Party Rental Company Bankrupt because of Employee
It is important that you hire trained, trustworthy individuals for your party rental company. Not only for the safety of your customers, but for the well-being of your company as well. A party rental company based in California is bankrupt after one of their employees embezzled $1.2 million over the course of a year and a half. Classic Party Rentals was forced to file bankruptcy after the loss of the $1.2 million. The employee used the company credit card to pay for luxurious vacations, home renovations and other expensive items. The woman will spend 2 years in jail and is ordered to pay reparations, although it is doubtful the woman will ever be able to come even close to paying back that amount of money.
What can you do to protect your business? There are a few things that can be done to help protect your business. In regards to employees, background checks would be a wise idea for any employee that will be working with your finances, or having one on one contact with customers. You can also add an Employee Dishonesty coverage to your policy that will add protection in case an employee does something like in this case. If you want to learn more about Employee Dishonesty coverage contact one of our agents at 864-688-0121.
Atlanta News Now. “Georgia woman sentenced to 2 years for embezzling over $1.2M from former employer”. March 19, 2019.