Three in five privately held companies report that it is likely that an employee will steal company funds or equipment this year, according to the Chubb 2004 Private Company Risk Survey, sponsored by the Chubb Group of Insurance Cos.
“Employee crime is one of the biggest and costliest problems facing private businesses today,” said Lisa McGee, a vice president of Chubb & Son. “As a provider of crime insurance, Chubb has seen how the theft of funds or equipment can have a devastating financial impact on a company, especially a small private firm.”
Executives at 60 percent of the companies surveyed anticipate that employees may steal funds or equipment from the company, while 34 percent say that employees may steal funds from clients. During the past few years, 39 percent of private companies report, an employee has stolen company funds, equipment, inventory, or merchandise. Nine percent experienced employees' stealing funds from clients.
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