When you first hear the word “embezzlement”, you might imagine a complex ponzi scheme at a major financial institution in New York or London. You’d be wrong. According to the recently released Hiscox 2015 Embezzlement Watchlist, the unfortunate reality of employee theft is every organization is at risk. Take, for example, the fact that in the United States alone companies with less than 500 employees lose a median $280,000 to embezzlement. That’s not exactly chump change. Equally alarming is that, in our study, some of the largest losses occurred in organizations with fewer than 50 employees.
So who’s taking the money, what are the trends for employee theft, and how can all organizations protect themselves? For the answers to these questions, read our complete report. But, to get a primer on the information, you can start with a review of our Employee Theft infographic.
Whether yours is a large organization or a fledgling startup, when it comes to employee crime, all businesses need to be vigilant and protect themselves. A key first step is getting crime insurance coverage.