Protecting your business from fraud is a top priority, and there are many measures a company can take to prevent or detect fraudulent activity. Careful auditing protocols and comprehensive bookkeeping are two such measures. A thorough audit can stop a theft scheme in its tracks and eliminate further losses.
But ultimately, you need to be insured against such damages. And thankfully, there’s an insurance policy made just for protecting your business from fraud; it’s called Crime Fidelity Insurance, and it is just as valuable as it sounds.
You might be wondering what crime fidelity coverage specifically includes, as “fraud” is a broad term. But this type of insurance covers several different types of fraudulent acts. These include crimes such as computer fraud, embezzling, forgeries, and general theft. The point of crime fidelity insurance is to protect businesses against any kind of activity that will defraud the company.
Essentially, this means that if anyone (employee or otherwise) takes an action that is meant to intentionally deceive the company (or steal from it), the insurance will cover damages due to loss. It will also cover any legal fees that must be paid in order to pursue prosecution.
Crime fidelity insurance coverage is often well worth the cost in today’s age of cyberfraud and other illegal schemes.