Protect Your Business from Employee Fraud

Protect Your Business from Employee Fraud

Take these precautions to safeguard against employee fraud.

When an employee steals or commits fraudulent acts, it is damaging from a business and an emotional standpoint. Luckily, employing the proper precautions can save you from having to deal with this betrayal. Here are some of the steps that you should take to reduce the risk of employee fraud at your business.

  • Hire Smart

One way to prevent employee fraud is by employing stricter hiring protocols. For instance, by conducting a background check on all potential candidates and following up with all previous employers, you can uncover previously undisclosed criminal activity or instances of fraud. Usually, doing a little detective work is enough to ensure that you aren’t putting your business at risk by hiring a bad egg.

  • Invest in Security Measures

Another great way to keep your employees in check is by installing surveillance cameras inside your workplace. This will keep your employees in check and prevent them from openly stealing or engaging in fraudulent behaviors. However, how do you prevent more secretive acts of fraud? By frequently checking in on your employees and conducting surprise reviews, you should have a better chance of being able to catch criminal acts.

  • Establish a Code of Conduct

A code of conduct is a statement that your company will not tolerate unethical or illegal behavior from anyone—customers, suppliers, employees, and managers alike. Generally, these codes detail employee guidelines and illustrate what will happen to those who fail to meet the standards laid out in the code. When you adhere to this standard of business, your employees are more likely to follow suit. Additionally, it will make your employees more willing to report any wrongdoing that they notice while on the job. All of this will reduce the risk of your business suffering from a bad employee’s betrayal.

These are some of the steps that you should take to safeguard your business against employee fraud.  Want another way to keep your business safe?  Then make sure you have the proper commercial insurance protections in place.  For assistance with all your business insurance needs, contact the experts at East End Insurance Agency today.

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