Minimize the impact of employee crime.
If funds go missing, what recourse do you have? In general, employee dishonesty (embezzlement) coverage applies to funds stolen by
- An elected officer, trustee, or director
- Any employee
- Any volunteer
You can minimize your exposure to embezzlement. We recommend that you
- Require two signatures on checks.
- Never pre-sign checks.
- Split responsibilities so that whoever is authorized to withdraw funds is not also the person reconciling monthly statements.
Independent contractors are excluded. For example, an accounting firm would not be covered under your plan.
Your organization’s crime limits are specific to your location. You can find the details in your Insurance Overview.