Your business should consider adding crime insurance to protect yourself in case of a break-in or other criminal activity. Every business faces crime risk, and business owners should proactively protect their employees and financial investment. Crime insurance provides some financial peace of mind in the event of a loss, but you can also lower your risk of loss.
Crime Insurance and Some Steps to Protect Your Company
Understand the measures your company can take to reduce your risks and protect the company against losses due to crime.
Conduct a Risk Assessment for Your Crime Insurance Coverage
Before you invest in a crime insurance policy, understand the risks that your company faces. A comprehensive risk assessment can help. Evaluate the property to identify vulnerable areas, including those sections with minimal visibility or those easily accessible to would-be thieves. This assessment provides an action plan for improving security and reducing risks. Taking steps to mitigate risks in those areas can even reduce your insurance premiums.
Improve Security for High-Value Items
Smash-and-grab losses are common in areas with high-value items left easily accessible. Take steps to secure any such inventory your business has with shatterproof or impact glass in your windows, shatter-resistant glass cases with security locks, and permanent bolted fixtures to keep things secure. Improved security can also lead to discounts on your company’s crime & fidelity insurance.
Install Comprehensive Security Surveillance Systems
The right surveillance system eliminates blind spots, includes adaptation for low-light visibility, and stores footage in a secure, off-site backup system. Review your property’s security camera system and install additional units where you see blind spots or vulnerabilities. Exterior cameras may benefit from the addition of motion-sensor lighting to ensure clear pictures and improve visibility anytime there is movement in the camera area.
Choose an Alarm System
Camera footage is beneficial as evidence in the event of a crime and for loss prevention officers to identify risks. Still, these systems do not offer a deterrent when the property is empty. The right alarm system with a central monitoring service to dispatch law enforcement makes a difference in protecting your business from crime. These alarms help ensure faster police response even after hours, which may reduce your losses and protect the company.
Invest in Asset Tags for Tracking
Any portable, high-value assets your company owns should have asset tags to identify the items and their owner and allow tracking. Technology advancements allow for RFID chips and GPS tracking chips that provide real-time location information in the event of a loss. This investment could aid in recovering any stolen goods.
Offer Safety Training
The proper safety training plan helps your staff understand how to respond to threats, recognize potential risks, and protect themselves and the business. It reduces your company’s risk of losses.
Understanding Your Crime Insurance Coverage
These are the best ways to reduce your risk of losses, but that does not negate the need for coverage if something happens. Choose crime insurance that meets your company’s needs based on your risks and exposures.
About Provident Protection Plus
For more than 65 years, Provident Protection Plus has served the businesses and residents across several states nationwide. Today, we are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.