Employee Theft on the Rise
New research shows that employers are seeing an increase in internal crimes, ranging from fictitious sales transactions, the theft of office equipment and retail products meant for sale to customers, and payroll checks for phantom employees being transferred electronically to an employee’s bank account.
Employers suspect that workers are pilfering from them to cope with financial difficulties at home or in anticipation of being laid off. And it seems that no one is immune from this crime: churches, manufacturers, retail and service organizations have all found it necessary to report an employee theft claim.
There’s never been a better time than now to take another look at your employee theft insurance coverage. Your commercial property policy most likely covers loss by theft, but not if the theft is committed by an employee. Crime insurance is necessary to protect you from this loss.
Employee theft coverage protects the employer from theft of money, securities or other tangible property of the employer. It’s important to note that limits of insurance are not cumulative, meaning if the embezzlement takes place over several years, you can’t add the policies together. Therefore, it’s important to make sure the limit on today’s policy is high enough to cover your loss.
Talk to a knowledge broker today to discuss employee theft coverage, or to request quotes on higher limits. You may be surprised to learn how affordable it is!