No one wants employee theft and fraud to happen in their company, but unfortunately when operating any type of business it is a reality that needs to be faced up to. Fidelity insurance is an important step in ensuring that your organisation does not suffer a loss, either financially or to it’s reputation.
The Association of Certified Fraud Examiners reported that as much as 6% of a business’s turnover can be lost to workplace fraud, and that 1 in 4 employees have either witnessed or taken part in fraud. Although it is not a guarantee that this will happen in your company it is still very important to protect your company against employee misconduct.
Theft can be of either money, securities or property owned by the company. It can happen through the creation of fake employees, dummy accounts and non-existent suppliers, all of which can be used to steal money. With so many opportunities and methods available to dishonest employees, it is important to protect your company against theft.
The fidelity insurance you decide to use for your cover must flexible and considerate enough to help the business through the claims process. With this in mind, there are also several considerations that you need to make before a claim can be successfully processed. The main aspect of this type of insurance is that the theft must have been committed by an employee. The loss must also be reported to the police.
At Compendium we offer a highly flexible insurance policy for businesses. Our mission is to provide specialised, innovative and affordable financial solutions to select market segments, including individuals and businesses ranging from small enterprises to large corporations.
If you’d like to find out more about us, visit our webpage at www.cig.co.za or contact one of our brokers on: 031 242 6800.