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February 18, 2010 in Editors' Featured
Today’s Fidelity & Crime Insurance Market
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If you ever had doubt about the need for Fidelity & Crime Insurance --which protects employers against employees stealing from them-- just check out the annual report on embezzlement put out by the Boston-based law firm Marquet International . The study has some noteworthy findings, including:
- The average loss is more than $1 million.
- More than 60 percent of the incidents involve female employees--although males embezzle nearly twice as much as females, on average
- And nearly 25 percent of all losses are suffered by financial institutions
Facts like these are not news to Melissa Schwartz, an assistant vice president with Liberty International Underwriters, where she specializes in Fidelity & Crime Insurance. Schwartz is well aware that theft by employees is on the rise and she thinks businesses of all types should take note.
