Most employees are honest, but one case of fraud can do serious damage. Fidelity guarantee insurance reimburses direct losses of money or goods caused by dishonest acts of your employees, so your business is not left bearing the loss alone.
Who needs it
- Businesses where staff handle cash, stock or accounts
- Banks, NBFCs, cooperatives and finance companies
- Retail chains, distributors and warehouses
What's covered
Employee fraud and embezzlement
Direct loss of money or goods.
Named employees or positions
Cover per person, or for positions such as cashier or storekeeper.
Floater cover
One limit shared across a group of employees, as per policy.
What's not covered
We show you the catch before you buy. Common exclusions (exact terms vary by insurer and plan):
- Losses discovered after the discovery period ends
- Further losses from an employee after earlier dishonesty was known
- Consequential loss and interest
- Losses caused by people other than employees (see Business Cyber)
Popular add-ons
Computer fraud
Fraud by employees using computer systems, where available.
Documents checklist
To get a quote or buy
- List of employees or positions to cover
- Guarantee amount for each
- Internal controls: audits, checks and balances
- Business KYC: PAN, GST certificate and address proof
To make a claim
- Claim form and policy copy
- Internal investigation and audit report
- FIR against the employee
- Proof of the amount lost
Frequently asked questions
Does it cover fraud by outsiders?
No. Fidelity covers your employees. Outside fraud such as hacking falls under business cyber insurance.
What does the insurer look at?
Mainly your internal controls: audits, dual signatures and stock checks. Strong controls mean better terms.
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