How To Protect Your Texas Business From Fraud

A Business Insurance Update
Businesses Have many different risks to manage including; cyber risk, employment issues, fire and even insider fraud.  Fraud experts have found that the average fraud loss averages $50,000, (The Association of Certified Fraud Examiners).   Your commercial insurance program should include employee dishonesty or fidelity, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. Fidelity policies will cover a business for losses caused by an employee’s dishonest or fraudulent acts. These can provide businesses with the best possibility of recovery.

There Are Ways To Help Reduce Your Risk In This Area

1. Complete background checks on all new employees
2. Create internal policies and procedures that require checks and balances
3. Have a third person approve all purchases or checks over a certain amount
4. Have an outside accounting firm review your records annually
5. Require all employees to take their scheduled vacations
6. Have separation of services between check writing, approval and deposits

Employee fraud is a greater risk than most businesses think. Have us complete a free review of your business insurance program to make sure you have the best possible combination of coverage price and service.
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As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs.  Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your insurance broker as well.  We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote.