conversion, misappropriation or destruction of money, securities or other property by employees acting alone or in collusion with others. It also covers embezzlement and forgery/alteration losses sustained by a business during normal operation. In addition, coverage may extend to include computer fraud and funds transfer fraud if this specific type of coverage is purchased.
Each policy can be tailored to meet a company’s specific needs, including loss limit amounts, deductibles and eligibility requirements. Furthermore, the policy may be written to include coverage for previously undetected losses that occurred during the period of time prior to the effective date of the policy.
Businesses may also opt for a “fidelity bond” which provides a more limited form of protection but may be more affordable than an Employee Dishonesty Insurance policy. In order to find out what type of protection is best suited for your business and budget, it is important to speak with an insurance agent or broker who can provide you with detailed information about available policies and their suitability for your needs.
Employee Dishonesty Insurance Assistance
If your enterprise would like assistance setting up an Employee Dishonesty Insurance plan, we can help you make informed choices and find a carrier that provides competitive rates. To schedule your free consultation, call us at the number above or click on the quote button and fill out a quick form.
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