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Man in handcuffsToday’s businesses face threats from all directions. In some situations, it may be the people that are working right next to you that could be causing the financial losses you face. White collar crimes are often thought of as big business problems. However, small companies are just as much at risk. More so, small- and medium-sized businesses tend to have fewer protections in place and fewer safeguards against such risks, increasing their chances of facing financial loss. Your business insurance may help to cover these losses, but you’ll need to prepare for what that may mean.

Know the Threat
The American Management Association says that as much as 20 percent of all business failures may be related to this type of crime. This includes theft and employee dishonesty. It can be hard to determine what is happening or when it is happening as well. While your business insurance may help to minimize some of these risks, you still should take steps to reduce your risk of having to file such a claim. To do this, consider these tips to prevent white collar crime.

  1. Always ensure there are steps in place that allow you to pinpoint areas of employee theft. This may include performing frequent audits and random screenings. The goal here is to ensure employees know that someone is monitoring his or her actions.
  2. Be the role model when it comes to positive behavior. That is, establish specific standards for performance and be sure that there are safeguards in place at all levels of management to ensure everyone is doing his or her job. Remember the importance of praising loyalty and acknowledging the good work people do.
White collar crimes are very common, and they could cost your small business a significant amount of money in the long term. Often times, the risk is not evident until it is far too late to save your company. First, ensure your business insurance is in place and provides coverage for white collar crimes. Then be sure to have steps in place to minimize these risks going forward. Your business could otherwise be unable to overcome such costly losses.

Protect your company. Call La Familia Insurance at (888) 751-7511 for more information on Dallas business insurance.
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