Crime Insurance - Why the threat is real
Crime Insurance - Why the threat is real
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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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 BarrDavid 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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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
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.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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