Coverage

Insurance companies can provide stand alone policies designed to cover employee thefts. It is also common to have employee dishonesty insurance as part of your general business liability policy.

Exclusions

Some typical exclusions include accounting errors or omissions, math errors or omissions, vandalism, government seizure or destruction of business property, profit and loss restatement, theft by policyholder or owners, and loss to income that could have been realized had there been no loss of or damage to money, securities or other property.

Limits & Cost

The limit of coverage will depend on the potential for loss, type of business, area where the business is located, and the needs of the insured. Generally, broad blanket coverage with a limit high enough to cover maximum exposure is recommended. At a $100,000 limit our research showed annual premiums ranging from $326 to $858. Many policies will cover $500,000 without significant additional premiums.

We encourage you and your clients to contact your insurance agent and ask the following questions:

1. Do I have employee dishonesty coverage?

2. Is my coverage at least $100,000?

3. Does my coverage cover the cost of a forensic accountant or other legal fees incurred as a result of the loss?

Having this type of insurance in place can go a long way in protecting your company, you, and your assets. 

Need more information? 

Please call us at 360.573.5158 or click here! 

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