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Protecting your Business from Burglars

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Despite your best efforts, there is always a risk of burglary, theft, or your stock, equipment, or cash. While it is impossible to eliminate, there are steps that can reduce the risk and result in lower premiums.

Overview

This guide provides general information on common work practices, procedures and technology that can help protect your business, employees and bottom line. However, it is not a comprehensive resource, and you should discuss your particular needs with your insurance adviser, who may also recommend engaging a security consultant for a thorough risk assessment.

The first step in preparing your business for potential burglary is to assess its vulnerabilities. Start by conducting a thorough evaluation of your business's physical security.

Lighting

Lighting systems are often the easiest the most cost-effective way of managing potential burglary. They increase the chance of an intruder being detected and enhance the safety of customers and employees entering and leaving the premises after dark. Lighting systems also enhance the effectiveness of CCTV by increasing the visual range of CCTV cameras in low-light situations. Lighting should cover all exterior areas, including pedestrian and vehicle entrances, perimeter fence lines, sensitive areas or structures and parking areas.

Intrusion Detection Systems (IDS) or Burglar alarms

An alarm system is generally a reliable safeguard to protect your business. There are various options, from self-installed real-time monitored alarms or ring cameras that alert your phone. This is similar to a local alarm and is designed to attract attention.

Finally, there are back-to-base alarms for more complex risks, requiring 24-hour response from security guards.

Closed circuit Television (CCTV)

CCTV is now part of safety and security systems in many businesses, including parking garages, warehouses, convenience stores, department stores, apartment buildings and office buildings.

The applications are typically: Visitor identification, detection of criminal activity and employee theft, surveillance of valuable items and deterrence of vandalism.

Employee Theft

Employee theft is considered the most serious crime exposure for retail businesses and includes internal theft, pilferage or stealing. There are two common elements when discussing the causes of employee theft, including employee attitude and management oversight. An employee who is dissatisfied may feel justified in stealing. They don’t feel they hurt anybody by stealing from the company. Hard economic times can contribute to employee theft, as well as employment uncertainty, which may cause an employee to lose their sense of loyalty to a company.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

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Employee crime has also been seen as a sign of mismanagement, for example, Inadequate supervision of employees, Work standards not enforced, poor controls and lack of prosecution.

Access control

You may want to restrict access to certain areas of your business facility, such as high-value storage areas, safes/vaults, computer/ telephone rooms, a warehouse or an entire building, depending on the nature of your operation. With more incidents of workplace violence and equipment theft, many companies now use access control systems. These systems can range from simple push-button locks to sophisticated card access systems integrated with closed-circuit televisions. The access control system is designed to screen or identify individuals before allowing entry.

Develop a Plan

Burglary can be a significant threat to small businesses, but with the right preparation and planning, you can minimise the risk and protect your enterprise. By assessing your business's vulnerabilities, training your employees on security procedures, and developing a response plan, you can be prepared for potential break-ins and ensure the safety of your employees and assets.

Some of the solutions may be expensive and require budgeting over a period of time. Remember, talk to your insurance adviser, and they will work with you and your insurers to agree a plan to meet your needs and budget.

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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.