Make sure you have enough limits. The last policy in place provides the coverage. If an employee has been embezzling for a number of years, you may not have enough coverage to replace what has been stolen. Be aware that a crime policy does not cover most computer-related financial crimes
Customer
- Churches with employees or volunteers
- Non-profits with customers and vendors
- Organizations that maintain customer records
Coverage
- Employee dishonesty
- Forgery or alteration, counterfeit money
- Computer fraud (limited coverage)
- Fraud, ransom, and extortion
Cost Factors
- Annual revenue
- Financial controls
- Physical cash/checks on hand
Claim Examples
- An employee embezzles funds
- Unauthorized user accesses online bank accounts
- A check is altered to a larger amount
Commercial crime insurance is a specialized coverage that pays for losses resulting from criminal acts, including employee dishonesty, and third-party fraud.
Employee dishonesty involves employees stealing their employer’s assets. Although most employers feel that this could not happen to them, the fact is that it happens more often than people think, and the perpetrator is generally a long-term, trusted employee.
