Theft is a hazardous activity that can severely impact large and small businesses in terms of profits and reputation. According to the National Retail Federation (NRF), in 2021, retail crime cost US retailers $94.5 billion, nearly three-quarters of the cost attributed to employee theft. Additionally, retail theft makes up one-third of all inventory shrinkage for companies across all industries. The financial implications of theft can be so severe that it has caused some businesses to close entirely due to being unable to cover the losses incurred due to stolen goods or funds.
From a reputational standpoint, criminal activity can lead to a decrease in customer trust. Customers may feel unsafe visiting locations they believe are not adequately secure against criminals. This reputation damage often fdf cannot be repaired even when criminal activity is addressed. Customers may assume that if one incident occurred, others might have as well that have not been discovered yet.
Your business will never be completely theft-proof, but there are steps you can take to reduce the likelihood of your assets being stolen and protect against losses. Here are some suggestions to consider.
Perimeter control is essential in protecting your business assets from theft. Awareness of your establishment’s surroundings and taking the necessary steps to protect it are fdf critical in preventing theft.
Proper Outdoor Lighting
First, be sure to install good lighting around the perimeter of your business. Good lighting will help deter theft by making it more difficult for thieves to hide undetected. Ensure that lights are placed strategically so all areas can be illuminated, including doors, windows, and other access points.
Commercial-Grade Security Cameras
Second, keep security cameras installed in and around the building, as well as in the parking lot or any other areas that may be vulnerable. This will allow you to monitor activity inside and outside of your business which can help identify potential threats before they occur. Additionally, having video evidence of any criminal activity allows authorities to pursue justice more quickly and effectively if a theft does occur.
Reinforced Entry Points
Third, ensure that all access points are secure with robust locking mechanisms such as deadbolts and padlocks on doors and windows. However, thieves can avoid entry points for stealthily sneaking into the premises. As a result, aluminum commercial fence options are recommended to provide an additional security and protection layer.
Security Personnel Patrols
Lastly, consider hiring security personnel or an armed guard to patrol the premises. This can be especially beneficial for businesses in high-traffic areas or with large shares of valuable assets. A security presence in and around your company provides a sense of safety for employees and customers and a deterrent to potential thieves.
Employees play a critical role in protecting your company’s assets from theft. To ensure that your staff is educated on the importance of asset protection, create and implement a comprehensive employee training program to teach them the most effective methods for preventing theft.
The first step is to identify potential vulnerabilities, such as weak locks on doors or access points that are not adequately monitored. Then, teach employees procedures and policies to follow to protect the business’s assets from theft.
Finally, remind staff of the consequences of any theft and how it can affect their employment status and the company’s reputation. Their cooperation will be paramount in ensuring your business is protected from theft.
As much as you can to secure your business, there is always the chance that something could go wrong. Consider getting business insurance to guard against potential losses due to theft. Look for policies with provisions specifically related to asset protection and robbery, as they will provide you with added peace of mind in knowing that if a theft does occur, you’re covered financially.
There are many business insurance policies to choose from, so it’s essential to research and find the one that best suits your company’s needs. General liability, property damage, and theft loss insurance are all types of policies you may want to consider.
Physical assets are not the only items that are vulnerable to theft. Cybercrimes fdf have become increasingly prevalent, and protecting your business’s IT infrastructure is critical in preventing cyber-attacks and data breaches.
Using a comprehensive cybersecurity program can protect your company from potential cybercriminal fdf activity. This includes having the right antivirus software installed on all devices connected to your network, setting up firewalls for added security, and creating updated passwords for each user account. Also, please keep all software programs up-to-date with the latest security updates released by developers. This will help protect your network from any new vulnerabilities hackers may exploit.
Theft can be a devastating experience for any business. Taking the necessary steps to prevent theft is essential in protecting your company’s assets and avoiding financial losses. Implementing an effective security plan, staff training, and asset protection measures are all critical components for optimal safety and security. Additionally, having the right insurance policy in place will provide you with added peace of mind knowing that any losses due to theft are covered if something does happen.