Staff Theft a Mounting Risk for SA Companies

January?11 - While South African small businesses hope that the staff? they hire are loyal and honest, the sad reality is that most will find themselves the victims of staff theft at one point or another.

A recent survey run in the United States showed that over half of small companies believe that their staff will steal from them.

The Director of Auto & General, Angelo Haggiyannes said: "Although the results of the survey may come as a surprise to some business owners, many others would acknowledge a similar situation in South Africa."

As such, Haggiyannes believes that risk cover is the only way for South African companies to go.

"With this in mind, it is highly advisable that South African business owners insure their organizations against theft," he said. "Employee theft is regarded as the second most financially damaging event a company could experience, according to the survey."

"The most damaging event, the executives said, was an employments practices liability lawsuit," he explained.

Haggiyannes explained that it was the responsibility of the business owners to maintain all efforts to prevent theft and report theft, fraud or dishonesty.

"It's also imperative that you inform your business insurance company immediately after becoming aware of any theft - preferably within 24 hours, and lay a charge of theft or fraud against the employee involved, with the police," he said.

Cover against business theft can be purchased through Auto & General which has products tailored to suit any type of business.?