Type of Coverage:

Crime Insurance/Fidelity Bonds from GMG Insurance Laguna

Estimates show that on average U.S. organizations lose seven percent of their annual revenues to fraud and crime. That’s about $994 billion in losses, underscoring the fact that no business can afford to be without proper protection. Theft by employees – whether from your company or from your clients – can lead to expensive losses for your business. Crime insurance, or a fidelity bond, can help.

GMG Insurance Laguna offers fidelity bonds that protect your company from fraud, theft, embezzlement and other dishonest acts committed by bonded employees. It can insure hazards such as computer-based theft, loss of inventory, stolen money or securities, and theft of client property.

Commercial insurance policies typically exclude or severely limit reimbursement for stolen cash or checks and other employee-committed theft. We will review your commercial policy with you to determine if there are gaps that can be enhanced by crime insurance.

Putting Crime Insurance to Work

A fidelity bond, which covers employee crime, is usually offered as a blanket bond or a schedule bond. Blanket bonds are very helpful to large employers that have many staff changes and to organizations that have many volunteers. For those with fewer employees who need to be covered, a schedule bond may be recommended. Those who handle money or keep company financial records are often placed under on a schedule bond. A fidelity bond can also cover counterfeiting, forgery, credit card fraud, and the costs of investigations.

Managing Your Exposures

You can reduce your risk of employee-related theft by running thorough background checks. Follow up on personal and business references before hiring, and check periodically to make sure no issues have emerged once your prospects have been hired.

Companies who send employees onto client property or who entrust employees with cash need to carry crime insurance. Employees who handle employee benefit plans need a special kind of coverage called an ERISA bond that covers at least 10% of the benefit funds the employee handles.

Protect your business with fidelity bonds/crime insurance.

Turn to GMG Insurance Laguna for knowledge, attention and reliability regarding your business insurance needs. Contact us (949) 715-7981 or email at