Employee Dishonesty Insurance

Employers should always be thorough in screening potential employees. Reference checks, background and drug screenings, as well as employment verification are all critical to the hiring process for any business, but sometimes, even when an employer makes the best effort possible to take precautions against hiring an untrustworthy employee, surprises do occur. According to the U.S. Chamber of Commerce, 75% of employees steal from the workplace and most do so repeatedly. An employee theft can seriously damage your business, especially small companies, because many of them cannot afford extensive insurance policies and aren’t large enough to recover from the losses. The Chamber estimates that one third of small business bankruptcies are the result of employee theft.

There is an affordable way to insulate yourself from any financial loss that may result in this situation. GTM Employment Benefits can now offer some protection against an employee’s dishonest actions by providing a fidelity bond (also called “employee dishonesty insurance”). A fidelity bond protects an employer from theft – cash, checkbook, credit cards, or any property, including your clients’ property – by covering the employer for any such losses.

For more information on employee theft, see the University of Cincinnati’s survey of small businesses. If you are interested in employee dishonesty insurance for your business, contact GTM Employment Benefits at (518) 373-4111.