Houston, TX – June 14, 2021 – 90% of all major theft losses incurred by businesses are caused by their employees. Worse, losses incurred by employers due to employee infidelity are not covered by regular general liability insurance policies. Accordingly, leading business insurance resource El Dorado Insurance Agency has recently introduced a special Fidelity Insurance Coverage which is specifically designed to protect employers who have suffered significant damage or loss in business due to employee theft.
The new Fidelity Insurance Coverage policy especially caters to companies in the Private Investigator, Security Guard, and Alarm Installer industries.
A Fidelity Bond a.k.a. Employee Dishonesty coverage policy is aimed to protect employers from loss caused by employee theft of funds or property The coverage is available at incremental limits and employers would be able to purchase the coverage limit according to their specific coverage needs.
Josh Ring, President of El Dorado noted the new Fidelity Insurance Bond was inspired by a horrific story of a security officer, narrated by one of their long-term clients. One of the customers of the security company alleged that the officer had been involved in a theft which led to the loss of a whopping $25,000+ worth of merchandise.
Upon receiving the complaint, the security company submitted a general liability claim to its insurance carrier. But the claim was declined by the insurance carrier because the general liability insurance only provides coverage for damages caused by property damage or bodily injury. But, that particular incident
was caused by employee theft and doesn’t involve damage from property damage or bodily injury in terms of the clauses included in a general liability insurance.
“If your company or customer incurs loss due to an act of employee theft, your regular general liability insurance won’t cover it. But, given an alarming rise in employee theft today, such mishaps won’t be uncommon. This is where our Fidelity Bond insurance policy comes to the rescue. This new insurance policy is especially designed to protect American entrepreneurs from the losses or damages experienced due to employee dishonesty or theft”, said Ring.
“We work with several insurance carriers, and we know most of them exclude ‘damage caused by employee theft’ under the section of property damage. Thus, even if you have your general liability insurance in place, you need to sign up with a separate coverage policy that will have your back in case you too find yourself amid dishonest employees.”
About El Dorado Insurance Agency
El Dorado Insurance Agency, Inc. values their client’s loyalty and trust. With over 50 years of serving hard-to-insure small businesses and individuals, they’ve emerged as the most reliable leader in the small business insurance industry. They build long-term relationships with both clients and insurance companies to save everyone time and money. Their firm’s partnership philosophy expands beyond the products and services they offer as well. From General Liability Insurance and Professional Liability Insurance to Property, Auto and Personal Lines, their expertise is as real as your own.
For additional information on the insurance solutions provided by El Dorado Insurance, visit the company website or call 800-221-3386.
Company Name: El Dorado Insurance
Contact Person: Andy Ring
Email: Send Email
Address:3673 Westcenter Dr
Country: United States