How to Prevent Employee Theft

How to Prevent Employee Theft

crime insurance coverage

You have crime insurance coverage to protect your business, but that doesn’t mean that you want to have to use it. Your best bet is to prevent any type of employee theft before it even occurs, so you can avoid having to file a claim. By being on top of things and making a few changes in your business, you should be able to help limit the chances of employee theft occurring.

Stay on Top of Deposits

You should be depositing money daily to ensure it isn’t hanging around to tempt employees. You also should make sure you reconcile your accounts once a month. It will make it much easier to catch and discrepancies. While you may not be able to stop theft, at least you can catch it early before it has made a huge impact on your business.

Keep Employees Accountable

One of the best ways to keep employees accountable is to have a checks and balance system. For example, the employee that writes the checks should not also handle reconciling the accounts. You want to be sure there is always someone to check someone else’s work.

Stay Involved

You have to stay visible and make sure that your employees know you are paying attention to what is happening. Make sure you are checking in regularly. Keep lines of communication open to encourage honesty.

Preventing employee theft is not always easy, but by staying on top of things and setting up systems to protect your business, you can keep many situations from happening. Stopping theft will go a long way towards stopping you from having to use your crime insurance coverage.