The Fidelity Guarantee standalone policy and Commercial Crime policies provide cover to your business for direct (internal) losses resulting from theft and fraud perpetrated by staff.
Fidelity Guarantee insurance protects businesses from direct internal financial losses due to fraudulent or dishonest acts committed by employees. This type of insurance typically covers losses resulting from theft, embezzlement, forgery, or other forms of dishonesty committed by an employee. It can also cover the cost of legal defense in case of a lawsuit related to employee dishonesty. A Commercial Crime policy extends this cover to include liability arising from fraud by external parties and computer hacking, as well as liability to external parties arising from employee dishonesty.
Professional Indemnity policies typically include an extension which provides limited FG cover, however, this may not be sufficient for your particular business, this is why the ‘standalone’ FG cover as a policy in itself is also available. The losses from fraud can often be crippling to a business, apart from the severe reputational damage. It is therefore imperative that losses of this nature are provided for under the insurance cover of your business.
Overall, Fidelity Guarantee and Commercial Crime insurance can provide peace of mind to businesses that want to protect themselves from the financial risks associated with employee dishonesty.
Contact our team today to discuss your insurance needs and protect your business.