Employee Dishonesty and Bond Insurance
Criminals and criminal activities are becoming more sophisticated and undetectable crimes like fraud can mean significant losses for your school. Crime Insurance can protect your school from SBAs, Treasurers of School Monies, employees, or vendor theft, forgery, asset misappropriation, and computer or funds transfer fraud.
Every school is vulnerable big and small. Schools must protect themselves against losses due to fraud.
What’s typically covered
For Public Charter and Traditional Schools, the Department of Education requires the school to have Public Official Bonds for their SBA and Treasurer of School Monies. The Public Official Bonds cover the public official's term of office and guarantee that the bonded official will faithfully perform the duties of his or her office. Employee Dishonesty coverage protects the school against losses due to fraud and theft from an employee. The amount of coverage you will need depends on your annual budget and Department of Education’s bond formula.