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Details about Employee Dishonesty Insurance Policy

By taking an employee dishonesty insurance policy, you will have secured your business against any form of employee dishonesty including theft of money, insecurities or property. Crime coverage policy, employee dishonesty bond, fidelity bond, and fidelity insurance bond are other terms that can be used to refer to an employee dishonesty insurance policy.

Employees’ fraud is one of the major causes of business financial losses, which means that an employee dishonesty insurance policy is essential to any business. There are some financial losses in a business that cannot be taken care through the security enhancements such as embezzlement, vendor kickbacks, employee shoplifting, check tampering, phony invoices, and receipts.

That therefore means that you cannot be wrong in taking an employee dishonesty insurance policy to secure your business more. There are several facts about an employee dishonesty insurance policy. An employee dishonesty insurance policy is ideal for covering many losses with a single renewal.

Theft that is covered by an employee dishonesty insurance cover includes that done by employees, former employees, independent contractors, partners, and members. The insurance company of your choice should assist you in deciding which of the policies offered best suits your business.

Forgery, computer fraud, data theft, money order, and counterfeit fraud are some of the optional coverage offered within the employee dishonesty insurance policy. The insurance company of your choice should advise in advance on which optional coverage you should go for your business.

Money orders, money, bank notes, securities, and tangible property are some of the properties that an employee dishonesty insurance policy covers against. Taking an insurance cover against these properties is ideal since you can take the step of investigating on the same unlike otherwise if you did not have them insured. The employees may be too many, and there may be very many activities such that those losses can only be discovered through an extensive audit of the company’s financial affairs.

A third party can also be a beneficiary of your employee dishonesty insurance policy. The third party company, therefore, benefits from your employee dishonesty insurance policy in case your employees cause any financial losses resulting from theft.

There are several exclusions in an employee dishonesty insurance policy which includes accounting errors, math errors, theft by the policyholder and government seizure, among others. Generally, the employee dishonesty insurance policy does not cover for losses resulting from human errors. Unless you can prove that a business loss resulted from employee dishonesty and not human error, you will not be eligible for compensation under the employee dishonesty insurance policy. A late report on employee dishonesty losses may render the termination of the policy coverage.

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