Hidden Gaps in Crime Insurance Can Devastate a Balance Sheet
While most CPAs feel secure with their current commercial crime insurance, many are unaware of hidden policy exclusions that leave their organizations financially vulnerable to significant fraud-related losses. These gaps are often discovered only after a major incident, when the financial and reputational damage is already done.
In a recent article published by CPA Practice Advisor, Randy Sadler of CIC Services highlights how traditional policies typically cover employee theft and forgery; they often fail to address today’s most financially damaging fraud schemes. CPAs must adopt a proactive and thorough strategy for managing crime risk to safeguard both their organizations and their financial health.
Fraud is a certainty — preparedness is the variable. CPAs who proactively evaluate and enhance their crime insurance policies, while investing in internal safeguards, will be best positioned to defend their companies against catastrophic financial damage. The cost of inaction is steep — and often irreversible.
Read the full article here to learn how captive insurance can help close critical coverage gaps in commercial crime policies and fortify your organization’s defenses against today’s most sophisticated fraud threats.