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Tips to Prevent Employee Theft

15 February 2018 0 Comments Category: Article Archives, Business Insurance

Tips to Prevent Employee Theft

Deter Employee Theft in Your Business

All business owners want to think that their employees are honest and loyal. They want to believe that their employees would never steal from them. Unfortunately, that isn’t the case for many. The employee may not show it, but a disgruntled team member can quickly turn on the business. Employees and workers are deemed to be the most important assets of any company or organization. To help prevent employee theft in your business, read on.

  • Hire the right people

A simple background check is all it takes to determine if an employee is trustworthy or not. Be sure to call their references and see if they have been a reputable employee before. While it may look good on paper, what the business owner says has a lot to do with if you should proceed with a candidate’s application. If possible, perform drug tests, too.

  • Set up the buddy system

Since many thefts happen when an employee is alone, it makes sense to have two employee work for both opening and closing to limit the odds of being tempted to (and able to) steal. Always have refunds and voided transactions witnessed by a manager, too.

  • Make it easy for employees to report theft

Set up an email for employees to send in anonymous employee theft tips. Be sure that you take each case seriously and reward loyal employees that turn others in for actual theft. If a dishonest employee knows that all their fellow co-workers are watching out for theft, they will think twice before doing the deed.

  • Set up surveillance cameras

If someone is confident enough to steal from you, your video camera system will help to catch them afterwards. Setting up signs that declare that you are monitoring your business and storage rooms may even help to deter thieves.

  • Get to know your employees

It’s hard to steal from friends. Take the time to get to know your employees so that they would feel dishonest and guilty if they were to steal from you. What’s more, getting to know your team will help to identify if they are in financial trouble, which could indicate a desire to steal.

Contact Massive Insurance to talk with an insurance expert who can assess your commercial insurance coverage and advise you on different ways to maximize your protection while you minimize your expense. Call us today!

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