27 Sep How to Reduce Employee Dishonesty
Are your employees trustworthy? Employee Dishonesty is a serious concern for any business owner, and any procedure that can be put in place to prevent getting taken advantage of can be extremely valuable.
One great tip we received from one of our restaurateur clients is to calculate what your servers would earn in tips during each shift in a week and issue them a check for their tips at the end of the week, instead of distributing cash. This minimizes the amount of cash and accountability of cash that you have as the business owner.
Cash is often targeted by untrustworthy employees for theft. Reducing the amount you have around the business is seriously advised! Beyond cash, items and property belonging to the business are also vulnerable and can end up as a Loss if not properly insured.
Employee Dishonesty is a an additional coverage that is added to your General Liabilitypolicy. Most General Liability policies come with Employee Dishonesty coverage by default, but not all do!
Make sure you check your General Liability policy to ensure that you are covered for Employee Dishonesty, and that your limits are high enough.
If you have any questions regarding Employee Dishonesty or General Liability coverage, please feel free to contact us for more information!