Employee Theft While it may be difficult to consider employees or volunteers as a potential threat to your organization, theft from within the organization does happen. Specialized crime coverage is available to mitigate the risk of internal theft and fraud. Who is at Risk?Small business operations that have limited procedures, policies and internal control mechanisms in place are particularly vulnerable to employee theft and fraud.Examples of dishonest activity within an organization include:Cargo theftTheft of cash, cheques, business equipment or client propertyData theft or cyber-related embezzlementForgeryWho to ContactIf the perpetrator is currently employed, you should first consult your organization's HR department to obtain guidance on next steps. If the matters are criminal in nature, or if you continue to be victimized by a current or past employee, contact the police immediately. The police will guide you through the steps you need to take to protect the crime scene and gather evidence for criminal charges. Consult with your lawyer and human resources leadership team to determine the course of action when the perpetrator is currently employed. Contact your insurance representative to report the incident and confirm what coverage you have in your business policy.How to Manage Theft Risks There is much you can do to manage theft risks. Speak with your insurance representative about best practices for fighting employee theft and further guidance on risk management.West Bend: Employee Theft - Tips to Help Avoid LossesTravelers Canada: Crime CoverageMondaq: Canada - Employee Dishonesty a Harsh Reality Business Insurance and YouManaging risk is an essential part of every business, large or small. Theft, fire, vandalism, riots: A host of perils could come your way and you need to be ready for them. Let’s look at some of the basic steps you can take. Related ServicesCargo TheftEach year, cargo theft costs the Canadian economy $5 billion. All too often, cargo theft goes unreported. IBC leads a national cargo theft reporting program with the Canadian Trucking Alliance (CTA). Useful LinksBusiness Insurance CoverageInsurance protects you from losses that may pose a significant threat to your business operations. A major loss to one organization may be a trivial loss to another. When selecting coverage, deductibles and policy limits, there are many factors to consider.Business InterruptionYour ability to generate sales could be threatened at any moment. With business interruption coverage, a business owner can collect the income he or she would have expected to generate were it not for the unexpected event.Commercial PropertyProtecting your commercial property is critical to your businesses financial stability.