Fidelity Guarantee Insurance Policy

This type of insurance protects businesses from financial losses caused by the dishonest acts of their employees. This type of insurance can cover a wide range of losses, including embezzlement, forgery, and theft.

Eligibility

  • Businesses must typically have a certain number of employees
  • Businesses must maintain certain security measures, i.e., strong safe rooms for storing money and valuables
  • Employers may be required to conduct background checks on candidates for employment.
  • Firms should have a strong system of accounting processes, internal audits, and controls

Benefits

  • Covers losses from dishonesty or theft by employees.
  • Builds confidence and trust among employees
  • Ensures business continuity by protecting from financial losses.
  • Instills trust in clients by mitigating the risk of financial losses

Things to consider

Policies can be taken on the basis of names, designation, or floater

Pricing

The cost of the policy will vary depending on the size of your business and the type of risks you face.

Exclusions

  • The common exclusions include the losses caused by:
  • The insured's own negligence or fraud
  • Natural disaster or other force majeure event
  • War or other political event
  • Employees who are not covered by the policy

Claim Process

1

Notify the insurance provider

2

Review the policy

3

Gather evidence

4

Document the loss

5

Submit the claim form and documentation

6

Claim evaluation

7

Inspection and assessment

8

Negotiation and settlement

9

Thank You

Note: The claims process can vary depending on the specific circumstances and the policies.

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