Insurance Consultants Of Maine Newsletter

Feel free to forward this newsletter to your colleagues. Comments, questions, and suggestions are always welcome. Email: Scott@InsuranceFixer.com.

-- The first step in preventing employee theft losses is to establish an environment and culture that discourages dishonest acts. Insist on complete honesty in all dealings with customers, fellow employees, and the company. Management must lead by example in showing that dishonesty will not be permitted. A zero tolerance policy takes away rationalizations of bad conduct by your employees. A corporate culture that allows (or does not punish) cheating on sales reports, expense accounts, and customer dealings opens the door to embezzlement.

--Accounting and control systems should track cash, merchandise, and shipments. Make your process widely known by your staff. Well established routines for deliveries and inventories increases the perception that thieves will be caught. Review and test your process to find weak points that may leave you vulnerable.

--Deposit cash receipts daily. Mark incoming checks "for deposit only" as soon as received. Checking accounts should be reconciled by someone not authorized to sign checks. Keep bank signature authorization cards up to date. Don’t sign blank checks or authorize the use of a signature stamp pad.

-- Periodically monitor your trash. You may be surprised at what is being thrown away. Use clear plastic trash bags and check for pilfered items that may put in the dumpster and picked up after hours.

-- Track mileage on company vehicles. Review repair receipts and gas purchases. Supplies and inventory should be monitored. Expenditures for landscaping and fixtures should be audited.

--While proper procedures are the first line of defense, insurance is the best tool to protect a business from catastrophic loss. Employee dishonesty insurance coverage is available to most business owners. Talk with your insurance advisor.

Insurance Teleseminars For Bankers - I'm holding a series of four teleseminars designed to provide bankers with useful insurance information and advice. More info can be found at http://www.InsuranceFixer.com/bankseminars06.html.

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Work Comp Experience Mod Teleseminar - Learn what you need to know to control your workers' compensation premium - http://www.InsuranceFixer.com/Teleseminar-mod.html.

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Life In Maine And Other Stuff - I spent last weekend in a training program for incoming Rotary Club presidents. In July, I take over my local club.

I have enjoyed Rotary for many years. The experience has been amazing. I've been active in service projects here and around the world. I have hosted visitors from other countries on vocational explorations and have worked with well over 100 kids from every part of the globe in the youth exchange program. I'm not sure another organization has helped more people- from water wells, to polio eradication, literacy, inoculations, computer centers, micro lending programs and almost anything you can think of. I'm proud to be taking over as club president. We'll see what the members think!

Biggest Insurance Mistakes White Papers - Get my white papers covering the biggest business and personal insurance mistakes. Send a blank email to bizmistakes@InsuranceFixer.com for a copy of the business mistakes paper. Email to personal@InsuranceFixer.com for the personal insurance version. No cost.

Your Privacy - I will never sell or distribute your email address to any other person or organization.

Do You Have The Right Insurance? Contact me to discuss an unbiased review of your insurance program. Do you have the right coverage? Can your policies be fine-tuned to improve the protection? Can changes be made to ease the administrative burden insurance causes? Are you getting the service you should from your broker? I can help. Call 207.284.0085 or email me at Scott@InsuranceFixer.com. Remember, I don't sell insurance so I'm unbiased.

Insurance Consultants of Maine, Inc. is an unbiased, fee-only insurance and risk management advisory firm. We don't sell insurance and never accept fees or commissions from insurance companies or agents.

Comments regarding insurance policies or products in this newsletter do not constitute an endorsement. I accept no fees or payments of any kind from any company mentioned in this newsletter.