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Crime Insurance - Why the threat is real

Crime Insurance - Why the threat is real

I have a client who told me a story about a person who he used to trust with his business’s petty cash - she was as close as family, but after a while he noticed that funds were missing. Turns out, she was pocketing little bits of cash while making deposits etc. This is not an isolated event, people skim off the top often (read the news lately?) and it begs the question, “How as a business owner, do I protect myself from this?”
I found a small caption in the Metro Newspaper Tuesday Feb 10 that read:
A Brampton bookkeeper has been arrested on fraud and theft charges after more that $3 million went missing from a large construction firm over the course of six years. Police say between Jan 2002 and May 2008, company cheques were deposited into an outside bank account…”

Three million dollars - is that something your company can afford? There is coverage for this - it is called Crime Coverage, and many insurance policies include a small amount of it - $5000 to $25,000. It will cover you for fraud in various forms but the limit seems rather puny compared to the potential for loss.

When managing your risk for Crime losses, you can do the following:

- mandate that all deposits be signed by 2 people
- screen people for criminal backgrounds
- Determine how much money you can afford to lose before you put in a claim take out a crime insurance policy for any amount over that limit you can absorb.

If an employee skims $100 a week for 5 years, that is $26,000 of your money. Fraud is theft, and theft will hurt you especially as you are trying to navigate the recession of 2009. Take the steps to ensure adequate limits of Crime coverage because it protects you from letting money walk out the door.





Crime Insurance Why the threat is real - To learn more about this author, visit Claudio Cipriani's Website.

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David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website

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As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)

 

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Claudio Cipriani
(Visit Claudio's Website) Claudio Cipriani is a registered insurance broker that represents: Several property and casualty insurance companies through the offices of Mitchell Sandham Insurance Services Desjardins Financial Security, Great West Life, Empire Life, Manulife and other carriers through Mitchell Sandham Financial Services. I hold my BA in Sociology from University of Western Ontario, graduated top of the class in the RIBO level 1 licensing course and holds his full LLQP Life License, regulated by the Registered Insurance Brokers Association of Ontario & the Financial Services Commission of Ontario and is trained by Cookston-Walker as a Commercial Insurance Producer. Using my extensive and ongoing training in business insurance, life insurance and insurance strategies, I am committed to providing tips, advice, and explain more complicated concepts to you in real life scenarios so that you can better understand the insurance world and your own insurance policy

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