Commercial Crime & Employee Dishonesty
Commercial Crime Insurance (also known as Employee Dishonesty Insurance) typically provides coverage for such events as: employee dishonesty, forgery, theft of property, computer, money or securities fraud, and robbery or burglary.
According to a recent report, employee theft costs US companies 50 billion dollars annually. The hardest hit is usually small to mid-size organizations. Sadly, in this day and age, even nonprofits are often the subject of employee theft, robbery or burglary.
The most common forms of employee dishonesty are:
o Check fraud
o Payroll fraud
o Credit card fraud
o Computer fraud
o Property, merchandise or supplies
o Information, such as client lists or proprietary information
Depending on your policy and policy wording, coverage can extend to a robbery, burglary, disappearance or loss of property and/or monies outside your premises as well as investigation and business interruption costs.