Employee theft is one of the most significant threats to small and medium enterprises in Australia, according to local business news site SmartCompany.
While the majority of individuals on your staff are likely to be honest and hard-working, it only takes one opportunist to cause many thousands of dollars of loss.
Fortunately, there are a number of measures you can take to protect your business from the possibility of employee theft.
Obtain background checks
The first step to minimising dishonesty in the workplace is to hire honest staff. Make an effort to obtain criminal and pre-employment background checks. While someone with a minor misdemeanor on their record may not be a threat, uncovering a serious history of theft during the recruitment process can save a lot of stress in the future.
Perform regular and irregular audits
Every business should have a regular system of assessment and auditing. However, if this process becomes too predictable, it may give an opportunist time to identify the vulnerabilities in your system.
Instead, keep employees guessing by performing highly publicised irregular audits. This can also help show your staff the organisation has fraud-prevention processes in place.
Protect your company with business insurance
While preventing theft before it occurs is preferable, you will need to make sure your company is financially protected for when loss happens.
A comprehensive business insurance policy including crime cover can help your business recover from fraudulent and dishonest acts by employees.
For more information on crime cover and other kinds of business insurance in Perth, contact the Bruce Insurance team today.
Bruce Insurance can offer a personalised business insurance plan to ensure your organisation holds the right cover when you need it.