Up to 40% of all employees steal on the job and the Department of Commerce estimates it costs businesses $50 billion each year. While those are shocking numbers, employee theft is only one theft risk to businesses who deal with fraudulent credit card use and computer fraud along with good old robbery. Fidelity insurance coverage and crime policies are there to protect you from these losses.
If your company benefits fall under ERISA you know you must have a fidelity bond that meets ERISA fraud and dishonesty requirements. Finding the right coverage protects you from purposeful benefit mishandling. Make sure your bond covers everyone involved, including persons with:
- Access to cash and company checks.
- Ability to sign checks.
- Power to disburse funds from the plan or transfer plan funds.
- Power to buy or sell plan property.
Meet the minimum requirements which for most businesses means 10% of the plan funds.
Find a bond combined with a crime policy to protect against fraud and other theft. A crime policy protects your assets against theft but also against social engineering, computer theft and fund transfer fraud. It even covers you when you and your employees are off-site.
Take your necessary fidelity bond and expand your coverage to protect more than your company investment plan; protect your whole business.