Fidelity Insurance

If you are ever exposed to dishonesty, you will be glad that you relied on Be Wiser.

No matter how securely you control your company’s financial functions, you are always exposed to opportunism and disloyalty from within. Fraud and embezzlement in the workplace are on the rise and smaller businesses are particularly vulnerable to these crimes.

Fortunately, Be Wiser’s experienced advisors are on hand to make sure that your business is protected should it fall victim to such an attack and this can give you peace of mind.

If your company holds very sensitive information about its clients or financial markets and employee dishonesty is something that you are worried about, we have access to a range of insurance providers who can provide the right cover for you. Our friendly advisors are on hand to take the hassle out of finding great insurance cover to meet your business needs. So why not give us a call now for a no-obligation quote?

What is Fidelity Insurance?

Fidelity insurance protects your company in the event that an employee is disloyal or exposes information that they are not supposed to. It is hard for business owners to monitor their staff at all times and tell whether an employee is using confidential company information for their own personal gain. Some industries pose a huge risk such as finance and trading where this is inside information to the global markets. For other industries, employees may have access to a large customer database and personal details which can present risks to the customers and firm. In other cases, workers may feel that they have been mistreated by their employer and decide to breach their contract out of protest.

Nevertheless, the impact of an employee being unfaithful can have huge repercussions on the organisation. This can include potential lawsuits from customers, partners and regulators which can lead to business disruption and a huge loss of income. For this reason, fidelity insurance is taken out by firms as part of their business insurance policy and provides cover for the following:

  • Data breach
  • Fraud
  • Breach of contract
  • Sharing information with competitors
  • Stealing customer details
  • Inside trading
  • Tampering with inventory and equipment

Cover Available

Legal Assistance: For any legal fees you incur due to employee infidelity, your cover can pay for any lawyer fees, court fees, time off work and compensation to customers or partners.

Fines: Data breaches in various industries can be punished with fines costing thousands or even millions of pounds. Whilst we always try to maintain the regulatory framework, we can never be sure that our subordinates will do the same, so having the right cover can protect you against a hefty fine.

Business Interruption: Depending on the scale of the dishonesty, it can cause a major disruption to your business. For instance, it could cause your business to lose clients, close down whilst it is being investigated or even shut down altogether. By having insurance in place, you are still able to recover any loss of income during this time which can go towards paying your overheads and staff wages.

Employers' Liability: This is a legal requirement in the UK and refers to insuring your employees that might get injured or damaged during work and they hold the company liable. For instance, if one member’s dishonesty causes several colleagues to lose their job, the innocent parties have a right to claim compensation and this can be covered by your insurance.

Professional Indemnity: This cover involves giving professional advice to clients and is common for those offering financial and medical services. The client will depend on this advice in order to run their company but if a disloyal member purposely gives bad advice or due to negligence, the company will be held accountable for any losses. The cover will pay or any potential legal battles and the costs to reverse any wrongdoing.

Buildings, Equipment & Stock: If your disgruntled employee causes any damage to the office, equipment or inventory, any repairs or replacements can be covered by your insurance. For example, damaged computer equipment or ruining food products that you sell.

Accidental Damage Cover: Accidents commonly happen in the workplace and this can be caused by another disloyal employee. It can give you peace of mind knowing that any staff injuries can be covered by your insurance.

Public Liability: Does your business come into contact with the public? If so, this essential cover protects any third parties that might be affected by your business operations. The last thing you need is a disloyal employee who does not fulfil their work obligations and causes damage to a member of the public. For instance, a chef could purposely sabotage their customer’s food or a builder could deliberately do a bad job on a building site. This could result in someone getting sick or injured and your company will be held responsible – so having this protection is key.

For fidelity insurance cover, you can speak to one of our advisors on 0333 999 0802. We are based in Hampshire and handle every enquiry on an individual basis so that we can find the right policy for you and your business. We will begin by asking you some questions about your business, number of staff, annual turnover and potential risk – and should be able to provide with a quote immediately.