FRIDAY, JULY 23, 2021
Unfortunately, with the way the world is today you cannot let any possibility of theft sit in the rear-view mirror. Businesses all over are struggling more than ever and the last thing you need is for something more to happen that will cause frustration and money. Whether you own a small family bakery or a multi-million-dollar manufacturing company, they both have an exposure to theft. In addition to the Cyber related crimes, we have been writing about, there are three major ways crime could take place at your business: burglary, robbery, and insider crime. These three unfortunate events have their own distinct characteristics and there are ways of lowering your exposure for each.
Burglary refers to crimes that involve unlawful entry with or without force, usually to a building or structure. Depending on the company and property there are many ways that could help you lower your exposure. We understand that we all want to have a beautiful business property and make it appealing for their clients, but there are ways to do that as well as discourage theft. Some ways of doing that are having your property fenced in, adequate lighting, clearly posted signs of private property, and 24/7 security cameras and alarms. We would also suggest having all updated locks for doors and windows and have all your most valuable items locked away in a vault or somewhere that is extremely protected.
Robberies are taking valuables from another person(s) by force or threat. Always have a plan with your employees on how to react and what to do in different situations. Again, limiting your exposure could simply be limiting the amount of cash on your property, making sure your security system is up to date, and consider having employee training for robbery situations.
Now, quickly touching on an issue that is only getting worse, insider crime. According to Willis North America Statistics, employees cause 90% of all significant theft losses. Employee theft is becoming a larger issue for all organizations and businesses. According to a California Restaurant Association study amongst its members, 75% of employees polled stated that they have stolen at least once from their employer. Another study done by the Service Management Group states that more than 30% of business bankruptcies are due to employee theft. Increase your protection with Crime insurance. A standard Business Owners Policy may provide some limited coverage; however, it is important to know the value of a true Crime policy that gets into the destruction, disappearance, and theft of your business assets.
With more than $50 billion lost to employee theft per year, businesses and organizations need the consulting and guidance from a true trusted advisor that can educate them and communicate with them how best to protect their day-to-day operations. Unfortunately, even the most prepared and cautious businesses can be victim of a crime. Please ask your agent at Ten Eyck Group how we can assist to be sure your operation is properly insured to respond to such an event.
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