While the cat is away the mice will play
We all know the old saying “when the cat is away the mice will play”. Unfortunately, this phrase is all too true for business owners. Whether you have a cash register or your employees could somehow access the check books, credit cards or other accounting avenues you could be at risk. Thankfully, there is a way to protect you and your business.
Employee Dishonesty protects the business owner from financial loss resulting from fraudulent activities of an employee or a group of employees. This loss can be from theft of money, securities or any other property.
According to the Association of Certified Fraud Examiners (ACFE) business losses are estimated at $400 billion per year. Small companies can be especially affected by theft and embezzlement. They can’t afford extensive safeguards and aren’t large enough to absorb large losses. Workplace crime is the result of an employee 80% of the time. The scariest statistic is that one in four employees who have committed fraud against their employer have been employed with the company more than ten years.
The good news is that Employee Dishonesty is often built into Business Owners and Commercial Package policies. Call your Trusted Choice Advisor today to see if you currently have this coverage, and if you do, have a conversation to see if the limit is adequate for your business