Definition - What does Embezzlement mean?
Embezzlement is a crime that involves finance. It can be done by one person or a number of people collaborating together to carry out the crime. It might refer to an act of outright theft or an irresponsible and malicious fiduciary behavior.
Insuranceopedia explains Embezzlement
Embezzlement happens in the workplace. When it is perpetuated in a grand scale, it can ruin the entire business. Retrieval of the embezzled funds might take a long time in court and litigation would cost a lot of money. There are business insurance policies, however, that can protect a business when it becomes the victim of embezzlement. Some insurance policies pay a fraction of the lost funds or even the entire lost money. Some policies assist the business in its legal effort to retrieve the embezzled funds.