Wednesday, September 28, 2022

How to Prevent Business Losses Due to Theft?

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Whether you own a retail store around the corner or have inventory in a warehouse, there is a risk of shoplifting and theft. Especially if you run a small or mid-size business, you could be looking at heavy losses.

Having a small business insurance plan in place can cover the expenses to some extent. But your daily operations can come to a halt for a while.

Avoid it by following these theft prevention strategy tips proactively:

Verify the Staff’s Background
Most of the time, theft is an in-house job. Your employees have access to the keys, cards, and passcodes and know the area well. They can help someone from the outside or take advantage of blind spots in surveillance.

Or they know your routine and can sneak in when you are not around. In any case, hire only trustworthy staff. So, when interviewing someone new for the job, check the references from their past employers.

Document Company Policies Clearly
Let employees and shoppers know that you have zero tolerance for theft. Outline the penalties for violations clearly, and let them be available for all to see.

Also, regularly conduct training sessions for your staff on ways to identify and confront a thief. Invest in good security systems and customer service. Establish rules on when to call the police and have an updated emergency contact list.

Ensure Maximum Visibility
Get dedicated floor managers or supervisors to detect suspicious behaviours. However, profiling must be discouraged, as people of any race, gender, or financial situation can resort to stealing.

Have the merchandise or inventory at an eye level or at least keep the view unobstructed. Usually, thieves don’t work alone but have accomplices; so, watch out for groups of people distracting your employees.

Install Robust Security Systems
CCTV cameras and access control are some ways to add extra security to your store or warehouse. After the theft, you will have recorded evidence from the CCTV footage, which makes it easier for the police to catch the culprits.

You can place security mirrors in places where there is no surveillance. By doing this, you will prevent potential blind spots, and all areas will be adequately covered.

In addition, station guards or attendants at entrances, exits, common spaces, and stock loading premises. Employees’ access and parking spots should be separate from those of guests, visitors, and customers. All of these should be away from the storage area.

Get Business Insurance
All the above steps combined may also not stop untoward incidents from happening. Or you may recover the stolen goods and catch the perp. Yet, if the items come back in a damaged condition, you still incur losses.

Purchasing a strong small business insurance plan before disasters strike is the only way to stay safe. It will cover theft, fire, vandalism, equipment damage, and other mishaps that can happen in your commercial facility.

But each insurance policy is different. Hence, ask your broker to find you tailored business insurance coverage to mitigate theft loss risks.

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