Monday, April 28, 2014

Do you trust your Bookkeeper?

Does your business insurance have enough coverage for employee dishonesty?

Most policies cover a trivial amount automatically of $20,000 or less. Its extremely inexpensive to add $200,000 or more. Stories like this are commonplace locally. The crooks are almost always caught after years of stealing and all the moneys gone. Think of Frys electronics millions stolen recently. A local nursery was put out of business by an embezzler. Countless other examples of victims bilked by people they trusted.

If you are on the board of directors of a homeowners association or a commercial condo association you better make sure you have enough coverage to cover the total reserves in the associations bank account. We have just reviewed 2 clients recently that have 0-$50,000 when they should have $250,000. As a board member you can be held liable for this oversite.

Call Carlos or Mimi at Insurance by Allied Brokers (650-328-1000) for a free insurance review.

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