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Preparing your business for the holiday season

Business Insurance Liability Insurance Cyber Insurance Retail and Consumer Insurance

The combination of the oncoming holiday season with a lack of staff poses even more problems for businesses that are already struggling with the ongoing effects of the pandemic. Recent data from the ABS has highlighted the problem of vacancies in the retail sector which have grown by almost 15%, and 16.7% for the transportation and warehousing industries, since May this year. So how can SMEs best prepare themselves for a busy season this year?

One key risk is an increase in theft during the holidays, reviewing your in-store risk management procedures should help minimises losses. The other key risk is the increase in customers, combined with new or inexperienced staff may lead to more trip and fall type accidents, due to misplaced signs or wet floors.

How to reduce theft and accidents this holiday season

With the expectation of bumper sales during the holiday season, owners and managers will be busy organising new inventories and inducting and managing new staff. The potentially creates problems, in that existing procedures are followed fully or not understood.

It’s easier for stock to disappear from the stockroom or shoplifting to occur, theft is higher during the holiday season. Although Australia is continuing to face a significant labour shortage with retail businesses feeling the squeeze, it’s important that the right steps are taken to reduce the risk of theft as much as possible during the holidays.

One solution is to have new employees work with more experienced staff, also take the time to induct and train new employees on their duties and responsibilities. Another solution focuses on refresher training for all staff on how to prevent or manage shoplifting, including staff being alert for any suspicious behaviour.

Then there’s the potential for more slip and fall types of incidents, due to an increase in customers, or stock displayed in the wrong area, boxes blocking aisles or floors that are slippery. So, having staff aware of how to reduce incidents and being responsible for safety in their work area is essential.

How to manage more customers this holiday season

This Christmas will likely see more people shopping in-person in comparison to the previous years where online shopping was recommended or mandated due to Covid-19 restrictions. It’s important to make sure your systems, processes, and store fit-out has been reviewed with the likelihood of an increase in customers. Some issues that could be considered include:

Is your point-of-sale system software up-to-date and has been serviced?
If you have security cameras, are they operating correctly?
Have the procedures for opening and closing the premises been reviewed, how is stock secured to prevent employee theft?
Are your insurance policies adequate and up to date, especially for theft and higher stock values?

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Is your point-of-sale system software up-to-date and has been serviced?
If you have security cameras, are they operating correctly?
Have the procedures for opening and closing the premises been reviewed, how is stock secured to prevent employee theft?
Are your insurance policies adequate and up to date, especially for theft and higher stock values?

How to protect your business this holiday season

At the end of the day, there's only so much you can do to protect your business during the holiday season. So, when all else fails, it’s good to know that you have the right types of advice and insurance cover in place. Whether that’s Liability Insurance, Cyber Insurance or any other types of cover that are relevant to your business.

To make sure your business is protected this holiday season, find your local insurance adviser today.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Insurance Advisernet, ABN 15 003 886 687, AFSL 240549

This article originally appeared on Insurance Advisernet News and has been published here with permission.