Fraud, dishonesty and theft by employees are major problems confronting businesses of all sizes. In fact, according to the FBI, employee theft is one of the fastest-growing crimes in the country. Here are some stats to mull over:

• 80% of workplace crime is carried out by employees
• One in four employees has either committed or witnessed workplace fraud and abuse
• One in four employees committing fraud against their employer has been with the company for more than 10 years
• Only one in three of those who have witnessed a workplace crime bother to report it

What’s more, the Association of Certified Fraud Examiners has estimated that the average business bleeds 6% of total revenue from employee-related losses.

What can you do to protect your business?

Fidelity/Crime Insurance protects organizations from loss of money, securities, or inventory resulting from crime. Common fidelity/crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.

Most standard business insurance policies exclude or limit reimbursement for the loss of cash or checks, and many place strict limits on employee theft coverage, so it’s important to review your commercial insurance to see if you need to enhance your policy. We will be happy to do this for you.