How To Protect Your Business From Fraud
A Business Insurance Update
Businesses have many different risks to manage including; cyber risk, employment issues, fire and even insider fraud. Fraud experts have found that the average fraud loss is around $50,000, (The Association of Certified Fraud Examiners). Your commercial insurance program should include employee dishonesty or fidelity, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. We offer policies that will cover a business for losses caused by an employee’s dishonest or fraudulent acts. These can provide businesses with the best possibility of recovery.
There Are Ways To Help Reduce Your Risk In This Area:
1. Complete background checks on all new employees.
2. Create internal policies and procedures that require checks and balances.
3. Have a third person approve all purchases or checks over a certain amount.
4. Have an outside accounting firm review your records annually.
5. Require all employees to take their scheduled vacations.
6. Have separation of services between check writing, approval and deposits.
Employee fraud is a greater risk than most businesses think. Have us complete a free review of your business insurance program to make sure you have the best possible combination of coverage price and service.
We Provide all of the products and services needed to protect the assets of a business, from General Liability to Commercial Auto. We offer a designated insurance agent that will improve your business insurance plans, so you are covered when those unexpected accidents happen.
This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.