Theft by employees is a risk to most, if not all businesses, and should always be included within a comprehensive crime insurance policy. All businesses should have controls in place, but to operate the business effectively, directors and business owners must place a certain degree of trust in their employees. Higher-level employees will often have access to large amounts of cash immediately and are often very aware of the mechanisms in place to prevent business losses, and therefore sufficiently informed to prevent detection. Employees in lower-level roles may also have access to cash in smaller values, in which case businesses can be liable for the theft of smaller amounts over long periods, which can often result in large losses if the dishonesty goes unnoticed. Unfortunately, the number of crime claims tends to be linked to the economy. When businesses and employees are faced with a more challenging economic environment the number of crime claims is often higher.
Theft by employees is a risk to most, if not all businesses, and should always be included within a comprehensive crime insurance policy. Very few insurance brokers understand the industry as well as we do. For over a decade we have specialised in insuring and advising finance, technology and media companies about their risk. As an independent broker, we have access to a large panel of specialist crime insurers and have experience arranging crime insurance for all business types from self-employed to high-value FTSE companies and Family Offices.