Employee Dishonesty Insurance
You may have crime coverage to help protect your business against computer fraud, hacking, theft and other forms of crime. You may feel protected against crime from the outside through crime coverage or with your business insurance policy.
But what happens when the threat is from within? Employee embezzlement and other crimes from your workers can hurt your business, and employee dishonesty insurance is essential to help protect you.
What Is Employee Dishonesty Insurance Coverage?
Employee dishonesty coverage can be part of the crime coverage in your business insurance policy. This coverage offers protection if your employees steal from you or behave in a dishonest or criminal way.
This coverage covers losses you may suffer as a result of employee dishonesty. It covers losses related to the loss of property, merchandise, inventory, money and other property which has been lost due to the actions of an unscrupulous worker.
This coverage protects you in case a dishonest employee commits credit card fraud, counterfeiting, forgery, unauthorized electronic funds transfers, mail fraud, computer fraud, hacking or any other criminal behavior to gain access to funds or property. You can even add endorsements to your policy to protect your clients from losses caused by the dishonest actions of your employees.
Employee dishonesty insurance can be part of your crime coverage on your business insurance, or it can be a stand-alone policy. There are some exclusions with this type of coverage. For example, math mistakes, government seizure, vandalism and other situations are not covered.
Do I Need Employee Dishonesty Insurance?
You may screen employees carefully and may even think of your team like family. However, employees have enormous power. They are in your business every day and usually have enough knowledge about the working of your company to be able to effectively gain access to funds and property.
Of course, you trust your employees. However, sudden changes in finances or pressure at home can make even reliable workers a possible danger.
If you work with clients, it is especially important to have coverage as well as endorsements. If your employees steal from clients, you will not only lose the relationship, but you will also likely be pursued in court to reimburse the funds lost.
While larger companies simply absorb the cost of dishonest employees, smaller hospitality companies may go bankrupt due to employee theft and criminal activity. If you cannot afford to have employees steal from you, you need employee dishonesty coverage.
Where to Find the Right Employee Dishonesty Coverage in New York
Choose your employees carefully and trust them, but also have a back-up plan. Crime coverage and employee dishonesty insurance are not a cookie-cutter solution. If you want excellent service, the right insurance fit and great pricing, contact Kokkoris Insurance Services for an estimate, or give us a call at 718-728-0606. Our experienced staff works with hospitality businesses and other industries in New York extensively and can offer personalized attention as well as the plain-English explanations you need to secure the right insurance for your business.
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