Fraud and embezzlement in the workplace has become an epidemic, costing American businesses an estimated $400 billion a year (6% of total revenues), according to The Association of Certified Fraud Examiners. Smaller firms are particularly vulnerable, because they’re less able than their larger counterparts to afford extensive safeguard or to absorb the losses. What’s more, one in four workers who rip off their employers have been with the company more than ten years.
Employee Dishonesty insurance can protect your business from financial loss due to the fraudulent activities of an employee or group of employees. This coverage is also called Crime Coverage, Employee Dishonesty Bond, Fidelity Bond, or Crime Fidelity insurance.
The policy applies to acts by all current and former employees, as well as partners, trustees, and directors, together with volunteers, seasonal employees, and temporary workers under your control. Covered losses can include: 1) theft, robbery, burglary or embezzlement of money, securities, or physical property of the business; 2) forgery or alteration; 3) fraudulent transfer of funds; 4) computer fraud; and 5) counterfeiting cash or money orders.
The amount of coverage you’ll need varies with the loss exposures your business faces. As a rule of thumb, companies that handle cash and securities, need at least 20% of their annual revenue in Minimum coverage for fraud and theft losses is usually $100,000 and many policies will cover $500,000 without significant additional premiums. You can also set specific coverage levels for depositor’s forgery, computer, and funds transfers.
Depending on your situation, you can buy Employee Dishonesty either on a stand-alone basis or as an add-on (endorsement) to your Business Owners policy or other Commercial insurance coverage.
For more information on protecting your business against light-fingered employees, just give us a call.
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You’re facing a deadline to complete work under a major contract – when a voltage spike surges through your electrical lines, burning out computers and telephone equipment. How would you pay for replacing or repairing the damaged equipment, taking the steps needed to get back in production, and replacing lost income?
In today’s high-tech electronic world, more and more companies are buying Equipment Breakdown policies (formerly known as Boiler & Machinery insurance) to protect themselves against losses from a variety of mishaps that are sometimes unpredictable and often unavoidable: everything from mechanical failure or electrical short circuits to “arcing” (faulty wiring or motor burnout. The rapid growth of Internet marketing and “just in time” inventory make businesses more dependent than ever on computers – while critical data often exists only on the Internet or online databases that can’t be accessed when equipment breaks down.
Depending on their size and sophistication, some businesses include this coverage in their Property insurance, while other purchase it as an endorsement to the policy.
A comprehensive Equipment Breakdown policy should include:
- Reimbursement for the cost of repairing or replacing damaged equipment (Some policies also cover green construction, disposal and recycling methods)
- Replacement of income lost from downtime (“Business Interruption” or “Service Interruption” coverage)
- Assistance from your insurance carrier, ranging from maintenance guidelines and checklists and crisis planning templates to identifying sources for repairs, unusual parts, or replacement equipment that can be obtained quickly.
Our Business insurance experts would be happy to help you obtain a cost-effective Equipment policy that’s tailored to your needs. Just give us a call.
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Bundling insurance products with one company – and scoring cheaper premiums as a reward – isn’t a new concept. But, according to a recent study by J.D. Power and Associates, not only is bundling still popular among consumers, it also results in higher customer satisfaction.
The study found that nearly 60 percent of customers bundle auto and homeowners policies with the same insurer.
When customers need additional products – such as motorcycle, boat and life insurance – 77 percent of them choose to bundle. The study notes that insurance bundlers also tend to be more satisfied with their insurers overall, not just with the premium discounts they’re getting.
“It’s easier to manage insurance policies when you don’t have to work with multiple insurers. And if you have a claim, you just need to call one company.”
Take a look at all your insurance policies. If they’re not with the same insurance company, you could be losing as much as 25 percent in bundling discounts on each car, as well as on your homeowners policy. Think about including your life insurance, as well, which could result in another 2 to 5 percent in savings.
Research options for renters. If you don’t own your home, bundling may still be an option. Look into bundling a renters policy with your car insurance, which might result in as much as a 20 percent discount on your auto coverage. Because renters insurance is inexpensive, it may almost pay for itself by savings through bundling.
Scurich Insurance Services has the auto, homeowner’s, and renter’s insurance information you need to save on your insurances.
Contact us today! 800-320-3666
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You can’t eliminate the stress that your employees bring to work – but you can offer them these guidelines to help manage workplace stressors on their own:
- Prioritize, streamline, delegate, and discard. When facing a task, ask if it’s really necessary to do immediately.
- Break things up. Take two – to three – minute breaks every hour and commit to doing at least one fun thing every day.
- Make time. Build time into your schedule for creative expression, healthy eating, moderate daily exercise, hanging out with friends, and enjoying nature.
- Be on time. Build in cushion time between appointments to allow for traffic and the unexpected.
- Send negativity flying. If a co-worker is on the warpath, visualize an airplane with an ad banner over the person’s head, with each negative word floating up into the banner and out of view.
- Relax and watch what happens. Do mini-meditations or mindful breathing while you’re between tasks or in line at the cafeteria.
- Get essential nutrients. Go beyond vitamins and begin to think about daylight and laughter as integral parts of your daily life.
- Consider what you’re consuming. Sugar, caffeine, and alcohol can increase stress levels.
- Watch your words. Don’t let negative internal chatter and self-recrimination distract and demoralize you.
- Be kind. Do something nice for a different co-worker every day until it becomes second nature to reduce stress for others.
- Sleep on it. Sleep deprivation a major culprit in stress is Try to get restful, restorative slumber every night, and watch your stress level decline.
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By Elissa Richard | Compass – Fri, May 3, 2013 1:49 PM EDT
The legendary Loch Ness Monster might have turned 80 this week, but one overly cautious cruise company isn’t convinced that she’s any less of a threat. While “Nessie” hasn’t reportedly harmed a soul—or ship—to date (or actually been proved to exist, for that matter), Scottish cruise line Jacobite Cruises isn’t taking any chances.
Should the octogenarian lake-lurker turn up crotchety while any of their fleet is in operation, it’ll be smooth financial sailing for them all the same, thanks to their recently purchased $1.5 million insurance policy against any potential damages incurred by Scotland’s storied monster.
Jacobite owner Freda Newton explained to The Scottish Sun, “I don’t know what the odds of this actually happening might be, but this is Loch Ness and how silly would we look if it did and we weren’t covered for it?”
No, there’s nothing silly about this cruise line, which operates several sightseeing cruises in the Scottish Highlands region, including trips on Loch Ness. Just look at the free publicity storm they’re brewing on the heels of the 80th anniversary of the first sighting of the mythical lake creature.
Director of Inverness-based insurer Towergate Moray Firth, which issued the policy, admitted to the paper that “This is probably the most unusual insurance request we have ever had, but we were delighted to provide cover to Jacobite Cruises.”
Scurich Insurance Services has the coverage you need for almost any situation from
Commercial Packages to Group Insurance. Call them today! 800-320-3666
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Here are the Top 3 Blog Posts for March 2013. Thank you for making our blog a success. We post articles that are educational, relevant and fun. Please tell us how we can improve! Enjoy, Your Scurich Insurance Services Team!
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We Want to Hear From You!
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Countless advertisements depict "Flo", or a gecko, as possible advocates in the insurance arena. Hopefully our competitors will take the bait and settle on a fictitious character or a reptile to save a few bucks. Our firm sees the value in the genuine article, the seasoned professional.
The Scurich Family has provided both insurance products and valued advice to my family for three generations.[…]
Click here to read the full article.
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Concealed Weapons Complications
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The nationwide debate over gun control in the aftermath of the Newtown massacre has raised a number of issues – including potential insurance liability for businesses in states that permit citizens to carry concealed weapons. Here’s why:
A company that allows customers or visitors on its premises has a legal obligation to exercise "reasonable care" in keeping them safe, a responsibility that includes warning them about any hidden dangerous conditions.[…]
Click here to read the full article.
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Your Job Can Save You Money on Auto Insurance!
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Engineers, firefighters, lawyers, teachers, and police officers all have one thing in common: they qualify for Auto insurance discounts with some insurers who have found that people in certain fields tend to be less risky drivers than those in other occupations.
A number of insurance companies offer discounts to those in a variety of professions everything from architects, CPAs, and college professors through librarians, military personnel, and pilots, to physicians, registered nurses, and scientists.[…]
Click here to read the full article.
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