Not every commercial crime is significant, but many are enough to temporarily deter a business for both short-term and long-term.
Everyone is fairly familiar with the terms “blue collar” and “white collar.” With white collar crime, expect the incident to happen in the business with a suited up business professional. The crimes they would have committed?
They highly range from fraud to bribery, embezzlement or even money laundering. The possibilities in this day and age are endless. It doesn't matter what type of business. Unfortunately, crime happens everywhere, in any industry with a business of any size.
To not be prepared and protected against them leaves your business wide open to exposures effective enough to deter you goals as a company. There are common business scams located all over the world. However, many people still fall susceptible to them.
But these aren’t the only types of crimes to worry about. Ponzi Schemes happen. And we can't even talk about the world’s biggest banks failing without bringing up the fall of the Real Estate Industry in the early late 2000s. Whether it's extreme or small, it’s good to prepare for the worst case scenario at all times.
Crime is not completely preventable, but the risk can be minimized by understanding your organization's vulnerabilities. Many businesses are prepared for the well-known scams and scheme, but may not recognize some of the less common varieties. Here is more information from Small Business Trends about lesser-known crimes against businesses.
Prepare for Commercial Crimes and Scams
- Environmental Schemes - When it comes down to protecting the environment, it’s up to management and officials to ensure that certain laws, policies and protocols come into place for the long term.
- Kickback - A kickback means that some kind of bribery agreement is happening, but it’s happening on both sides of the part. Which is a little bit of a different thing. It actually means that the properties are cooperating with each other instead of at odds with each other.
- Telemarketing Fraud - It’s pretty common: student loan forgiveness, debt collection from years later. All of a sudden, all kinds of random bills you hadn’t been bothered about for years! It’s a hard business that is not only gurgling on the customer, but the worker as well. Deposition has a very high turnover in this particular position.
- Pigeon Drop - This one is basically a trick to hand over money to a “pigeon” who then gives the money to the scammer and ends up getting no cut.
- Jury Duty Fraud - Another scary one like debt collectors and other telemarketers, these people will call you and either demand a sum of money or that you need to show up to court. Some til even issue a bench warrant, based on the severity of the issue.
About Axis Insurance
At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (201) 847-9175 to speak with one of our professionals.