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A Business Insurance Update

Businesses Have many different risks to manage including; cyber risk, employment issues, fire and even insider fraud.  Fraud experts have found that the average fraud loss averages $50,000, (The Association of Certified Fraud Examiners).   Your commercial insurance program should include employee dishonesty or fidelity, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. Fidelity policies will cover a business for losses caused by an employee’s dishonest or fraudulent acts. These can provide businesses with the best possibility of recovery.

There Are Ways To Help Reduce Your Risk In This Area

1.       Complete background checks on all new employees

2.       Create internal policies and procedures that require checks and balances

3.       Have a third person approve all purchases or checks over a certain amount

4.       Have an outside accounting firm review your records annually

5.       Require all employees to take their scheduled vacations

6.       Have separation of services between check writing, approval and deposits

Employee fraud is a greater risk than most businesses think. Have us complete a free review of your business insurance program to make sure you have the best possible combination of coverage price and service.

Worthington Insurance specializes in competitive auto, home, contractor and business insurance as well as insurance in Philadelphia, Yardley, Morrisville, Langhorne, Newtown, Bensalem, Levittown, Bucks County and surrounding areas in Pennsylvania and New Jersey.

 

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