Employee Theft - How To Protect your Business

Employee theft is expensive for small businesses and can be difficult to prevent. That's why it's best to know the most effective way to protect your company...

1. Restrict Access

Restrict access to keys, passwords, computer data, inventory lists, supplies and merchandise. Ensure that your employees only have access to the tools and information that they require for their job. Lock and secure equipment when not in use to reduce the temptation for theft. 

2. Create Written Procedures & Follow Them

Set out clear procedures for each employee and their role to help track all business transactions. Keep consistent records of everything that happens in relation to your business.

For example, you could number documents and forms, track bills and payments, and ensure you have the final control over your finances. 

3. Track Inventory

Keep track of your inventory, both of supplies and products, to reduce the risk of employee theft. Small items, like printer ink, can be easy to steal and costly for your business. Also pay attention to high-value items, and to the disposal of obsolete, damaged or low-selling products. 

4. Review Regularly

Simply implementing these measures won’t be enough if you don’t take the time to periodically review how things are going. Check to see that all items on your list of concerns have been addressed.

Additionally, remember to take a look at your inventory turnover rate from the previous year to see if anything has changed. 

5. Get the Right Insurance

The best way to protect your business from theft is through getting the right insurance cover. Business Insurance can cover tools, equipment, loss or damage of property, theft, employee dishonesty and more. 

While applying these techniques to your business may seem time-consuming and costly, it’ll be far better for your business in the long run than losing money to employee theft. Take the time to protect your business today. 

FEEL OVERWHELMED?

There are a lot of insurance policies available for businesses and managing all of your policies yourself can be overwhelming.

To take the load off yourself, contact Regional Insurance Brokers. We can assess your risks and tailor a business insurance package suited just for you.

Why Regional Insurance?

At Regional Insurance, we have over three decades of experience serving Queensland communities. We pride ourselves on our excellent service and expertise in insurance for a range of industries. We’ll make choosing a policy, assessing your risks and making a claim simple with our personalised service to save you time, money and stress.
Contact us today!

Business Insurance

  • Personalised cover for every business, big or small
  • In depth risk assessment for a policy that suits your business
  • Competitive premiums and your own senior broker for personalised expertise
  • 24/7 claims service and access to your own broker
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