Insurance protects against employee fraud
When it comes to areas of vulnerability for ministries, finances rank near the top of the list. Nothing is more shocking than when an employee violates trust by mishandling finances. For one Christian school, the reality of this could have been financially devastating, if not for their insurance protection.
This school discovered that an employee stole thousands of dollars in tuition fees paid by international students. The employee was depositing the tuition in a personal “not for profit” account that he had established for himself. Once school leaders discovered the theft, they allowed the employee to be prosecuted. Thanks to their insurance coverage, the school was able to recover $100,000 for the former employee’s theft.