Now More Than Ever Small Business Owners Need To Protect Their Assets From Theft : A New Small Business Resource, Launched at www.BusinessTheft.com, Aims To Educate Small Business Owners About the Risks of Business Theft and Business Security Measures They Can Take To Prevent It

Business theft isn’t something every entrepreneur thinks about, but it’s something that can potentially affect every small business. According to one recent study, up to 95% of companies suffer from business theft, but only 10% ever actually find out about it. With tough economic conditions ahead, massive layoffs and downsizing in the corporate sector, and mom-and-pop shops folding at an alarming rate, preventing theft is no longer a secondary consideration - it is a core element linked to business survival.

VALHALLA, New York (Business Wire EON) November 23, 2008 -- Business theft isn’t something every entrepreneur thinks about, but it’s something that can potentially affect every small business. According to one recent study, up to 95% of companies suffer from business theft, but only 10% ever actually find out about it. With tough economic conditions ahead, massive layoffs and downsizing in the corporate sector, and mom-and-pop shops folding at an alarming rate, preventing theft is no longer a secondary consideration - it is a core element linked to business survival.

In the end, the most important thing to understand is that no business is immune

When business owners naively believe it can’t happen to them, they become unprepared to minimize shrinkage and protect business assets. The newly-launched BusinessTheft.com aims to fill an informational void for the small business owner, educating them about the types of business theft they may become a victim of, as well as what they can do to prevent it and recover losses.

“It doesn’t matter what kind of business someone runs,” says Chris Bartol, spokesperson for BusinessTheft.com. “Business theft can happen to anyone. It’s easy to hear the term ‘theft’ and picture someone stealing physical inventory, so businesses not dealing with public inventory don’t feel as at-risk as they are. The truth is that there are many types of business theft that regularly occur, and most thefts are completely preventable. And as employees become more transient and insecure in their positions, expect such thefts to increase. With BusinessTheft.com, we’re hoping to assist business owners in taking the first step to raise their own consciousness about these threats facing their businesses and remain afloat.”

To help entrepreneurs and members of management better understand their risks and what they can do about them, Bartol has prepared a five-point “true or false” quiz on business theft issues:

Questions (True or False?)

1. Business theft is usually committed by a stranger (customer, robber, etc.).

2. Most businesses will suffer from business theft at some point in time.

3. Employee screening can prevent many cases of business theft.

4. Business theft losses are generally small, and don’t threaten the overall health of the business.

5. Basic business insurance will cover losses associated with business theft.

Answers

1. False – Most business theft is carried out by someone authorized on the business premises (such as internal theft / employee theft).

2. True – Most businesses will be a victim of some kind of business theft (retail theft, intellectual property theft, theft of supplies, sweethearting – employees under-charging for merchandise, identity theft, data theft, or embezzlement for example).

3. True – Thorough employee background checks done and evaluated by an objective third party are one of the best ways to weed out high risk job candidates and cut down on employee theft.

4. False – According to an SBA report, nearly 10% of businesses that have gone bankrupt cite issues like business theft as a reason for their financial ruin. Additionally, to account for theft, businesses have to raise prices which can make them uncompetitive in their market.

5. False – Many general business insurance policies do not offer coverage in the case of intentional malicious acts such as business theft. To protect against these risks, it’s advised to get business theft insurance or employee dishonesty insurance on top of any general small business insurance policies.

“In the end, the most important thing to understand is that no business is immune,” says Bartol. “From small corporations to the solo entrepreneur working from home, everyone has something of value that they need to protect.”

BusinessTheft.com is an online resource for small business owners and management personnel, designed to educate visitors about the risks of business theft, including retail theft, employee theft, intellectual property theft, and more, while also offering theft prevention and business security tips.