5 Steps To Reduce Your Business’ Vulnerability Of Theft

Whether you own a retail or a service business, there is the threat of theft in many companies. That threat comes from multiple sources — including your management team, your staff, your customers or even random individuals. The key to reducing your risk for theft-related losses is to be vigilant and to take actions to prevent theft from occurring. These tips will help you to achieve that.

Set up and manage inventory.

Inventory management is one of the most essential steps to take because it is where most theft occurs. If you do not know what you have or you are unsure of when something goes missing, you will find it difficult to control your losses. Inventory items on a routine basis, especially high-risk items.

Establish guidelines and requirements for employees.

Sometimes employees are responsible for the theft, whether by stealing themselves, giving items away or not being vigilant about theft risks. Educate them about how a customer might try to steal something; also put better focus on employee prevention. Not only does having a proactive approach like this reduce the risks that your employees will miss a theft, but it also helps deter their own chances of theft as well.

Establish counterbalances.

In upper management or in high-risk situations, ensure at least two people are responsible for making transactions. When one sets up the transaction, the other closes it. Having two signatures reduces theft significantly.

Utilize security systems.

Having working security systems in place can reduce the likelihood of theft. In some situations, it is best to have alarms that sound when someone touches a high-value item, but in other cases, it is best to utilize technology to pinpoint theft.

Organize your location to minimize theft risks.

Place items that are more likely to be stolen further away from doors. Be sure that items that are most easily stolen are in high traffic and public areas.

By taking these steps, you'll reduce the number of times you need to make business insurance claims for theft, thereby improving your overall bottom line.

Protect your livelihood. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Chicago IL business insurance.

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