Theft

South Africa is unfortunately often referred to as the crime capital of the world.

The short term insurance industry in South Africa is usually one of first ports of call when protecting business from this crime scourge. Commercial short term insurance policies offer the following crime cover options under their package policy offerings, namely:

Theft, this 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

Employee Theft

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, it is simple case of contemplating the highest financial loss you would envisage following theft by staff, whether transactional or via theft of property.

We urge 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 (also called Fidelity Guarantee).