Business General Liability Insurance is often simply referred to as General Liability insurance. This significant protection to a business covers claims of property damage and/or bodily injury to a 3rd party caused by your business operations, from the insured premises, or when someone is injured Business Liability Insurance as the result of using the product manufactured or distributed by your business. This general liability coverage may also provide for the legal defense of the insured.
A recent report issued by the Association of Certified Fraud Examiners, places the cost of employee fraud at 7% of annual revenues. Employers with less than 100 employees saw a median loss of $200,000 according to the ACFE. Another study performed by the Institute for Corporate Productivity and HR.com showed that 20% of all employers have some form of employee fraud.
Manage These Risks
- Duties need to be separate. No one person should have authority to authorize transactions, approve checks, and maintain records
- Hire qualified people. Many small businesses tend to hire family members of people who do not have any financial background.
- Develop accounting procedures and review them regularly.
- Require everyone to take vacations.
- Complete background checks on all new employees.
Employee Dishonesty Insurance
Crime and employee dishonesty coverage, also known as fidelity insurance, is specifically designed to reimburse an employer for those types of losses. We can offer coverage for employee theft of money, securities, or property, written with a per loss limit, a per employee limit, or a per position limit. Employee dishonesty coverage is one of the key coverages provided in a commercial crime policy.The scope of coverage can vary from one insurer to another. What might be excluded in one policy could be included in another. It takes an expert to know the market and the experience to negotiate the best arrangement for an insurance buyer.