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How Small Businesses Can Prevent Commercial Crime

How Small Businesses Can Prevent Commercial CrimeAs a small business owner, you are faced with a lot of expenses just to keep your business running. When it comes to insuring your property like your building, equipment and inventory, those are tangible losses that you can visualize and put a value on. But, when it comes to commercial crime insurance, you may hesitate.

You think you are surrounding yourself with trustworthy people, so no need for such a line of insurance. Think again. Recent statistics show that businesses lose $50 billion a year due to employee theft, and 75 percent of employees admit to stealing at least once from their employer. In addition to employee dishonesty, there are burglaries, customer fraudulent activity and shoplifters and more that contribute to annual business losses due to commercial crime.

Tips on Preventing Commercial Crime by Employees

  • Conduct background checks on all prospective employees. If someone has a conviction for theft, that is red flag indicating that you do not want that person handling your money.
  • The same security cameras you have to keep watch on your customers also capture your employees working, which should deter them from stealing.
  • Have two employees count the money and do financial transactions instead of just one. Rotate the two that work together so friends will not be covering up a theft committed by their friend.
  • Maintain a positive work environment and get to know your employees. It is more difficult for employees to steal from you if they like you and enjoy their job than if you are a monster they want to make suffer.

One-third of all business bankruptcies are due to employee theft. Do not become a statistic. Be sure you have commercial crime insurance.

Tips on Preventing Commercial Crime by Shoplifters and Other Thieves

  • During business hours, have someone greet customers as they enter your business establishment. When people feel welcome and that the environment is friendly, it is less likely they will steal from you.
  • Keep the business well lit. This includes having the parking lot and surrounding outside areas lit so there are no places for would-be burglars or robbers to hide.
  • Be on alert when a shopper has a large bag, umbrella on a sunny day, or a big coat that might facilitate hiding items.
  • Be sure you and your employees are cognizant of pricing of items so you will know when someone has changed the price tag on an item to try and get it for a lower price.
  • Have your security measures visible. When security cameras, alarms, and guards, are in sight, criminal activities decrease.

There are other types of theft, and other security measures you can take. But the most important thing to do may be to have commercial crime insurance that will cover your losses if any of these events occur.

About Axis Insurance Services

Axis Insurance Services specializes in providing employers with EPLI coverage and would be happy to discuss this must-have protection with you, particularly critical in today’s litigious environment. Just give us a call at (201) 847-9175.

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Blogged on: July 27, 2018 by Mike Smith
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