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Small Business Employee Theft Insurance Insight  |  Also Known As Fidelity Insurance

Unfortunately, research shows that just in the past three years, 21% of surveyed organizations experienced some form of employee fraud. Whether large or small, any business is a potential target for crime. Experts acknowledge employee theft is one of the fastest-growing and most prevalent problems facing businesses today. For a small business, theft can be both professionally and personally devastating as these real Canadian crime insurance claims demonstrate:

  • An employee steals cash and property from their employer
  • A controller confesses to writing more than $90,000 in company cheques to himself
  • The bookkeeper for a small plastics manufacturer issues approximately $100,000 in company cheques payable to a shell company that she created over the course of several years

Small business employee theft insurance is specifically designed to reimburse organizations for the loss of money, securities, or inventory resulting from criminal activities. Unfortunately, advancements in technology coupled with a constantly changing economic environment, make the threat of crime-related losses to a small business even more devastating.

Losses And Your Small Business Employee Theft Insurance
Whether it happens over a period of weeks, months, years or a spontaneous moment, employee theft can happen when you least expect it. Below some of the potential loss scenarios that a small business crime policy can cover are noted.

  • Client – Losses sustained by a client resulting from employee theft, fraud or dishonesty by an employee who is not in collusion with the client’s directors or employees.
  • Computer Fraud The unlawful taking or fraudulently induced transfer of money, securities or property through the use by a third party of a computer network and facilities either owned and operated or leased and operated by the insured small business.
  • Counterfeit Currency Fraud – The insured small business accepts in good faith and in the ordinary course of business either counterfeit currency or a postal or money order supposedly issued by the post office but not paid upon presentation.
  • Credit Card Fraud The forgery or alteration of any written instruction by a third party, required in connection with any credit card issued to an insured to any employee or partner of an insured that is a partnership.
  • Employee Theft – Money, securities and other property due to employee theft or forgery.
  • Expense – Investigative costs or computer violation expenses incurred in establishing the existence and amount of any direct loss in excess of the deductible.
  • Forgery Losses resulting from instruments that were fraudulently drawn upon the insured small business’s accounts by employee theft.
  • Funds Transfer Fraud – Fraudulent instructions issued to an financial institution by a third party directing them to transfer or pay or deliver money or securities from the insured’s bank account without the insured’s knowledge and consent.
  • In Transit – Destruction, disappearance or abstraction of money and securities outside the insured’s premises by an employee or third party, while being conveyed by the insured or any authorized person.
  • Premises – Destruction, disappearance or abstraction of money and securities within or from the insured small business’s premises by an employee or third parties.

Reviewing internal controls, inventory management/protection protocols as well as a small business employee theft insurance policy are just some of the preventative risk management techniques you can employ.

ALIGNED Small Business Employee Theft Insurance  |  1-866-287-0448
Across Canada, our small business insurance brokers can help ensure you have the best small business insurance, including employee theft coverage. Talk to us about the best employee theft insurance solutions. Uniquely within the industry, we create, negotiate and deliver the best business insurance and risk management strategies/solutions to Canadian small business. We can help you get quotes for small business insurance and employee theft coverage today.  100% Canadian owned, we serve more than 1,400 clients across the country through offices in Toronto, Calgary and Vancouver and a national operations centre in Waterloo, Ontario.

Source: IRMI

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