Protect Your Business From Shoplifters November 10, 2021 With the holiday rush, the risk of encountering shoplifters increases. As a business owner, your primary focus is on your customers and on ensuring they have a good experience with your business. However, there are a few things you can implement before the holidays to minimize the risk of shoplifting. Manage Inventory Although you might think your only shoplifting threat comes from potential customers, company employees actually pose a considerable risk. The Association of Certified Fraud Examiners reported that small businesses are the most vulnerable to employee fraud and abuse. Since there is a risk of employees shoplifting, consider developing and following a solid inventory process. Also, ensure that any employees managing inventory are trusted and trained. Train Employees During your business’s peak season, it can be hard to watch for shoplifters and manage customers. To help with this, it could be beneficial to train employees on what signs to look for and how to mitigate risk. You should have employees check in with customers frequently. Posting signage also lets customers know they are being watched. Additionally, having a greeter at the front door provides not only a friendly experience, but this person can also monitor for any suspicious activity from people coming in and out. Hire and Schedule Appropriately If you believe you’ll need additional help during your busy season, consider hiring part-time employees. Shoplifters tend to notice where employees are and how many are around. Having just a few more people on the store floor can help customers find what they need. It also adds an extra layer of security by deterring possible shoplifting. As the holiday season approaches, consider reaching out to your local OKFB agent to discuss any needed changes or updates to your Commercial Insurance or Businessowners policy.
3 Ways to Prevent Small Business Fraud November 10, 2021 Having a small business can be a rewarding experience, yet it comes with many challenges. Fraud can not only affect individuals, but it can also affect small businesses, which ultimately can impact the bottom line and future success. To help protect your business, check out these tips to help you minimize the risk of fraudulent activity. Conduct Internal/External Audits Internal and external audits can help ensure your assets and finances are not being impacted by outside parties, as well as provide other helpful financial information and advice. External audits are typically done by certified public accounting (CPA) firms to review financial statement accuracy. Meanwhile, internal audits can be performed by an outside certified firm or self-assessed. They serve to evaluate operational, managerial and financial policies and procedures. Sign up For a Business Fraud Training Course Enrolling in fraud awareness training could help you identify fraudulent activity. The Association of Certified Fraud Examiners (ACFE) reported, “the presence of anti-fraud training programs are associated with lower fraud losses and quicker detection.” The ACFE hosts webinars and offers online training courses. Additionally, the Federal Trade Commission (FTC) provides resources on best practices that could help in mitigating fraud. Implement Cybersecurity Best Practices Hackers, or even employees, can commit fraudulent activities on work computers. To protect your business data, set up strong passwords and consider using an antivirus program. It is also important to be aware of phishing attempts that often come through email. Additionally, it could be beneficial to back up your files on a frequent basis. This way if something does happen, your business data can be restored. Fraud could happen at any time during the year, and we are here to help keep you protected. Check in with your local OKFB agent and take some time to review your Commercial Insurance policy to ensure everything is updated and covered.
Commercial Insurance 101 October 25, 2019 Owning a business takes dedication, vision and preparation. No matter the size of your operation, part of preparing means securing protection. Protection for employees and assets under a Commercial Insurance policy. The right policy could help save you money when accidents cause damage to equipment or property. If you’re new to owning a business, or just need a refresher on the basics, here are some coverage options to keep in mind when considering a commercial policy: Commercial Property The property you choose for your business operations is crucial to its overall success. Along with the coverage chosen to help protect the property and everything inside of it. Things like building structures, inventory, equipment and leased property. These can be covered under commercial property insurance and is a great place to start when obtaining a policy. Commercial Auto From hauling parts to delivering flowers, your company vehicles work as hard as you do. If you have company vehicles, you’ll want to secure commercial auto coverage for them. Features such as auto liability and uninsured motorist will protect the vehicle, as well as provide extra coverage. Extra coverage that will protect you, your passengers or other drivers of the vehicle. Commercial Liability We know small businesses don’t always feel so small. Let us help take one worry off of your mind with a commercial liability policy. Liability claims can be devastating to a small business, so this insurance option can help protect your business from expensive liability lawsuits. Commercial liability coverage ensures that you and your assets are covered in case of an injury or property damage to others that occurs as a result of your operations. Commercial Umbrella Umbrella policies provide overarching protection on top of general liability coverage. A commercial umbrella policy can provide additional coverage to your business that may not come with your general liability policy. For example, if your general liability policy didn’t fully cover the lawsuit costs, your umbrella policy would ensure business coverage. When it comes to deciding what coverage fits your unique business needs, your agent can help you choose the right policy. Contact an OKFB agent today for more information about how we can help keep your business protected from the unexpected with our Commercial Insurance coverage.
