Not only do customers rely on your business for its products or services, but you and your employees rely on it to provide financial stability for your families. It’s therefore essential to protect it from losses due to theft or fraud. Although it's impossible to entirely risk-proof any business, the tips below will offer you some insurance against losses due to fraud.

How to Protect Your Business From Fraud

1. Maintain Separate Business & Personal Accounts

The first step you can take to protect yourself from financial crimes is to maintain separate business and personal accounts. Different checking and credit card account numbers and passwords act as a bulwark against hackers and other intruders. That way, if someone should somehow find their way into one of your accounts, it won't cost you everything. 

2. Perform Employee Background Checks

Because many of your workers enjoy unique positions of trust, it's essential that you understand who you're hiring. Make any offer of employment contingent on the candidate passing a background check. Get their written permission and comply with all state and local requirements.

A background check agency will confirm the candidate's educational and employment background and look for any criminal history. It will also perform a credit check. If you reject a candidate based on the information you receive, be sure to provide them a copy of the report.

3. Purchase Cyber Insurance

Cyber crime business insurance pays for any losses you suffer due to hackers or viruses. It reimburses you for direct losses and covers the cost of notifying clients about a breach of their sensitive information. It also pays to restore stolen customer identities, recover lost or stolen data, and repair computer damage.

For friendly, knowledgeable assistance designing a business insurance policy to protect your company, contact the K.L. Smith Agency LLC in Willimantic, CT. They’ve served Windham County businesses and individuals since 1953. In addition to various types of commercial coverage, they also specialize in auto, motorcycle, home, and life insurance. Visit their website to read what their clients have to say about them or call (860) 423-9294 to request a quote.