Put Yourself First

Running a small business isn’t easy. Small business owners are plagued by concerns: from keeping the business flowing and growing to making customers happy to handling incoming and outgoing expenses to finding, keeping and paying good employees. Many small business owners lie awake at night worrying about how much is in the business bank account. With the multitude of responsibilities to juggle, owners can inadvertently overlook important details – both at work and in their personal lives. And that’s where a good personal assistant comes in…or so owners think.

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The Problem

Many small business owners hire personal assistants to help do their personal books, records and other tasks. In many cases, those individuals work at the company and do work for the owners personally. As key employees, they are allowed access to company finances and the owners’ monies and personal property. When a personal administrative assistant steals from the company and the owners themselves, it’s not only a surprise, but it can spell financial ruin on a business and personal level.

The Solution

Many carriers today are offering coverage for the owners and key individuals of private companies. A crime policy that names the owner as an insured and has language that “an employee of one named insured is an employee of all named insureds” goes a long way to mitigate losses when a company employee steals from key individuals and owners of companies. Running background checks prior to hiring, having strong internal and accounting controls in place and separating key duties also helps prevent losses.

About the Author

DM Studler

DM Studler, M.Acc., CPA, CFF is the founder of SDC CPAs, LLC. and has worked employee dishonesty claims in excess of $82,000,000, both domestic and internationally. She speaks across the country on a regular basis and is highly esteemed among her colleagues.