The Dangers Within: Inside Threats to Your Business

Most small business owners spend a great deal of time and effort thinking about and protecting themselves from outside threats. They are on the lookout for new competitors, being mindful of the dangers of slip and fall incidents and other legal, financial, and competitive threats to their company.

In this atmosphere, it is easy to lose track of internal threats to your business. Here are a few.

Employee Injuries

Worker injuries can damage your reputation and be costly. Workers’ Compensation provides protection from some financial losses, but business owners need to be conscious of providing a safe, secure workplace.

Employee Theft/Embezzlement

In spite of improving background checks and applicant screenings. Employee theft is still a problem for many organizations. Thefts can be in inventory or valuable cash assets. Security and camera systems can be a deterrent but meticulous bookkeeping and inventory control is critical.

Employee Misconduct

Your employees represent you and your business when working for you. You can be held liable for their misconduct or incompetence while on the clock.

Cyber-Security Threats

Some threats from within your company may be due to lack of awareness or training. Such is often the case with many cyber-security issues. Employees may inadvertently download malware or open emails with malicious content. Passwords may not be secure or left on Post-It notes on computer screens. Client or customer info may not be treated as securely as it should.

It is not necessary to become paranoid about these internal threats, but you should take prudent steps to protect yourself. This can range from improved training and security to a thorough business insurance review. Some businesses may not be aware that business insurance can help protect from some cyber crimes and employee theft. Contact one of our business insurance professionals to discuss your business and where you may be at risk. Allow them to design a plan to address the needs of your specific business and get price quotes that deliver value.

Protect your business from internal and external threats. Contact us for your free business insurance review and quote today.