Fidelity Guarantee Cover
Companies are exposed to significant financial losses, due to crime committed by employees.
Companies most often seek fidelity guarantee insurance where employees are more likely to cause financial loss because of their constant exposure to cash, stocks or other assets.
This insurance covers an employer against loss of money, business equipment, securities or other goods belonging to the business resulting from an act of fraud or dishonesty by employees for improper personal financial gain in the course of their duties.
It covers all employees engaged under a contract of service, for example storekeepers, sales people, staff authorized to handle cash among others.
It covers actions such as;
- Forgery.
- Misappropriation of funds
- Embezzlement or diversion of money.
- Theft of money or property.
Fidelity insurance may include a single employee or a group of employees and the cover
extends to measurable financial losses only. The type and extent of cover you chose will depend
on your particular business.