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Why Businesses Need an Employee Dishonesty Bond

In a perfect world, there would be no need for a business to suspect its workers. The real business world, however, is far from perfect and it is particularly the small business that suffers due to its inability to cushion the losses incurred from employee dishonesty.

RELATED: Tips on how to prevent your employees from stealing

Here are the facts. As per the US Chamber of Commerce:

A)     Three quarters of all business workers confessed to stealing from their bosses to some degree.

B)      Fifty percent of those interviewed acknowledged they steal on a more regular basis.

C)      The yearly price tag for employee theft is estimated at $50 billion.

NJ and NY Employee Dishonesty Bond Insurance Claims

 

  • After returning from a holiday, the owner of a gas station discovered some ugly truths about the business bookkeeper that had suddenly gone missing. The man had been stealing thousands of dollars over the course of employment without anyone the wiser until the present moment when he couldn’t be taken to task because of his abrupt departure.  Losses were covered up to individual policy limits.

  • Over the course of two years at a home supply company, an employee had been steadily pilfering the business out of cash and goods as he forged refund notes. Losses were covered up to individual policy limits.

  • The Treasurer of one school’s Parent/Teacher Association falsely signed on checks for the required second signature so that she could cash the checks for private use.  Losses were covered up to individual policy limits.

For more information on how to protect your business from employee dishonesty, contact an experienced independent agency that has your best interest in mind.

 

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Summary: Businesses: shield your establishment and your customers from losses sustained by employee dishonesty with a protective insurance bond.


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