Is Your Business Prepared for Employee Theft?
Employee theft can strike any business. You may feel you know and trust your employees but that trust can be abused. In fact, 7% of all business revenue in the US is lost to theft or fraud and one third of employees have admitted to stealing from their employer.
Some other facts about employee theft are:
33% of all business bankruptcies are caused the employee theft
The median amount stolen $175,000
Average time theft lasts before detection is 2 years
You may think your business is protected though strong internal controls yet those employees who you trust most can find a creative way around them.
There a number of Crime Coverage options available to protect your business should employee theft strike. Depending on the limit you select, the coverage can either be added to your existing policy or you can write a separate policy. Most policies are a fraction of the cost compared to not protecting your business and by having the coverage; you can gain a greater peace of mind.
Running a business can be difficult enough without having to worry about employee theft. Let us help you manage that risk. Contact us today at either our Idaho Falls or Caldwell agency.