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Every Business, Regardless of Size, is a Potential Target for Crime!

From robberies and burglaries by strangers to sophisticated fraud schemes by trusted employees, crime can financially devastate a business so it is important to have the right coverage.

What is Fidelity & Crime Insurance?
Fidelity & Crime Insurance coverage provides financial compensation to a business or organization for loss of money, securities and other property including inventory from a wide variety of criminal acts including employee theft, robbery, burglary, forgery, extortion and computer fraud. Crimes covered by Fidelity & Crime Insurance includes acts committed by employees as well as third parties.

Fidelity & Crime Insurance is often referred to as simply "fidelity insurance" or "crime insurance". While "crime insurance" is typically a catch all phrase that refers to any crime against a business or organization that results in losses, "fidelity insurance" typically refers to losses arising from employee-related fraud.

Why Does My Business Need Fidelity & Crime Insurance?
Experts point out that crime is one of the fastest-growing, most prevalent problems facing businesses today. Business surveys show that one in three companies are concerned about employee theft and over 20% of the businesses surveyed have experienced some form of employee fraud in the past three years.

Theft by employees is becoming more common and small businesses with fewer controls are as vulnerable to employee theft as large businesses. In addition, advancements in computer technology crime make the threat of loss more ominous than ever before.

If you are not yet convinced that your business needs Fidelity & Crime Insurance protection here are some statistics on employee fraud:
Fraud typically occurs for 3 years before detection
Before committing a crime, 60% of offenders are employed five years or more by the business they defrauded.
The average loss from employee fraud is $140,000, with many crimes totaling more than $1 million.

What Does Fidelity & Crime Insurance Cover?
There are many types of Fidelity & Crime Insurance coverages, simply because there are so many types of crime against businesses and organizations. Also, because risks and exposures to loss through criminal acts can vary immensely from business to business insurers prefer to insure certain types of crime insurance loss under separate Commercial Fidelity & Crime Insurance forms. These forms allow businesses to cover crime losses that are not insured under other insurance policies.

Below is a list of many of the crimes covered by various forms of Fidelity & Crime Insurance:
(Consult with your Alliance Commercial Insurance Specialist to determine the specific coverages of your policy)
Employee Theft
Employee Theft of client/customers funds or property
On premises theft by a third party.
Off premises theft by a third party.
Forgery or Alteration
Money Orders and Counterfeit Money Fraud
Computer Fraud
Funds Transfer Fraud
Credit Card Fraud

How Can I Prevent Employee Theft at my Business?
While most businesses in the New Orleans area are familiar with ways to help prevent robbery and burglary, most businesses are lax when it comes to preventing employee theft.

Here are a few helpful prevention methods to consider:
Run background checks on every new employee as part of your effort to hire honest employees.
Know your employees.
Supervise employees closely.
Use purchase orders.
Control cash receipts.
Use informal audits.
Install computer security measures.
Track your business checks.
Manage inventory carefully.
Use security systems.
Review internal controls regularly.

No prevention method is foolproof, so most of all...
Speak with an Alliance Commercial Insurance Specialist about protecting your business with Fidelity & Crime Insurance.

Alliance Insurance Agency Services, Inc. provides insurance protection for businesses throughout the New Orleans Metropolitan area.

The information presented on this website is for general reference purposes only and does not override or serve as an addendum to any insurance policy or contract. Always consult your insurance policy or your Alliance Insurance Agency Services, Inc representative for accurate information regarding your policy and coverage.

Alliance Insurance
Agency Services, Inc.

4444 York Street
Suite 100
Metairie, Louisiana 70001


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