Crime

Crime is a reality that every South African business faces on a daily basis. Cover is essentially available under three separate sections: Theft of assets, Theft of money and Theft by an employee. A high ratio of Crime events can be attributed to petty crimes, where the financial loss is minor, like smash and grab of low valued assets etc.. However, more significant risks like undiscovered theft by an employee (which can run into Millions of Rands), cash heists, being targeted by a premeditated theft of your assets, need to be transferred to an insurance policy.

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Fidelity Guarantee (Employee Theft)

This insurance cover is more commonly known as Fidelity Guarantee and essentially looks to cover the business against financial losses as a result of employee dishonesty.

Financial crimes, committed by employees, are often far more debilitating to businesses in South Africa. In fact, Chadwicks views this as a catastrophe financial risk, which should always be transferred to an insurance policy.Theft by employees typically arises from fraudulent and spurious computer transactions or theft of property.

In terms of setting the sum insured, contemplate the highest financial loss you would envisage following theft by staff, whether transactional or via theft of property.

Chadwicks urges you not to be one of the businesses who believe that their staff will never steal from them – sometimes even your best staff act out of character when times are tough financially, so the prudent decision is always to cover yourself against employee theft.

Theft

Theft insurance essentially looks to cover theft of property, subject to forcible and violent entry to a building. In terms of setting the sum insured, it is simple case of contemplating the highest financial loss you would envisage following theft of property from your building. Insurers will usually only offer cover subject to an alarm and armed response.

Money

Money, this essentially looks to cover theft of money from the premises and in transit. Typical requirements include that money is left in a locked safe (the higher the amount insured, the higher the specification of the safe), is carried armed cash carriers, left in drop safes etc. In terms of setting the sum insured, it is simple case of contemplating the highest financial loss you would envisage following theft of money.

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