Insights
Employee theft insurance, the devil is in the details
on 12/22/2014
As written in the Akron Legal News
According to U.S. Department of Justice reports, nearly one-third of all employees commit some degree of theft, adding up to billions of dollars in losses for businesses each year.
While no owner wants to think that his/her employees are stealing, embezzling funds or committing fraud, companies are increasingly being forced to deal with the issue.
“It’s unclear whether employers are becoming more cognizant of the problem or whether the incidents are actually growing,” said Brouse McDowell senior associate Gabrielle T. Kelly. “Either way, businesses need to be proactive.”
Putting strict procedures and guidelines in place to prevent and deal with theft is key but that is not enough. Kelly said businesses need to arm themselves with commercial crime policies or fidelity insurance to help replenish some of the losses.
Click here to read the rest of the article.
According to U.S. Department of Justice reports, nearly one-third of all employees commit some degree of theft, adding up to billions of dollars in losses for businesses each year.
While no owner wants to think that his/her employees are stealing, embezzling funds or committing fraud, companies are increasingly being forced to deal with the issue.
“It’s unclear whether employers are becoming more cognizant of the problem or whether the incidents are actually growing,” said Brouse McDowell senior associate Gabrielle T. Kelly. “Either way, businesses need to be proactive.”
Putting strict procedures and guidelines in place to prevent and deal with theft is key but that is not enough. Kelly said businesses need to arm themselves with commercial crime policies or fidelity insurance to help replenish some of the losses.
Click here to read the rest of the article.
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