PROTECT YOURSELF FROM EMPLOYEE THEFT
- Posted by Steven Farbman
- Posted in Blogs
Throughout the years,
I have heard stories from clients, as well as people close to me, who have lost tens, and sometimes hundreds of thousands of dollars as a result of theft from a trusted employee. I was surprised to read in a recent study that the median loss among victimized small companies was $147,000.00. Here is some advice which business owners may wish to consider:
- Set up a fraud tip box or hotline. Allow for your employees to anonymously let you know if they have a concern about a fellow employee.
- Segregate financial responsibilities An employee who sends out company bills should not be the same employee who receives incoming payments. (bookkeeping and actual handling of cash should be segregated).
- Insist that employees take vacations. The dedicated employee who never takes a day off actually might be a thieving employee unwilling to leave for fear their fill-in will uncover the crime.
- Add fraud coverage to your business insurance.
- Have your bank and credit card statements sent to a PO Box or your home address.
- Conduct background checks on potential employees.
- Secure sensitive documents. Lock up blank checks and documents containing account numbers and social security numbers.
- Have your valuable business equipment tagged (pay a service to etch ID numbers) and secured (locked up).
- Take an actual physical inventory at least once a year.
The Law Offices of Steven S. Farbman are always interested in the safety and well-being for the people of our community. As always please feel free to contact my office with any legal questions you may have. For more than 30 years, Steven S. Farbman has been helping members of this community who have been seriously injured due to the carelessness and negligence of others.
Law Offices of
Steven S. Farbman, P.A.
Regions Bank Building
450 North Park Road
Penthouse Suite 800
Hollywood, FL 33021
Specializing in protecting the rights of seriously injured clients since 1985 and getting them the compensation they deserve!
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