Protecting Your Business from Theft Is theft hurting your company’s bottom line? Businesses can incur losses from multiple types of theft, and these losses can take a bite out of your company’s profits.Strong theft prevention strategies can help protect your business.The Different Types of Theft The term “theft” can encompass many different types of crimes: Managing Your Risks and Exposure Theft is a complicated problem.

Because there are many different types of thefts, businesses need to take a multipronged approach to managing their various exposures.Key elements of a strong theft prevention strategy will involve physical security, cybersecurity, inventory control, strong company policies and robust insurance coverage.Physical Security Physical security measures can help deter shoplifting, burglary and robbery.

Here are some actions to consider taking, depending on your risks and situation: Cybersecurity Business email compromise scams and other types of online fraud are a growing problem, so cybersecurity is essential.In addition to having secure computer systems, it’s important to train workers on how to avoid scams.The FBI recommends the following steps to avoid business email compromise schemes: Inventory and Cash Control The sooner you catch shoplifting or employee theft, the sooner you can take steps to stop it.

Company Policies Strong company policies may help you deter employee theft.Insurance Coverage Theft prevention is always best, but if a loss occurs, insurance can help you recover.Different types of theft may be covered under different policies and endorsements.

Talk to your insurance broker about coverage for burglary, cybercrime, employee theft and other losses.Theft prevention is just one of the many risk management issues that modern businesses need to consider.Do you need help reviewing your business insurance coverage? BNC Insurance is here to help.

Contact us for assistance.