Crime insurance is something that many people, even brokers, glance over and don't fully understand. Read a newspaper on any given day across America, and you will no doubt find a story about an employee stealing money from their employer. Also known as employee dishonesty, or a fidelity bond, this is a relatively inexpensive insurance coverage that offers great value when employee fraud hits your company. The Association of Certified Fraud Examiner estimated in its 2004 Report to The Nation that employee fraud cost American businesses more than $660 Billion dollars annually. In many cases, the fraud was committed by a long term and trusted employee. Crime insurance also can provide coverage for burglary & robbery, forgery, embezzlement, and computer fraud. Crime coverage must be selected carefully as to not omit important coverage, as well as selecting the most appropriate limit.
Thomas Gregory Associates understands the nuances of crime insurance and helps clients understand their overall risk. For example, many companies today are mandated via contract to carry third party crime coverage by their customers. Our expertise in this coverage has allowed our clients to not miss a beat and move forward with their business engagements without a hitch.