You invest heavily in training and managing your staff and trust them to operate your business without oversight. But every year, the National Retail Federation estimates that businesses lose an estimated $15.8 billion due to employee theft alone – nearly as much as shoplifting. To protect against theft, especially on a larger scale from forgery, embezzlement, or computer fraud, we recommend a Crime and Employee Dishonesty policy for your business. Protecting against both internal and outside party theft, this policy can keep your business protected in the long term.

There are nearly endless situations in which employee dishonesty can cost your company substantially. Those with access to financial accounts and resources, for example, can direct invoice payments to fake companies, place relatives on the payroll, or fake returns to pay out to themselves. The larger your company and the less hands on ownership is with bookkeeping and payroll, the greater the risk. Combined with the very real risk of outside crime including shoplifting, equipment theft, or vandalism, a Crime & Employee Dishonesty Policy is highly recommended.

Because the nature of every business is different and will change over time, so too should your insurance coverage. While a small operation with perfect transparency, your coverage can be more limited and may not extend to higher dollar amount coverage against potential loss. But as your company grows and the possibility of theft – both internally and externally – increases, you need to be as protected as possible.