Closing The Gaps: Employee Dishonesty Coverage
By Pekin Insurance · Mar 29, 2022 ·1 min read
As a small business owner, your company is built on a reputation of good, honest work. When you’re expanding your team and bringing in employees to help support that work, you’re probably looking for people that have those same values. But what if they don’t? It’s a scary thought that the people you hire and trust to carry out the vision of your business could be the very people taking advantage of it.
We know what you’re thinking, “I always hire good and honest employees,” but did you know that 75% of employees admit to stealing from their employer at least once? This means that you are more likely to be taken advantage of by your employees than not.
What protections do you have in place for that day if it ever comes?
From your perspective, theft is theft, regardless of who committed the crime. However, in insurance we handle customer theft and employee theft differently. While customer theft will often be covered under your standard insurance policy, employee theft is not. This means that you need additional coverages in place to protect your business.
Employee Dishonesty Coverage is a business insurance coverage enhancement that we offer here at Pekin Insurance. This coverage helps protect your business against employee theft of property, money, or securities. Let’s look at some examples of Employee Dishonesty Coverage in action.
Your landscaping business is a huge hit with everyone in town! So much so, that you have been able to hire a team of employees to handle the landscaping, while you handle the administrative side of the business. Unfortunately, since you’re not on site at every single job, an employee has started to take advantage of the company. They are taking tools home with them at the end of the day and not returning them. You are forced to confront this employee and ultimately, you make the decision to fire them. Luckily, you have Employee Dishonesty Coverage with Pekin Insurance and you’ll be able to get help replacing the stolen tools!
You own a small, custom homebuilding business that is booming with customers and growing! As your business has grown, so has the team of expert employees you have hired to support the work. You provide all of your project managers with a company credit card to use with vendors. Unfortunately, one of your employees has charged personal items to the card. By the time you catch on, they’ve racked up a bill of over $8,000! At first, you are totally distraught, but then you remember that your Insurance Agent recommended Employee Dishonesty Coverage with Pekin Insurance, so you’re going to be okay. You’ll be able to get help recouping some of that money.
We know that as a business owner, the last thing you want to think about is the people you trust the most being your biggest threat. We also know that your business is your pride and joy. It’s your livelihood! Protect it with Employee Dishonesty Coverage! Find an agent near you for more information.