You simply can’t supervise your employees all the time. If you have chosen them wisely, they will perform their duties honestly and diligently. But humans are never entirely predictable, and misconduct or culpable negligence on the part of employees can be very damaging to many businesses. And it’s not often appreciated that 80% of workplace crime is perpetrated by employees of the business.
It’s possible to insure your business against the consequences of employee dishonesty, whether in the form of losses suffered within it, or damage or injury caused to third parties. Although it’s one of the less obvious hazards a business faces, employee misconduct can devastate a business that isn’t properly protected from it.
Mandatory or Optional?
Employee Fidelity Insurance is mandatory for many professional and financial services providers and, even where it is not mandatory, is a wise precaution for many other businesses. It can take the form of an extension to a more general package of business insurance cover, or of a Fidelity Bond. This is a complex field of risk, and you should always seek expert advice in assessing your exposure, and determining the most appropriate way to cover it.
Arranging employee fidelity insurance at competitive rates is one of the fields in which we at Sydney Insurance Brokers excel. If you are not quite sure that your present insurance arrangements adequately cover this vital area, call us today and speak to one of our specialist employee risks brokers.