How To Manage Fraud At Your Colorado Springs Business

The Association of Certified Fraud Examiners (ACFE) published a recent report in which they found that the average fraud loss to medium and small businesses in Colorado was over $55,000. If your business generates pretax profits of less than $500, 000, can you afford to write off business fraud?

How to reduce business fraud In Colorado

1. Require every employee to complete an employment application.  Ask if they have any criminal history and complete a background check.
2. Only use pre-approved vendors.
3. Include a code of ethics in your employee handbook.
4. Provide annual training.
5. Sign off on all expenses over $50; this includes expense accounts.
6. Require all employees to take their scheduled vacations.
7. Have separation of services between check writing, approval and deposits.
8. Use an outside CPA to audit books and complete tax returns.
9. Limit access to bank passwords and statements to top managers.
10. Purchase employee dishonesty coverage.

Employee dishonesty is the most common fidelity threat; including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property.

An Employee Dishonesty bond provides coverage when an employee steals money, equipment or other assets from you or one of your clients. Employee dishonesty coverage is one of the key coverages provided in a commercial crime policy.
Let the Corey Nakai Insurance Agency, help you understand and protect all of the risks you run and all of the perils your business faces. We will do this with a well thought out and executed business insurance policy designed just for our Surety Bonds policy holders.