Restoration Insurance Tips: Do I Really Need Employee Dishonesty Insurance?

November 5, 2019

 

Employee dishonesty can be extremely costly and pervasive.   In fact, the latest statistics show that seven percent of business revenue was lost as a result of occupational fraud and abuse.  (That translates to amount of about $994 billion.)

 

Even worse, small businesses have been shown to be even more susceptible to employee dishonesty-related claims.  With the average employee dishonesty loss at approximately $200,000, it is easy to see why your restoration company should consider an employee dishonesty insurance policy.

 

Sometimes even the implementation of strong, enforceable internal controls, no matter how well conceived, simply aren’t enough to stop a trusted employee from stealing or embezzling from your company.

 

It’s for all of the reasons above that we recommend all restoration contractors purchase an employee dishonesty/crime insurance policy.   As part of the policy we recommend the following coverages:

  • Loss from forgery or alteration of covered instruments (including credit cards).

  • Loss of money, securities and other property both on and off your premises.

  • Loss for the acceptance of unpaid money orders and counterfeit money.

  • Loss from funds transfer fraud.

  • Employee theft or forgery.

If you are interested in obtaining a crime insurance quote for your restoration company, please don’t hesitate to give our office call.

 

*Disclaimer: Please remember that every company and policy is different.  We recommend that you work closely with your agent to determine exactly which coverages and limits are proper for your business.

 

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