Top 4 Ways to Protect Your Company Against Employee Theft

Last updated on Thursday, October 16th, 2014 1 Comment

Business is booming, revenue is up, and your company is seeing growth quarter after quarter. You have the best employees a boss could ask for in this recovering economy.
Or do you?

The U.S. Chamber of Commerce released data showing that a staggering 75% of all employees admit to stealing at least once, and half of those steal repeatedly. So if you have 10 employees, statistically at least 3 of those employees could be repeatedly enjoying more compensation from your business than you’ve agreed to.

Numbers don’t lie….but your employees do

On a per case basis, dishonest employees steal almost 6 times the amount stolen by shoplifters. Your loyal U.S. workforce is responsible for $40 billion dollars annually in corporate loss and over 1/3 of these employees stealing your stuff is your ambitious management team. 33% of businesses declaring bankruptcy in the United States are doing so as a result of employee theft according to the U.S. Chamber of Commerce.
But fear not, we have solutions! Here are our top 4 “must-do’s” to protect your business against the fastest growing crime in America.

Fear not, we have solutions

• Purchase an employee theft surety bond.
  Often referred to as a fidelity bond, or employee dishonesty coverage, this is the
  

  Employee Dishonesty Bonds From Surety1

  most effective way to protect your business against those sticky fingers on your payroll. A crime shield or theft guard surety bond will make your business whole again if you or your customers become victims of employee theft. You can obtain an employee theft surety bond that can protect your business, your customers, or both. The surety bond experts at Surety 1 can help. Surety1 offers the best rates in the nation for these theft guard surety bonds and the premium can start as low as $100 per year. You can apply by online at the surety1.com website in a matter of minutes.

• Purchase a surveillance system
  An employee is far less likely to remove items from the workplace if they know they are being watched. Investing in a few cameras around your business could go a long way in keeping your hard earned investments where they belong.
• Screen your employees
  It is a fact that past behavior is the best indication of future performance. Demand rigorous background testing in your hiring process to ensure you have an honest team on board.
• Open door policy
  You’re not always able to integrate yourself among your employees to see everything that is happening so you’ll need help identifying those dishonest employees. Employees are far more connected with one another than you will be as an employer. Implement an open door policy that is conducive to making a whistle-blower feel protected if he or she comes forth with information about dishonest behavior in the workplace.

Posted in Selected State Surety Bonds. Tagged with: employee theft, fidelity bond, Fidelity Crime Shield Bond