Business owners put in a lot of hard work to grow a successful business and reputation. Though it’s an overwhelming experience, it involves a lot of risks. Any successful business is built on trust and personal relationships. ‘Breach of trust’ by employees is one of the major risks faced by businesses. There can be many reasons for an employee to turn dishonest such as financial crisis due to company separation, restricting company, dissatisfaction and frustration with career growth or any other financial worries. Whilst such employees are only the minority part of the workforce, employee thefts and fraudulent acts can result in huge business losses. Businesses can be protected from these risks by availing fidelity insurance.
Definition: This insurance covers loss of money and/or other property stolen by an insured employee, and direct financial loss as a result of fraud or dishonesty of an insured employee, which results in dishonest personal financial gain for the employee.
Important information: The loss must be reported to the police and a successful charge laid against the employee. Cover can be on a named employee/position basis or as blanket cover on all employees.
Cover excludes: losses resulting from dishonest manipulation of any computer programme, system, data or software by an employee in your data processing department, unless electronic data processing department was not networked.
Extensions for manipulation of any computer programme and associated computer losses can be arranged. Please discuss this cover with your broker.