Loss Prevention: 3 Tips to Protect Your Small Business

Loss prevention is not only for big businesses.

In fact, it may be even more crucial to your small business since every dime counts during the start up phase of your business.

Here are some tips to help you protect your assets.

Insurance

Do not underestimate the importance of insurance.

Even if you don't think you need it, you do. Coverage should include loss of equipment should a theft, fire or natural disaster occur.

The coverage should also include liability insurance in the case that someone brings a suit against your business.

Employees

While, in an ideal world, all employees would be beyond reproach, that simply is not the case.

Do what you can to minimize the opportunity for employees to steal items from the office. You would probably be shocked if you knew the dollar amount of office supplies that were pilfered each year.

Some companies keep office supplies behind the receptionists or secretaries desk and employees are issued supplies as needed rather than having free access to all of the supplies.

Checks and Balances

If your office has petty cash or any other cash on hand, do not give just one person the responsibility for counting and distributing that money.

Instead, make it a policy that two people must do a monthly audit on the funds and that two people must sign for all the money that is distributed.

Instituting just a few loss prevention policies can save your business thousands of dollars. Don't wait until a loss occurs, instead work today to prevent them from happening.