Ministries have many different risks to manage including; cyber risk, employment issues, fire and even insider fraud.  Fraud experts have found that the average fraud loss averages $50,000, (The Association of Certified Fraud Examiners).   Your commercial insurance program should include employee dishonesty or fidelity, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. Fidelity policies will cover a business for losses caused by an employee’s dishonest or fraudulent acts. These can provide businesses with the best possibility of recovery.

There Are Ways To Help Reduce Your Risk In This Area

1. Complete background checks on all new employees
2. Create internal policies and procedures that require checks and balances
3. Have a third person approve all purchases or checks over a certain amount
4. Have an outside accounting firm review your records annually
5. Require all employees to take their scheduled vacations
6. Have separation of services between check writing, approval and deposits

Employee fraud is a greater risk than most businesses think. Have us complete a free review of your business insurance program to make sure you have the best possible combination of coverage price and service.

Christian Ministries Insurance was created specifically to serve Christian churches, schools and other related ministries. Our mission is simple; provide comprehensive insurance products at competitive prices while building a solid relationship with our clients. We do this through our day to day service, scheduled meetings, quality risk management advice, training and prayer for you and your staff. We are a faith based business, dedicated to help your ministry fulfill God’s vision. All CMI staff are actively involved in their local church. We have more than 50 years experience in providing services to churches and related ministries. Our team has helped clients overcome complex insurance and risk management challenges that include: casualty, property, executive liability, human capital, crisis management and claims consulting.

Tags: Christian Insurance, Church insurance, northwest risk insurance, Risk Management, Safety

This entry was posted on February 16, 2018 at 11:23 pm. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Posted in Church Insurance Church Risk Church Safety by Scott Stuart Comments Off on How To Protect Your Church From Fraud