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While cyber crimes make all the top headlines, physical crimes perpetrated by employees seem to be flying under the radar.

This is particularly worrisome for smaller operations as dishonest employees with criminal intent to steal money or inventory could make or break a business.

While businesses shouldn’t underestimate the harmful ramifications of a cyber breach, non-physical crimes have not usurped physical ones.

Consider a recent example of a Newfoundland minor hockey association now $80,000 in the red after a former treasurer allegedly stole money between 2017 and 2019. That money is owed to the city and for kids to continue to practice hockey at the local civic centre, their parents have to foot the bill.

And crimes like that can make or break a business, especially smaller operations.

If your business relies on employees handling cash or inventory, your goods and daily earnings are vulnerable.

Crime coverage is offered as part of CHES Special Risk’s commercial combined Property Policy but businesses don’t ask for it as much as they should. Even though this coverage is relatively inexpensive, businesses are simply less aware of internal crime risks.

One of the issues is that a large part of employee theft goes unnoticed because it is not done in one big swoop but over a longer period of time. And by the time it comes to the business owner’s attention it’s too late — the money is gone and businesses are on the hook for the perpetrator’s crimes.

In times where business owners are encouraged to delegate responsibilities to grow, they might inadvertently be delegating to dishonest employees and threatening a lifetime of work in the process.

To find out more about Crime coverage or how a CHES Special Risk policy can better respond to your Clients needs, please speak to your CHES underwriter or email us at quotemehappytoronto@chesspecialrisk.ca.