You might worry about employee dishonesty when running a business, as it takes time to develop trust. Crimes that cause direct losses and damage valuable assets or other property can inflict significant hardships on businesses of all sizes. Companies can protect themselves by devising proactive strategies to prevent criminal activity.
Don’t Let Employee Dishonesty Happen
Implementing innovative preventative measures and establishing contingencies with business insurance coverages will make your company more resilient against crime.
Get Insights From Business Insurance Providers
Insurance carriers and agents can help you develop policies and procedures to thwart internal theft and other criminal activity. For the most part, it benefits carriers to arm their clients with the knowledge and tools they need to reduce the incidence of claims.
Connect with a knowledgeable insurance agent about what steps you are currently taking to protect your operations and what you can do to enhance them. Good preventative policies can facilitate ongoing access to crime & employee dishonesty coverage. Well-targeted preventive measures, such as using live surveillance and electronic access control systems, could help you get the coverage you need more affordably.
Screen Employment Applicants
Before bringing a new hire on board, make it a point to do a background check on employment applicants, including a criminal history search. A criminal conviction should not necessarily be a bar to employment. Still, you must consider the suitability of applicants with criminal convictions for crimes involving financial dishonesty for job roles that entail direct access to your company’s or your customer’s finances.
Strengthen Security To Deter Crime and Employee Dishonesty
Implementing policies consistent with best practices and enhancing your security systems with innovative technology could go a long way toward preventing workplace crime and dishonesty. When personnel knows you are being vigilant about preventing and detecting theft and other crimes, they will be more likely to refrain from them because they perceive a high degree of risk. The presence of well-placed security cameras and signage reminding people that someone is monitoring their conduct can be a solid deterrent to criminal activity.
Exercise Good Financial Oversight To Minimize Losses and Business Insurance Claims
The fallout from employee theft damage can be more substantial than criminal activity perpetrated by people outside of the companies. Accessing a company’s valuable assets, product inventory, and financial accounts means that personnel might have the means to rob their employers of vast sums. Since employers put a lot of trust in their personnel, criminal activity may go unnoticed for an extended period. Furthermore, employees can commonly find ways to conceal what they are doing effectively. By the time someone discovers their theft, the damage may be extensive.
Continuous, comprehensive oversight reduces the risk of severe economic harm due to employee dishonesty. Utilizing professional, third-party accounting services and implementing reasonable financial controls that limit access to a company’s resources may significantly affect the total value of business insurance claims and consequential damages.
Ultimately, criminal activity could seriously jeopardize your operations, and you need to address the problem proactively. Make crime prevention a crucial part of your risk management plan.
About BTC Insurance Services
Founded in 2011, BTC Insurance Services has proudly served Utah businesses with comprehensive and custom-tailored insurance coverages for a decade. We pride ourselves on fostering long-term client relationships with a personalized and hands-on approach, and have established a reputation built on quality and transparency. For more information about our products and services, we invite you to contact one of our reputable agents today at (855) 944-3457, or send us a message here.
