Last week this one story definitely caught my attention. A former top executive at a 140 year old shoe company pleaded not guilty to embezzling $30 million from his employer.
Since part of my role at our 94 year old company is making sure our financials are accurate, this story intrigued me. How does a business not miss $30 million?
I am fairly certain I would have missed a few million. Our revenue numbers would have required that.
But I do wonder how much I would not miss?
In this age of electronic banking, wire fraud, phishing scams and motivated cyber thieves, it is now more important than ever that businesses have systems of checks and balances on their finances. This
will mean very different things to each business.
With our clients in the past few years we have seen multiple cases of employee theft claims involving both materials and company funds. We have even seen a company’s 401K account drained of funds.
We have had clients be victims of employee and non employee theft.
Crime insurance and Employee Dishonesty insurance were always recommended to be part of any business insurance program.
In today’s environment we urge all of our clients to also review the Cyber insurance coverage options.
Many of these Cyber insurance coverage forms are needed to protect businesses from these online theft tactics.
Crime, Employee Dishonesty and Cyber Insurance may all be tailored to an individual business exposure.
Check in with us if you would like to hear more about how our clients were impacted creative thieves and then ask us to review this aspect of your insurance program with us.