During the COVID-19 pandemic, there has been an uptick in crime in vacant and underused businesses. Whether it is theft from your construction site, a break and enter in a cannabis retail store, or an employee stealing money from your cash register, property crime can occur to all types of businesses. Having the proper security measures and insurance coverage in place is key to keeping your premises secure, your employees safe and your customers happy. Read on for our tips on preventing business crime and what can be covered by insurance.
Tips for preventing business crime:
Invest in sturdy locks
Make sure your locks are working properly. Use deadbolt locks on all doors to prevent lock-picking.
Keep an inventory list of all materials, equipment and products. Store your inventory in a secured area. If it is kept on site, use a burglary resistant safe made of steel that is securely bolted to your foundation.
Keep some lighting on inside and outside the building to help with capturing video surveillance. Consider motion sensor lights as another option to deter unlawful activity.
Have a plan for recording and storing video and photo footage. Consider whether an IP system or CCTV surveillance system will work better for your business. Cloud based solutions are available to automatically backup footage so it’s accessible even if there is damage to the surveillance system.
There are many different types of alarm systems available depending on your premises, budget, and product. Ensure your security alarm system is working properly and that your contact list is up to date. Have signs on doors and windows stating that the premises are monitored by an alarm company. Be sure to frequently change access codes and review alarm procedures with your staff in order to keep your system secure.
Secure your business vehicles
Don’t leave anything valuable in your business vehicles and make sure they are always locked.
Know your neighbours
Get to know your neighbours and community around your business so they can help monitor the area and look out for you.
Be cautious of the photos you are posting of your business on social media. Criminals use social media to gather information and find targets.
Regularly check on the building
If your business is still shut down from COVID-19, regularly check the building, but go at different times to prevent a predictable pattern for criminals.
Consider having a risk assessment done
Once you feel like you have all your security measures in place, consider having a risk assessment done to ensure you are checking all the boxes and to asses any gaps in your security measures.
What types of insurance will cover your business for crime?
Sometimes, despite our best efforts, these security preventative measures still aren’t enough. No business is immune to crime, so this is where insurance comes in.
Commercial Property Insurance
This provides coverage for buildings and their business contents and can protect you against loss due to property that is stolen, damaged, or destroyed by a covered peril, including theft or vandalism.
This provides coverage for burglary, theft and robbery of money & securities by third parties. It can cover your property against theft, embezzlement or forgery by employees. This can be purchased as a standalone or as part of a commercial package policy.
Commercial Auto Insurance
On top of protecting your business’ property and contents, you’ll want to have protection for any commercial vehicles that you have. Comprehensive or all perils coverage will protect your vehicles from theft and vandalism.
Business Interruption Insurance
Property crime can cause a big disruption to your daily business operations. If your property or equipment is damaged, you may not be able to operate your business until it is fixed. Business interruption insurance will provide coverage for lost income and cover other expenses in the event your operations are suspended due to a covered peril.
What isn’t covered by insurance?
- Crimes that you or a business partner commits
- Accounting errors
- Losses caused by employees who have already been caught stealing in the past
- A loss resulting from data breach (this is covered by a cyber insurance policy if you have one)
- Indirect or consequential losses such as business interruption, unless you have coverage for it
- Legal expenses
By investing in the right security systems and insurance coverage, your business will have the protection you need to be able to recover from losses due to unexpected crime. If you have any questions about your current coverage or if you are interested in adding property crime coverage, speak to one of the expert brokers at Fuse Insurance by visiting our Contact page or calling 1-866-387-FUSE (3873).