I knew a business owner whose shop, for some time, was failing to make a profit. It was odd, because she had customers. Plenty, in fact. She was often travelling, and left the day to day running of the business to her employees.
Over time, it became apparent that something was not right. Eventually she discovered where most of the money was going: into the employees’ pockets. Despite having evidence, there was little she could do to get her money back.
Many businesses are fortunate enough to never have to be in a similar position, but a lot of companies are exposed to significant financial losses due to crime committed by employees. What can you, as a business owner do to protect yourself?
GET A FIDELITY GUARANTEE!
What is Fidelity Guarantee Insurance?
It is an insurance policy designed to indemnify the Insured (usually the employer/business owner) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee during the course of his/her employment. The policy is designed to compensate employers against loss of money or stock through fraud or dishonesty of their employees in the course of performing their duties. It is especially beneficial for companies or businesses where employees have to handle cash on a regular basis.
What does it cover?
The policy indemnifies insured against financial losses:
- Committed by employees as a result of fraud
- When the fraud is detected during the period of insurance.
- When employee has been prosecuted for fraud or there is evidence that the fraud was committed by the employee.
So essentially, it will provide reimbursement for loss resulting from dishonesty, fraud, loss of property, loss from loans or trading committed by an employee for improper personal financial gain. It will also cover theft of property through computer fraud, as well as the theft of funds from the insured’s transfer account at a financial institution are also indemnified.
If you’re concerned about fraud or theft, then pay us a visit at our new location in town or call us on 429 5000 or send an email to info@sacos.sc for more information on our Fidelity Guarantee Policy.
