Business Theft Trivia: How Protected Are You?

By
Services for Real Estate Pros with Collins Insurance

95% of companies suffer from business theft, but only 10% ever actually discover it.

Most business owners don't really think about business theft, but it can cause enormous problems within a company. With financially strained conditions ahead, layoffs, and "mom and pop" establishments folding at an alarming rate, preventing theft is no longer a secondary consideration; it is a core element linked to business survival.

Unfortunately, many business owners refuse to believe it could happen to them. This makes them unprepared. Regardless of what kind of business it is, any owner is subject to business theft. 

A bit of true/false regarding business theft:

Business theft is usually committed by a robber or a customer.
False. Most business thefts are carried out by someone authorized on the business premises - an employee or even a family member or "friend".

Most businesses will suffer from business theft at some point in time.
Unfortunately, True. There are many forms of theft, and most businesses will probably be a victim of some type of business theft, whether it's retail theft, intellectual property theft, theft of supplies, employees under-charging for merchandise, identity theft, data theft, or embezzlement. 

Employee screening can prevent many cases of business theft.
True. Thorough employee background checks done and evaluated by an objective third party are one of the best ways to cut down on employee theft.

Business theft losses are usually small and don't threaten the business.
False. Nearly 10% of businesses that have gone bankrupt report issues like business theft as a reason for their financial ruin.

The most important thing for business owners to realize is that no company is exempt or immune from business theft.

For more information on business insurance, contact us today! We're Collins Insurance, based in Ludlow, Massachusetts. You can also visit our site to get a free business insurance quote.

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Topic:
ActiveRain Community
Location:
Massachusetts Hampden County Ludlow
Tags:
business insurance
business coverage
business policy
business theft
business safety
ludlow
east longmeadow
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massachusetts
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