Tag Archive Employee Theft

Employee Theft

How Employee Theft Can Create Significant Losses

When business owners think about the possibility of theft, their first thoughts don’t generally involve their own employees. However, employee theft can be among the most serious and substantive.

Theft Can Go Undetected for a Long Time

Employees are in a unique position to be able to steal from a business because they have been entrusted with access to products, supplies, and even funds. Moreover, they may be able to conceal their theft rather effectively. Employees may have the opportunity to repeatedly steal from a business over an extended period of time before anyone else becomes aware of it.

Employees Can Use Their Position to Steal From Third Parties

In some instances, theft could be committed against a third party who a business works with or a client who it serves. In addition to having lost revenue, a business could be liable to the party from whom the employee has stolen.

Businesses Need to Safeguard Themselves Against Dishonesty

Virtually every type of business needs a strategy aimed at preventing and addressing internal loss. Employee theft protection through crime insurance can compensate a business for losses resulting from theft.

Reach out to an experienced insurance company so that you can find out more about what you need to do to protect your operations and revenue from employee dishonesty.

The industry leaders at moody insurance

Top Tips for Lowering the Risk of Employee Theft in Homes

Many people prefer to hire a maid or cleaning company to clean their house rather than spend the time doing it after a hard day working. Unfortunately, this also leaves the homeowner open for the possibility of theft. In addition to having bonds for cleaning companies, these tips can help lower the risk of theft.

Educate Customers

One way to deter theft is to educate customers. Have customers put their valuables away and out of sight of the maid to avoid the temptation. Valuables like cash and jewelry left on bathroom counters, dressers and nightstands are common targets for theft. Getting the customer to work with your business can decrease theft risk.

Provide Information

When a new client interviews your company, don’t simply say you are bonded, licensed and insured. Provide that information upfront. This can help put their minds at ease and increase their trust. The industry leaders at moody insurance understand employee theft is a potential problem for cleaning companies.

Training Practices

When hiring and training new staff, make sure you include information about theft. Have a policy in place for handling theft should it happen rather than coming up with something once an accusation is lodged.
Bonds for cleaning companies can bring peace of mind to your clients and protect your business against employee theft. Consider bonds as part of the costs of doing business.