Protect your business from theft

Are you wondering how you can guard your business against theft? There are steps you can take to protect your assets and minimize the possibility of either internal or external theft.

Creating an effective theft prevention plan is one of the most important things you can do to protect your business. A theft prevention plan helps you assess potential risks and create a theft prevention strategy. It can also be used as a tool for training your employees.

External theft

External theft is committed by someone who does not work for your business. This theft could be the result of a fraudulent return, a customer shoplifting, or a break in.

Tips for preventing external theft:

  • Provide excellent customer service. Attentive and helpful employees encourage legitimate customers and deter shoplifters.

  • Minimize blind spots and ensure that all parts of the store can be easily seen. Security mirrors and surveillance cameras allow your employees to monitor the premises and send a signal to potential shoplifters that they are being watched.

  • Keep track of your inventory and follow up on any discrepancies.

  • Keep security in mind when making bank deposits. Make deposits during the day and vary the deposit time and the route you take to get to the bank.

  • Install a security system and always respond to security alarms.

Internal theft

Internal theft is committed by someone working inside your business. This type of theft includes embezzlement, employee shoplifting and fraud. Although it can be hard to imagine that a trusted employee would steal from you, it is wise to take precautions.

Tips for preventing internal theft:

  • Check references when hiring new employees and consider doing background checks.

  • Spot check your accounting processes. You can do this yourself, or you can hire an independent bookkeeper.

  • Segregate your employees' duties. For example, the person responsible for receiving cash should not also be responsible for reconciling receipts.

  • Make employees responsible for their own cash drawers.

  • Be clear and consistent when communicating your policies regarding internal theft, and deal with any issues quickly and fairly.

You may also want to consider purchasing bonding insurance. Bonding insurance is an agreement that guarantees repayment of losses resulting from the actions of an employee.

An effective theft prevention plan can help you identify risks and improve security. Remember to keep your employees involved and make sure they have the tools and training they need to protect your business against theft.

  • Bonding insurance
    Find out how bonding insurance can protect you from financial losses caused by fraud, theft or contract obligations that are not met.
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