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Do I Need Crime and Fidelity Insurance?

Posted on: July 12, 2016 by Newmark Insurance

Crimes, such as theft or embezzlement, are common risks many businesses face. While these types of crimes are largely known, there are others that seem to fly under the radar and don’t receive much notoriety. However, any one of these, or a combination of these crimes, can cause a business to fail.  In addition to securing the right Crime and Fidelity Insurance package, take a closer look at the fraudulent activities that can bankrupt your business.

Pigeon drop.

This crime occurs when a “pigeon” or a “mark” is offered large sums of money in exchange for an upfront charge. This commonly occurs to wealthy older citizens in which the perpetrator takes the money and never returns.

Environmental schemes.

Small Business Trends states that these involve fraudulent practices by individuals, corporations, organizations, and even governments which concern the protection or management of the environment. A common example of this would be a company that misreports their emissions unlawfully to make a car appear more environmentally friendly.

Kickbacks.

This occurs between two or more parties who accept to be paid on a quid pro quo basis. These are usually agreed upon well in advance and can involve high-level executives of the company, often going unnoticed for long periods of time.

Telemarketing fraud.

Your employees should beware of telemarketing schemes that attempt to sell items to your business that do not exist. This includes time shares, charity requests, charging unlawful advancement fees, and more.

At NewMark Insurance Services, we understand the implications of these lesser known ploys. While some may be small in scale, they have the potential to devastate a business over extended periods of time. We offer quality coverages to ensure the protection of your firm and your employees. To learn more about our products, contact us today at (855) 777-6549.

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Posted in: blog Crime and Fidelity Insurance