Don’t look away — your well-made products or expensive equipment might just disappear without a trace. Who could be the culprit? Maybe a shoplifter or a passerby is responsible, and there are retail theft prevention tips you can use to stop them in their tracks. But what if it’s an inside job that you’re just not noticing? Employee theft is more common than you might think, and even small instances here and there could add up, resulting in a big dent in your bottom line.
The answer to that question: a resounding yes! Employee theft does substantial damage to businesses across Canada. Employees tend to steal over a long period of time, and they usually don’t steal all at once. This slow burn could eat away at your business’ profits. You might not notice the damage until it’s too late, either.
All businesses, no matter their size or industry, face the risk of employee theft and dishonesty. However, according to the Insurance Bureau of Canada, small business operations that have limited procedures and internal controls in place are particularly at risk.
Employee theft can take many forms. It’s not just products and cash that employees could steal from you. Tools, equipment, furniture, and other property could be snatched by employees and fly under your radar. If you’re a contractor or service provider working on external jobsites, your clients’ property could be stolen by members of your team. If employees have access to your business’ credit cards, electronics, and software, confidential business information and customer data could be stolen and sold to other criminals or held for ransom. If you’re in the transportation industry, employee dishonesty can take the form of cargo theft.
Employee theft and dishonesty is damaging, but it can be prevented. Here are 10 tips you can use to help prevent employee theft and dishonesty at your business. Check out the tips right here or download our handy tip sheet.
Following these tips can help you distance your business from dishonest employees. But sometimes, even the most prepared businesses can fall victim to theft and damage from a variety of sources. That’s why having the right protection in place is so important: insurance coverage that’s the right fit for your business can help you gain piece of mind and shield your business’ bottom line from bad employees.
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.
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