You may have heard the names ‘Fidelity Bond’ and ‘Crime Insurance’ used interchangeably, but we’re here to tell you that there is a big difference in these coverage options.

A Fidelity Bond is similar to Employee Theft Coverage, which is protection for an employer against employee theft.

Crime Insurance becomes a bit more advanced over the typical Employee Theft Coverage with a plethora of other add-ons to protect your business from theft committed against you by third parties or other people outside of your organization.

Some of these risks include:

  • Receiving Counterfeit Money Orders / Currency in Good Faith
  • Money or Securities are Stolen from your Premises or in Transit
  • Checks Forged or Altered
  • Money Fraudulently Transferred
  • Theft via a Computer

Any questions?

Is my business required to carry these types of policies?
Most additional insurance policies are optional and can be purchased with varying limits, so long as they do not exceed the Employee Theft limit. Our team would be happy to consult with you about your specific business and the risks you face.

What do I do if I suspect my employee is stealing from my business?
Depending on the severity, and danger, of the theft you first call should be to the police to open a report about your situation. Then you will want to call our team to discuss the options provided to you under your current policy. Always be careful when confronting an employee about a suspected crime, you never know what might happen when someone’s back is against the wall.

I think I might be on the verge of a lawsuit, are there any ways to tell?
Generally a client or employee will start behaving strangely when they are about to sue your business. There are a couple of warning signs you can use to recognize the tension and try to react accordingly. Begin building a plan if…

  • Communication starts to break down
  • Your client or employee starts making accusations against your business
  • Work flow stops
  • Your client takes important meetings without you
  • Your employee stops showing up to work on time, or at all

Click HERE for more information on how to contact an agent and get started with us!