
Small business – big risk
You may trust your employees because you work with them every day, but small businesses are especially at risk for catastrophic loss from employee theft. Many don't have measures in place to protect against internal threats. According to Forbes:
For example, the owner of a retail store may suspect employees stealing from the cash register and conducts regular checks to discover and fire the culprit. However, the owner does not realize that the manager she hired eight years ago has been faking vendor payments and pocketing the money.
Discovering the crime in your business does not resolve the loss of money from employee dishonesty. Crime insurance coverage can make a huge difference to small business owners recovering from employee fraud.
- Businesses lose 5% of their annual revenue to employee fraud and abuse
- Up to 30% of business failure is a result of employee fraud and abuse
- 50% of embezzlement occurs at companies with 25 or fewer employees
For example, the owner of a retail store may suspect employees stealing from the cash register and conducts regular checks to discover and fire the culprit. However, the owner does not realize that the manager she hired eight years ago has been faking vendor payments and pocketing the money.
Discovering the crime in your business does not resolve the loss of money from employee dishonesty. Crime insurance coverage can make a huge difference to small business owners recovering from employee fraud.