This Is Why Community Associations Need Employee Theft Insurance
Table of Contents
- This Is Why Community Associations Need Employee Theft Insurance
- Why Do You Need Fidelity Insurance?
- How Much Will the Insurance Policy Cover?
- How is Money for The Insurance Policy Raised?
- Other Forms of Community Association Insurance
- Get the Most Comprehensive Association Insurance in Florida
- Resources and References:
This Is Why Community Associations Need Employee Theft Insurance
Employee theft is an inevitable part of business operations, therefore, necessary to undertake an insurance policy to cover it. According to statistics, about $60 billion is lost yearly to employee dishonesty or employee theft. This is a troubling finding, thus, requiring necessary precautions.
Many companies are taking preventive measures such as installing security gadgets and so on. However, that alone isn’t enough because these employees are equally smart, and most times, the act is perpetrated by the people who have spent a long period of time in the association. These people usually know where security cameras or CCTV are located, as well as how to beat them. So, once acts like this take place, it is necessary to cover the loss. And as you know, little acts like this can run an organization down, which is why it is very important to undertake a fidelity insurance policy, employee dishonesty coverage or employee theft insurance for community associations.
In your own case, employee theft could be financially devastating. Protect the interests of your association and the wider community. You can explore your options for business fidelity insurance with Moran Insurance today.
Why Do You Need Fidelity Insurance?
Fidelity insurance covers theft from all the employees at all levels, including directors and community association managers. Some of the crimes covered by employee theft insurance include the following: money theft, computer fraud, forgery, alteration, securities’ theft, robbery, burglary theft, funds transfer fraud, false pretense, and social engineering, etc.
It would be a mistake to assume that theft isn’t a problem for your business. In these jaw dropping facts about employee fraud, it is revealed that 75% of employees have stolen from an employer at least once. No business is immune.
How Much Will the Insurance Policy Cover?
Fidelity/crime insurance usually covers a minimum amount of $10,000. And in most cases, the highest amount is $10M. However, a higher amount can be undertaken upon a written request. This provision is available for rich neighborhoods or highbrow communities. All the same, in order to have an idea of the quotes, it usually ranges between $10,000 and $10,000,000.
How is Money for The Insurance Policy Raised?
Members of the community are obligated to pay dues. These dues are usually between $100 and $10,000 per year and are calculated based on the type of neighborhood and its amenities. This implies that the high net-worth individuals living in wealthy neighborhoods pay higher dues in comparison with the middle-income earners.
It is equally worthy of note that the fidelity insurance covers theft-related crimes and not misappropriation of a company or the association’s funds. The underlining factor, here, is the intention of the employee. Employee theft is, therefore, basically a premeditated plan or action of the employee. Nonetheless, it occurs in every community association. In fact, it happens in any business organization or establishment.
Finally, brokers and community associations can relax and/or rest easy because they have the confidence that their assets are protected against crime/theft. In addition, it is advisable for business organizations to undertake this policy because employee theft is inevitable, and as such, the company will be compensated when it eventually happens.
Other Forms of Community Association Insurance
If you want complete peace of mind, you will need coverage for all areas of your association where risk exists. Moran Insurance can design a package that suits your needs. Other types of association insurance can include:
- Directors and Officers Insurance:>Events can occur where directors and officers are found liable for damages or injuries that occur on association property. Directors could be sued by members of the public, the community, or even contractors and other third parties. Ensure you are protected from liability with directors and officers insurance.
- General Liability Insurance: With general liability coverage you will have a safety net in case lawsuits are brought against your community association. This type of insurance is essential, particularly for condo associations. Moran Insurance can determine your needs and recommend a policy to suit.
- Commercial Auto Insurance: If your association owns vehicles that are used by directors, officers, or employees, you will need a comprehensive auto insurance plan. This will provide funds to replace vehicles involved in accidents, along with coverage for medical and liability.
- Workers Compensation Insurance: Larger associations with at least four full-time employees will need workers compensation insurance in the state of Florida. Ensure that you are fully compliant with the coverage requirements published by Florida’s Chief Financial Officer. Explore your options for workers compensation today.
If you haven’t fully assessed risks and your need for insurance, it’s time to talk to a team that can help. Our talented community association insurance specialists are standing by to help you now.
Get the Most Comprehensive Association Insurance in Florida
Beyond employee theft insurance, you will need to ensure that you have a comprehensive policy that includes coverage for liability, damage to your association property, and even coverage for your workers.
Moran Insurance is a full-service independent insurance agency based in South Florida. We work with insurers from around the state to find packages that are both affordable and suited to your unique needs.
Major insurance companies often come up short when designing packages for community associations. With our help, you’ll enjoy complete peace of mind, and, best of all, we’ll explore the insurance market for you, so you won’t have to spend time submitting applications and searching for policies.
If you need employee theft insurance or any other form of community association insurance, it’s time to talk to Florida’s experts. Contact Moran Insurance for your free consultation and get the most comprehensive policy you’ve ever had, at a price that you can afford.