Employee Dishonesty Insurance

Employee Dishonesty Insurance for those you trust

This cover is also known traditionally as “Fidelity” or the more recent terms of Crime cover or Employee Theft or Employee Fraud.

Most of the policies concern only internal theft by staff but some Commercial Crime policies also cover external events. These are more specialist covers and certainly worth considering, but for small to medium businesses unfortunately they often have an ongoing problem with their own staff helping themselves.

The loss covered is when a staff member dishonestly or fraudulently takes is for a loss of assets such as money, negotiable instruments or goods that occur during business operations.

There is still an onus on the Insured policyholder to follow certain conditions of the cover when needing to make a claim including only being able to report a matter where it has occurred in the past 12 months and you have up to one year if the policy is not renewed or lapsed to find and report the matter to insurers.

The policy also covers the claim preparation costs in establishing the extent of loss. Also the section can be extended to include Super Funds and Social Club funds.

This cover can be bought as a stand alone policy but is quite cost effective when taken as a section of a Business Pack or within a Management Liability policy. Some Professional Indemnity policies can be extended also for Fidelity coverage but this is aimed at the Trust Funds or money belonging to clients that Professionals can often be responsible for.

For more information about this risk read more here

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