Business is built on effective partnerships. At the core of every successful business is a long-standing partnership with trusted employees tasked with various operations. These tasks range from product design and supply chain management to customer service and financial reporting.
But you can’t trade on trust alone. While employees are expected to be honest and corporate leadership is tasked with cultivating positive company culture, every business requires financial controls to protect its assets from fraud and abuse. Examples include things such as the sale of stolen inventory, pocketing of sales proceeds, the use of company-issued credit cards for personal expenses, issuance of duplicate checks, and other similar financial crimes.
When financial controls that prevent these from happening fail, companies require the support of a comprehensive crime insurance coverage. This is to help mitigate the risks, losses, and compliance liabilities that arise from fraudulent acts of company employees.
Fidelity Insurance is designed to protect companies from financial, securities, or inventory losses as a result of crimes committed by internal actors, such as employees, and corporate leadership in positions of trust.. This insurance may cover a wide range of crimes, such as embezzlement, forgery, burglary, computer fraud, wire transfer fraud, counterfeiting goods, actual robbery, and other similar acts of employee dishonesty.
Crime Coverage is tailored to support internal financial controls and mitigate risks associated with inside jobs — that is, internal actors scheming against a company’s financial reporting and control policies to steal inventory, and other assets that lead to massive losses. Aside from these internal losses, these crimes may also result in liabilities for which the company may be held responsible.
Along with fraudulent acts committed by employees that result in financial losses, crime coverage also extends to financial and liability protection for these specific circumstances wherein a lack of financial control may increase the risk of employee dishonesty:
Archway Insurance is committed to securing the financial health of businesses in Atlantic Canada. Our brokers have built a trusted reputation of sourcing the best insurance plans from major Canadian providers and tailoring these coverage options to the needs, budget, and size of your business.
With effective financial controls and a comprehensive Fidelity Insurance plan, we can help you secure your company’s financial assets, including profits, inventory, and benefits plan, to ensure stability and mutual trust between you and the people you count on the most to help fulfill your vision.
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