Retail businesses are prime targets for theft as they often have cash on hand and store valuable inventory on their premises. Here are three areas you should focus on when trying to prevent the risk of theft to your business and minimize the impact if it does happen:
Protect Your Premises.
Installing and using a monitored alarm system, keeping entrances secured with deadbolts, and making sure the interior and exterior of the building are well lit (especially entry points) are just a few of the ways to physically discourage potential break-ins. You should also be conscious of items in your window displays or near the windows as these may attract theft do to their easy accessibility. Be sure to remove expensive items from window displays at night as well.
Protect Your Cash.
Keep only a small amount of cash on the premises and post signs advising of this to deter thieves. If your cash register is visible from the outside, empty it at closing time and leave the cash drawer open. Make sure you have a good quality safe that is fireproof and anchored to the floor, and be sure to empty the safe as often as possible.
Protect Your Paperwork.
Whether you keep hard copies or electronic copies, all business records and personal files should be kept current and always be backed up, with copies kept off premises. This will help you assess your loss more accurately, prove your loss, and will save the headache of having to re-create these items from scratch should you lose them.
In addition to the items above, it’s important to make sure you have proper insurance coverage in the event that something does happen. Read your existing policy to see exactly what it covers and make sure to check for any warranties or requirements such as a monitored alarm or class II safe; failing to comply with these requirements could void your coverage. If you have questions or need help determining what coverage you require, contact one of our Bullfrog Insurance agents today.