-
Average loss caused by employee dishonesty is $140,000 with one in 5 cases over $1 million.
-
Background checks are of little help, most frauds are committed by 1st time offenders
-
Firms now rely on internet many to increase the speed and ease of doing business law firms have been exposed to funds transfer fraud and conversion by 3rd parties
-
Your business owner’s policy may have some crime coverage in it, but generally the unendorsed policy limit is between $25,000 to $50,000. This is likely not enough to cover a fraud committed against your trust account. Many firms have millions of dollars in their trust accounts.
-
Depending on the type of act committed against the firm, your professional liability insurance policy may or may not provide any coverage.