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 All about Employee Dishonesty Insurance Policy


An employee dishonesty insurance policy covers businesses against losses resulting from the dishonesty of employees such as the theft of money, property, or security. Crime coverage policy, employee dishonesty bond, fidelity bond, and fidelity insurance bond are other terms that can be used to refer to an employee dishonesty insurance policy.


It will be a wise decision to cover your business against employee dishonesty which causes most witnessed financial losses in many businesses. Despite taking a lot of precautions to secure your business, there are still great risks of check tampering, employee shoplifting, vendor kickbacks, embezzlement, and phony invoices and receipts. Read on InsuranceHub 


Such losses, therefore, calls for securing your business by taking up an employee dishonesty insurance policy. There are several things you ought to know about an employee dishonesty insurance policy. An employee dishonesty insurance policy is advantageous since it covers very many possible losses under one cover that is renewed once.


An employee dishonesty insurance policy covers business owners against theft by; employees, trustees, partners, members, former employees, directors, and independent contractors. Whenever looking for an employee dishonesty insurance policy, it is important to inquire from the insurance company of your choice on the insurance policy that suits your business.


The employee dishonesty insurance policy also covers offers some optional coverage against forgery, computer fraud, data theft, money order and counterfeit fraud and funds transfer fraud. The insurance company of your choice should advise in advance on which optional coverage you should go for your business. Proceed to visit this site


Money orders, money, bank notes, securities, and tangible property are some of the properties that an employee dishonesty insurance policy covers against. That is particularly important for the organization since the company owners cannot be able to follow-up on all the actions of the employees. The employees may be too many, and there may be very many activities such that those losses can only be discovered through an extensive audit of the company’s financial affairs.


A fidelity bond policy may as well be extended to a third party. The third party company, therefore, benefits from your employee dishonesty insurance policy in case your employees cause any financial losses resulting from theft.


There are several exclusions in an employee dishonesty insurance policy which includes accounting errors, math errors, theft by the policyholder and government seizure, among others. Generally, the employee dishonesty insurance policy does not cover for losses resulting from human errors. For any financial loss compensation to be processed, the company in question should produce enough proof to show that the losses are a result of a situation covered by the employee dishonesty insurance policy. It is essential to determine the maximum time your insurance company offers before you can report on detected losses due to employee dishonesty. View https://www.youtube.com/watch?v=LEcpS6pX9kY 

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