By: Advocate Brokerage
Every company, large and small, has unique risks. Some have workers who operate heavy machinery or drive vehicles while on the job, while others serve food and alcohol or handle toxic substances. Doctors and hospital staff handle patients, body fluids, sharp needles and equipment. Some employees handle sensitive documents, data, or money, potentially opening the door to business fraud. For this reason, every company needs commercial insurance coverage specifically matched to the risks of the enterprise, including: Property damage from fire, storms and accidents
Determining your risks and making sure you have the right commercial insurance in place requires an evaluation of a wide range of factors, including:
To assess your business insurance needs, start by contacting Advocate Brokerage, a Trusted Choice agent that specializes in commercial insurance. Advocate Brokerage can fully address every aspect of your business coverage and help to ensure that you do not have gaps that could leave your business exposed to financial risk.
Business Fraud Stats from the NFIB and the FBI
Corporate fraud, or “white collar crime,” is one type of business risk that nearly every commercial enterprise can encounter, whether it is a large corporation, a farm, a school, a restaurant, a non-profit charity, a medical practice or a machine shop. This is because any business operation, large or small, involves the exchange of money for goods and services.
According to the Association of Certified Fraud Examiners (ACFE), small business owners tend to believe their company is not prone to business fraud. However, in a study the ACFE found that small businesses are actually at a greater risk of employee embezzlement simply because they have a higher level of trust in their staff. The result of that trust can unfortunately result in more opportunity and more temptation for those who have access to the financials.
There are a few key lessons we can learn from the ACFE business fraud study:
Your Advocate Brokerage agent can work with you to help you evaluate your business risks and reduce your exposure.