Today’s leaders of organizations want to be able to trust their employees and the people they work with on a day-to-day basis. The reality is that there are no businesses protected from the threat of crime or fraud. The Association of Certified Fraud Examiners estimates that a business can expect to lose 5 percent of its revenue to fraud each year. As a solution, companies are advised to acquire crime insurance, which can provide the following benefits:
Coverage For The Misuse Of Funds
Since some employees have access to the company’s finances, some may misuse this as an opportunity to benefit their personal gain. By having crime insurance you can protect your organization from the misuse or illegal transfer of funds. This ensures that your finances are safe and secure from internal criminal acts.
There are employees and outside parties that can extort a company for funds by holding a director or officer hostage, for example. Without crime insurance, your company’s income could be affected drastically by not being able to recover any losses that may have occurred.
Reimbursement For Computer Fraud
Technology has made it easier for employees to commit crimes against their employers. Crime insurance can provide security for any items, of monetary value, lost. The cyber risk management program is effective in establishing clear and situational awareness about the risks of computer fraud.
Insurance For Goods In Transit
Occasionally, there are organizations that do not realize that their goods in transit are missing until it is too late. Employee theft that occurs off of the company’s property, can be hard to prove – this can lead to lasting and costly legal battles. Crime insurance has policies that can provide protection for goods in transit and reduce the possibility of losses whenever products are sent or received.
Coverage For Forgery And Alteration
There are checks employees have access to that can be manipulated to read how they would like. Practical crime insurance policies provide coverage for losses that result from the forgery or alteration of a check.
Designing the Right Solution
Your organization can take the necessary precautions and still end up as a victim of employee fraud and similar crimes. Contact us to ensure that your company has the protection it needs through crime insurance. Speak with a Brown & Brown advisor today to learn about the right solution for your business.