Crime Insurance–5 Signs to Spot of an Embezzler
Embezzlement poses a significant risk to businesses, whether it concerns Law Firm Trust/IOLTA accounts, business checking accounts, or unauthorized payments to vendors. The presence of an embezzler within an organization can swiftly undermine and devastate the business.
A recent article from Property Casualty 360 discusses the 5 warning signs on an embezzler:
1.Intelligent & curious–Embezzlers pick things up quickly and eager to know how everything in the office works. Once they learn the processes, they manipulate them for their own gain.
2.Extravagant Lifestyle–Embezzlers often flaunt their ill-gotten wealth.
3.Egotistical risk taker–An embezzler break rules, overuse sick time or take advantage other workplace policy. What’s more, when employees begin stealing, they may take small amounts to test the waters.
4.Diligent & ambitious–An employee coming in early and always leaves late, could be a red flag.
5.Disgruntled & Entitled–An employee who feels they are treated unfairly may be tempted to steal as a way to even the score.
Prevention is key for insurance risks, but if it fails, ensure your business has adequate crime insurance coverage. Professional liability policies typically offer limited protection for such risks, so a properly endorsed business owners or crime policy is essential. Consult with your insurance professional to confirm you are fully covered.
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Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080
