Protecting your business against the cost of living crisis & increased theft
Theft proofing for the independent business owner has never been more important. As the cost of living takes holds and theft from the high street increases “first-time shoplifters” are on the rise in addition to the “usual suspects”.
Whether a shop, café, restaurant or bakery, all are suffering the effects of rising petty crime made harder due to pandemic recovery.
As detailed in the British Retail Consortium the cost of crime rose to a record £1.3bn, of which customer theft accounted for £935m.
At Expression Insurance we have been looking at ways of supporting high street businesses to minimise risk and in the worst happening, how to make a claim.
Opportunity makes a thief
Pre-emptive crime prevention is key, do what you can as a business owner to minimise any opportunities presented to a potential criminal.
1. Shop frontage & window displays: removing unnecessary posters or adverts from your retail frontage and keeping the height of the displayed stock to a minimum will ensure the view into your premises is not obstructed. A clear line of sight into your business enables passers-by or employees to see into your premises and, if a crime is being committed take appropriate action. This also allows you to see out and spot potential thieves loitering.
2. Housekeeping: keeping your businesses clean and tidy makes it easy for you to identify missing stock (shrinkage). Regular re-stocking and positioning items towards the front of shelving or chiller cabinets makes it more conspicuous if thieves are trying to steal.
3. Customer service: not only important for increasing sales and repeat business but also for deterring the criminals. Whether an independent restaurant, café or shop, greeting and engaging with all customers sends a strong vigilant message. Opportunist and career criminals are put off when they realise their anonymity is blown.
4. Cash in till: if possible, impose a limit to the amount of cash held in your till and ensure excess cash is securely stored, ideally in a safe. End of day cashing up should be completed out of sight of prying eyes & limiting temptation. A back room with a lockable door is perfect, preferably where the safe is located, making sure safe keys are removed from the premises overnight. Regular staff training on awareness will ensure the right processes are in place coupled with safeguarding of personnel should something suspicious arise. With regards to money in transit you must ensure that it is accompanied by more than one able bodied adult if the value of the money exceeds the amount detailed in your policy documents. If the value of the money exceeds a certain amount (detailed by your insurer) you must entrust your money in transit to a professional security company.
5. Spotting Shoplifters: unfortunately, thieves do not come with a flashing sign but they will act and look different from your welcomed shoppers. They will always be evolving ways of swindling the high street but there are some common habits and traits you can look out for.
Two timers - working in pairs, one distracts while the other steals. Acting suspicious/twitchy
Concealers – hiding items in bags, clothing, and pushchairs
Runners –when the right moment shows itself, they run, either from paying their bill at a local restaurant or café, or from a high street business with their stolen items
Switchers – not all theft is non-payment of items, the ‘ tag switch’ comes into play when planning to purchase an item at a lower price than original marked
Dressers – wearing a coat on a warm day to conceal stolen goods and/or carrying multiple shopping bags to easily slip items into
6. Regular stock taking: enables the independent business owner to not only keep track of inventory, including deliveries, but also identify potential shrinkages and discourages staff from theft as they are mindful of the regular stock checks in place. When replenishing stock ensure it is situated away from doors, reducing the risk of “grab and run.”
7. Robust hiring process: independent businesses tend to have very good employees who are invested in the company and have a high level of integrity, but every now and again a bad egg is hired. Thorough pre-employment checks from previous employers or lecturers and maintaining up to date records will minimise the risk of hiring a “fox in the henhouse.” It is also a condition for many insurers that references are obtained to ensure you are covered under 'Theft By Employee’. Recommendations from friends or other business owners are a great way of hiring trustworthy staff, keeping their details squirreled away for future recruitment needs. Regular staff appraisals help build employee loyalty and retention; no-one will risk losing their job for a business they love. #loveyourbusinessloveyourstaff
8. Security should be a priority not an option - installation of alarms, mirrors and/or CCTV: if you do not currently have one or both security options, you should consider installing or updating your current system in situ. Alarms and CCTV not only provide valuable protection to your business but also evidence when following up on a crime. It’s important to note that signs should be displayed inside and outside your shop café or restaurant stating they are being recorded and theft will not be tolerated.
9. Independent communities working together: talking with neighbouring business owners, you can share ideas on preventing crime or flag a particular group or a specific individual targeting the high street. This sharing of intel will ensure local businesses are prepared and vigilant.
10. Outside your business: ensure all waste bins and boxes are stored away from the building and windows, removing the opportunity for thieves to access your premises via windows, sky lights and doors and taking away good hiding places!
What to do if you are the victim of theft?
Business insurance is your safety net should a claim happen, and it is at this point that you realise, as with a parachute, if it doesn’t work first time you need it its useless.
Having to make a claim is never a nice experience and we at Expression are here when you need us, by following the below tips we hope that if unthinkable happens it can be processed and resolved quickly getting you back on your feet and back to business.
· Protect: safely do what’s possible to prevent more loss/damage to goods or property
· Providing documents: presenting evidence of goods purchased, (receipts) and accurate administration covering all areas of your business, including regular stock taking, is an important part of the smooth running of the claim process
· Practical and easy access: having the required documents at your fingertips will save you time and worry. Electronic copies for yourself and a trusted party will ensure these are available quickly and, if required, accessible in your absence
· Photographic evidence: every picture tells a story and taking photos of a claim will provide clear details, saving valuable time coupled with accurate recall of the event even if you need to refer to it at a later date. Mobile phone or camera, whatever works best for you
· Put in writing: make notes of time, dates and witnesses, provide as much detail as possible, ensure nothing is forgotten over time
· Policy: prior to speaking with your insurance company review your policy details, including excesses and exclusions. It’s a good idea to have this to hand and refer to while speaking with your claims team
· Police: if the property has been damaged or items stolen notify the police as soon as possible, not doing so may result in a claim being rejected. A crime number will be provided by the police for you to pass onto your insurance provider
· Preserve: keep items that have been damaged until you have been notified you can dispose of them safely; your insurer may wish to examine and if required repair
· Phone or email contact: contact your insurer as soon as possible to start the claims process either online or using the claims telephone number listed on your policy documents. They will require your personal details, policy number any details relating to the claim, crime number and supporting evidence (photos or damage reports) Important note – Safety always comes first, do not enter the premises if criminals might still be on the scene, be careful of broken glass etc. Documenting evidence is helpful but not if it’s putting anyone at risk
Its at this point the Expression Insurance claims team will take the strain, working with you to get your business back to normal as soon as possible, after all that’s what you are paying for!
Thinking about bad things that “could” happen to the business you love is never nice, but by taking pre-emptive crime prevention measures you will minimise those things happening and in doing so give you the control, saving you time and money and getting the most out of running your business.#loveyourbusiness
If you want to find out more about how Expression supports independent business owners who love their business visit www.expressioninsurance.co.uk