Did you know that retail theft costs New Zealand and Australian businesses $3.52 billion dollars a year?
And that is just the retail sector!
Theft, stealing, shoplifting and burglaries are a major cost to any business.
Sure, there is the financial cost of lost stock, damaged equipment, repair work and insurance excesses, but there are plenty of other costs that mount up in a burglary situation.
Let’s look into them now and what you can do to minimise the risk to your business.
The Financial Costs
The most obvious cost you will incur is the financial component. Anything that gets stolen will need to be replaced. Even if you have insurance, you will need to pay your excess and cover anything above and beyond your policies.
The same goes for damaged property and equipment. The repairs or replacements will all cost money. You may even have to cover the costs upfront and be reimbursed by your insurance company if that is how your cover works.
You also need to factor in the loss of earnings as you may need to close your premises or stop work while the repairs are completed or new equipment is ordered. All of these costs soon begin to add up.
Depending on the scale of the burglary, the dollar figure can be range from pocket change, right through to bankruptcy material.
The Cost Of Time
Burglaries impact your ability to trade as usual. Whether there is glass from a smashed window to clean up, insurance claims to organise, replacement stock to order, or staff to debrief, it all takes time.
Plus, you will also have to deal with police reports and the ongoing follow ups of all the different recovery components. Obviously, that is time you wouldn’t have to spend if the burglary hadn’t of taken place.
The Cost Of Safety
We all know that burglaries are possible. After all, we see them happening in the news each and every day. However, you never really expect to be impacted by it yourself.
When you experience a break-in, you feel like your safety has been compromised. Knowing that a stranger has accessed your premises without permission can be a scary thought. It will weigh on the minds of your team and they may feel a little uneasy returning to work.
The feeling of safety is a hard one to regain as it involves factors out of your control. It is impossible to reach into the minds of your team and guarantee that they will be safe. They need to regain that feeling themselves.
What Can You Do To Minimise The Risk?
The best thing you can do to protect your premises, your team and your earnings is to have a security system installed.
Visible alarms, cameras and sensors can be enough to deter burglars. Their greatest fear is being caught and security systems greatly increase the chance of that happening. So often, when they see a security system, they will pack up and find an easier target instead.
An alarm is a great start. Even if intruders get inside your premises, they won’t stay long as the noise of the alarm going off will deter them. It minimises the damage they can do and what they can take.
You can then take your security to the next level, adding in CCTV cameras. They allow you to know exactly what is happening at your premises at any time of the day or night. And, if you choose a monitored service, you have the added security of knowing a team will be there super-fast if an incident does occur.
This Time Of Year
It is especially important to ensure your premises are well protected over the Christmas and holiday period. Opportunistic thieves are out and about as they know there is a greater level of merchandise both in-store and being transported around the country.
You want to make sure that your premises are tightly sealed every time you leave. Check all the doors and windows are locked and have your security systems active when your business is unattended.
Identify any obvious risks that you have – gaps in your fences, weak entry points, large uncovered windows – and make a plan for how you will minimise the danger. Don’t store any packaging for high priced items outside as that is simply an advertisement for what is inside your premises!
Check and test your security systems (or get the Smartway team to do it for you) so that you know everything is in top working condition before heading away for the holidays. Also, don’t forget to check that your insurance policies are up to date and relative to your current business position.
If you are ready to protect your business premises this Christmas (and beyond) then get in touch with the team here at Smartway. We have all the systems, knowledge and equipment to minimise the risk to your business.