Fidelity or Crime Insurance

This section provides answers to the following questions:-

Why is Fidelity or Crime Insurance Needed?
What Cover does a Fidelity or Crime Insurance Policy Provide?
How Much Fidelity or Crime Insurance Will my Business Need?
Compare Fidelity or Crime Insurance Quotes Now

Why is Fidelity or Crime Insurance Needed?

Fidelity insurance (also referred to as Crime insurance) covers you against loss of money or stock as a result of theft or dishonesty by your employees.

According to the British Retail Consortium, the cost of employee theft for retail businesses alone is almost £1.5bn each year. Fraud and embezzlement in the workplace is on the rise, occurring in even the best work environments. Research conducted by a leading international accounting firm has found that:

• 80% of workplace crime is carried out by employees
• One in four employees has either committed or witnessed workplace fraud and abuse
• One in four employees committing fraud against their employer has been with the company for more than 10 years
• Only one in three of those who have witnessed a workplace crime bother to report it

Because crime-related losses are not typically covered by most property insurance policies, Fidelity insurance is a necessary piece of cover for many small businesses.

What Cover does a Fidelity or Crime Insurance Policy Provide?

Fidelity insurance is a means for the small business owner to insure the assets of the business from the dishonest acts of others.

Fidelity insurance covers loss of property due to an employee's dishonesty, as well as a suspicious loss of property that cannot be directly attributed to a particular employee. The cover provided by a Fidelity insurance policy normally includes the loss of property due to theft, embezzlement, forgery and computer crimes.

Generally, the policy will cover the loss of property while it's on the business' premises, in transit, or otherwise temporarily in another location. Policies tend to differ in the cover provided because employee dishonesty can take many forms, so you should take time to check the details of the policy you are looking to buy to determine the scope of any exclusions.

How much Fidelity or Crime Insurance Will my Business Need?

You will need to take account of several factors when considering the amount of Fidelity cover your business requires:

• The physical value to the business of stock, materials or money at risk
• The number of employees with access to the above
• The likelihood of employees engaging in dishonest acts
• The measures your business has in place to prevent employee theft and dishonesty

If you only want to cover your business' money and the people who have access to it, you may want to consider a fidelity bond. This is a less expensive form of Fidelity insurance because it provides more specific and narrower cover limited to the individual or individuals named in the policy.

Compare Fidelity or Crime Insurance Quotes Now

Fidelity or Crime Insurance Policies will shortly be available here at Coverzones.

Coverzones has partnered with the UK's leading insurers and is able to offer you with instant quotes at highly competitive rates. Buying your small business insurance with us is hassle free. Fill in one simple form and we'll do the legwork, sourcing up to 6 of the cheapest quotes for you to choose from.

All your small business insurance needs can be managed through a complimentary MyCoverzones account. You can store multiple quotes or buy, amend, renew and cancel policies purchased using our service. You can even begin a claims process through your MyCoverzones account.