Accounting, Finance, and Information Systems
Businesses face a myriad of risks from both within and outside the organization. Potential losses may arise from property damage due to weather, flooding, or fire, encompassing buildings, fixtures, and equipment. Liability concerns are present when a third party sustains injury while on the premises, or when another entity believes the business caused some sort of monetary damage to its operations. Additional risks include theft of business assets, whether those assets are in the physical form, such as inventory and equipment, or in the intangible form like proprietary production processes and secret recipes. Insurance coverage may be acquired to mitigate damages from the above losses. One risk, however, which might not initially be at the forefront of one’s insurance coverage planning, but may represent the largest exposure to loss, is employee theft or embezzlement.
Fenton, E., & Gao, S. Commercial Crime Insurance for Coverage of Employee Fraud. Journal of Forensic and Investigative Accounting, 8(1), 18-28, rank: A.
Journal of Forensic and Investigative Accounting