why you need Employee Theft Insurance
As a business, you may be neglecting one of your biggest vulnerabilities: your staff. Despite all your efforts to recruit people who are trustworthy and reliable, you can’t rely on everyone to be as trustworthy as you hope. That’s why employee theft insurance (or theft by employee insurance) should be regarded as an additional line of defence.
This insurance is designed to cover your losses in case employees steal money, goods or stock. As a business, this theft is very difficult to protect against. In order to do their job employees will need access to cash and, in some cases, sensitive areas of your computer systems. You are relying on their good will, which is why employee theft insurance should be seen as an essential cover.
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What does employee theft insurance cover?
As the name suggests this is there to cover losses from any criminal losses sustained by your employees, such as if a shop worker has taken money from the till. It can also be there to help against more sophisticated actions. For example, employees with access to your accounts systems may steal data or even gain access to your accounts.
What level of theft by employee cover will I need?
Different businesses will have different vulnerabilities. If you’re a retailer, the biggest thing you should be worried about is the thought of staff taking money from the till or safe. However, if they have access to your computer systems, there are all sorts of other cyber risks which could compromise the security of data, your reputation and your finances. You should assess the full extent of your needs and check your insurance policy covers it.
What about third party losses?
Generally speaking, employee theft insurance protects against first party losses directly from people who you employ. However, with more companies working closely with partners, third party losses may also be important. If you work with external companies and individuals who have access to your systems, it is a good idea to add third party cover to your policy.
Is employee theft not covered as part of my contents insurance?
No, contents insurance only covers you for items that are lost or damaged, not stolen. While business insurance may protect you against third-party theft, it won’t protect you should an employee steal from the business.