Fireman Offers Tips To Manage Liability Risks For Small Business
Fireman’s Fund Insurance Company said that it is offering tips for the 28 million US small business owners to help manage liability risks.
The company said that the recent recession and layoffs have fueled the growth of small business, but, statistically, about half will fail in their first five years, even in non-recessionary periods. This is why small business owners must take the necessary precautions to prevent employee theft and fraud.
According to Fireman, small businesses can minimize opportunities and temptations for employee theft and fraud by screening prospective employees thoroughly; know the employees based on characteristic changes such as sudden devotion at work and working late, lifestyles well above salary levels; and evidence of gambling, borrowing, bad check writing and requesting advances.
In addition, the company recommends small business owners to limit opportunities for employee theft by implementing controls on purchase orders, cash receipts, audits, vacation policy, computer security measures, checks, merchandise inventory, and accounts receivable.
Bruce Petersen, senior vice president of commercial insurance at Fireman’s Fund, said: “Employee theft and fraud can potentially be financially devastating for small businesses so Fireman’s Fund encourages owners to become even more vigilant in protecting their company.”
Related Insight
Suppliers Directory
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
Technology Technology in Insurance Outsourcing
Regulatory & Risk
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.