Employee Dishonesty
Is Your Business Covered?

Total crime loss probably exceeds $50 billion a year

January 10, 2009
By: Brandon Sutkowi

Crime causes more losses than any other insurable exposure. In the United States, total crime loss probably exceeds $50 billion a year.


Crime Insurance can cover money, securities and business property against burglary, robbery, theft, destruction, disappearance, computer fraud, extortion, and employee dishonesty. Currently, there are 19 different coverage forms that address various commercial crime exposures (Ask Your Agent).

First and foremost in your evaluation of crime exposures should be Employee Dishonesty. This coverage is not automatically included under most insurance policies and depending on the nature of your business and exposure, it should be considered. This policy covers not only money and securities, but theft of property, computer sabotage, etc.

Employee dishonesty insurance is typically provided on a ?blanket? basis, meaning it covers each employee in your business. However, in special situations it might be prudent to purchase specific or ?scheduled? coverage. This policy is used primarily by small firms that have one or two ?key? employees for whom employee dishonesty coverage is desired.

Disclaimer: The brevity of this article prevents comprehensive consideration of all issues. The information contained herein should not be considered as insurance advice; such is expressly disclaimed. For specific matters, consult with your insurance agent.

Brandon Sutkowi, Personal Lines Manager
Meadowbrook Insurance Agency
I invite your questions and feedback