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Employee Theft Endorsement

As a simple addition to your Professional Liability Policy, you can purchase insurance coverage for theft of your property or third-party property, including client property

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Why purchase the Employee Theft Endorsement?

In the insurance business we hear it all the time: “I trust my employees. They’re good people. They would never steal.” After a claim occurs we hear a variation on the same theme: “I can’t believe my star associate was stealing from my clients for all those years. I never expected it.”

Unfortunately, it’s impossible to know everything that is going on in the personal lives of each of your employees. For example, if they have financial problems, gambling debts, substance abuse issues, or are going through a costly divorce, odds are they are not going to broadcast it at the office.

The motivation to steal may be a result of personal crises or a lavish lifestyle. It may be a desire to “get even” because they feel they are underpaid, underappreciated, or overworked. Regardless of the reason, employee theft is one of the most common and costly expenses faced by businesses today, including CPA firms.

What it covers

  • Employee Theft coverage limits are available from $100,000 to $2.5 million
  • Deductible options range from $100 to $500,000
  • Covered property includes money, securities, and tangible property other than money and securities that have intrinsic value
  • Provides coverage for theft from third parties such as clients
  • Definition of theft includes unlawful taking of covered property by both employees and partners’
  • Covers theft of covered property that occurs on and off the Named Insured’s premises
  • Coverage written on discovery basis – applies to loss discovered by the Named Insured during the policy period
  • Coverage extends to theft from an Employee Benefit Plan (including the firm’s)
Frequently Asked Questions

If you have a Business Owners Policy (BOP), it will typically include $10,000 or $25,000 of Employee Dishonesty coverage. However, with the average employee theft claim costing $130,000, your BOP coverage may be insufficient.3

With employee theft difficult to detect, the crime can go on for years, resulting in losses that can bankrupt a business. A recent study found that 21% of fraud claims cost in excess of $1 million.2 Adding the Employee Theft endorsement to your existing AICPA Professional Liability Insurance policy is an affordable way to help reduce your exposure and ensure peace of mind.

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Disclaimer

1 Deborah K. Rood, CPA and Gretchen McCole, “All in a Dishonest Say’s Work”, AICPA Member Insurance Programs, 2020.
2 “Occupational Fraud 2022: A Report to the Nations” Association of Certified Fraud Examiners, 2022.
3 Employee Theft is offered for an additional fee.
 
Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (TX 13695), (AR 100106022); in CA and MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc. (CA 0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency.
 
One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract.
Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and
claims activities. Copyright © 2024 CNA. All rights reserved.

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