How Much Employee Dishonesty Insurance Should Any Business Owner Or Non-Profit Organization Purchase?

EMPLOYEE DISHONESTY COVERAGE (FIDELITY BONDS)

A USUALLY OVERLOOKED COVERAGE!

One of the most severe crime problems any business owner or non-profit organization can face is that of a loss from employee dishonesty.  Amazingly, this insurance coverage is often overlooked!  The loss of merchandise, valuable records, accounts receivables, and money and securities from dishonest acts of employees has been estimated to cause 30% of business failures!  For every dishonest employee caught, it’s estimated that another 100 are not and, thus, get away with their crime!

Insurance coverage for Employee Dishonesty is usually purchased in one of two forms:

  1. Commercial blanket coverage, which provides a blanket limit covering all employees.  The amount of the bond is an aggregate or all-inclusive limit.  It is the most that could be paid in any one loss.
  2. The blanket position bond also covers all employees, but the difference is that the limit of the bond applies to each employee separately.

For example…a firm suffers a loss of $30,000 caused by three employees acting in collusion.  If the firm carried a $10,000 commercial blanket bond, total recovery would be limited to $10,000.  This is the maximum for one loss, regardless of the number of employees involved.

If the firm carried a blanket position bond of $10,000, recovery would be the full $30,000.  The $10,000 limit applies separately to each employee involved.

There is a formula that was developed and tested by two reputable American organizations who know all about dishonesty and its financial consequences.  It provides the best basis available for determining the amount of coverage needed per loss and can be accessed by contacting the WRiskManager to work with you.  Do you need to review the amount and kind of coverage you have?  We will be happy to assist at a very affordable cost!

For any business-owner, non-profit, lawyer or accountant – why not communicate with us for a simple and inexpensive means of protecting against a potentially significant financial loss?

We are just an e-mail away—an e-mail that might save you from a catastrophe.

Larry.wettlaufer@riskreview.ca  aka WRiskManager

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9 Responses to “How Much Employee Dishonesty Insurance Should Any Business Owner Or Non-Profit Organization Purchase?”

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