Every business is at risk of a theft occurring. Fortunately, there are steps you can take to protect your assets, such as Commercial Property Insurance. However, that should not be your first line of defense. Your first step should be to minimize the risk of a theft, with Commercial Property Insurance acting as your safety net if those steps aren’t enough.
According to Small Business Trends, nearly 9% of small businesses experienced a burglary or theft in 2016 with an average cost of $8,000 per incident. Burglary and theft can have a serious impact on your bottom line. Protect your assets by lowering your risk with these four tips:
Install a Security Systems
Security systems – alarms and cameras – have become very affordable, and the capabilities of the new technology are incredible. Today, it’s easy to keep an eye on both internal and external threats from your smartphone, PC, or tablet.
The more security you have, the better chance you have of avoiding problems. Often, the presence of a security system is enough to deter thieves and vandals.
Here are a few security measures to consider:
Closed-Circuit television cameras (CCTV) allow you to watch what is happening at your place of business in real-time, both during and after hours. Plus, they can capture images and record what is going on when you aren’t there. They’re a great way to protect your property, valuable items, and your employees. You can even keep an eye on employee productivity.
Place cameras in strategic locations, so you can identify faces of both customers and employees, and store the footage off-site.
Alarm Systems let you know when there is a disturbance at your doors, windows, or outside your place of business when you aren’t there.
Fire Alarms – You should install a smoke and heat detector that have both automated triggers and can be manually pulled.
Make Sure Everything is Secure
Strong locking systems should be installed everywhere. Valuables and cash should be locked up, with a safe being your best option. But remember, the best lock in the world isn’t going to keep someone out if you don’t lock the doors.
Often, businesses (and individuals) are victims of crimes of opportunity. Thieves will typically go where the pickings are the easiest, so they’ll look for unlocked doors or open windows. Make sure everything is locked up securely before leaving the building. This also applies to company vehicles and heavy equipment.
And make sure the keys to those locks are secure. The more people who have keys to your business, the greater risk there is of burglary, so limit the number of keys issued. Keep track of keys issued to employees or anyone else, and make sure employees leave their keys when they leave your company.
You may want to consider installing an access control system so that you can limit access to different people.
Hire Wisely
Safewise reported that 64% of all small businesses fall victim to employee theft. Before hiring anyone, run a thorough background check on them, especially if they will be handling cash or sensitive financial information. SCORE recommends being alert to key indicators of potential employee theft, such as suddenly working late all the time, drug and alcohol abuse, and evidence of compulsive gambling.
Other steps SCORE recommends to avoid employee theft include close supervision, the use of purchase orders, controlled cash receipts, informal audits, managing inventory, and providing a way for employees to report theft.
Purchase the Right Commercial Insurance
If, despite all your best efforts, burglary or theft does occur at your business, the right insurance can help provide reimbursement for loss or damage. If you want the right insurance at the best price, give American Insuring Group a call at (800) 947-1270 or (610) 775-3848 or connect with us online.
We will be happy to review your policy to ensure you receive the best coverage, AND we'll compare the cost of that coverage with offerings from other insurance companies to ensure you get the best price on solid insurance protection. Contact us today to learn more!
