Reducing Retail Insurance Premium: 5 Effective Ways

It has been estimated that over the last year there have been 950,000 reports of theft from general retailers. This is an increase from 575,000 reports the year before. Though these thefts are acknowledged by the retail industry as an expense, retail insurance premiums are steadily increasing as a direct result. So what can retailers do to keep their business more secure and in turn decrease the expenses of theft and decrease their insurance premiums?

Train your employees

Are you confident that every member of your staff has a full understanding on how to handle a suspected thief? Or how they can tell if a robbery may take place? If you’re not sure, you may want to think about further training your staff. This can be done in house by yourself or a trusted member of staff, or alternatively you can consult a security specialist like 3000 Security or Retail and customer insight experts like Retail Maxim to insure that your staff are being correctly trained.

Understand and organise your stores layout

Open plan shop floors are always a good first start, but of course this is not something you can always control. However the installation of mirrors and signs will give you a better understanding of the activity in your shop. Chris McGoey founder of Crime Doctor advises the following: “You want to keep all your merchandise ‘faced,’ which means pulling your products to the edge of the shelf to create a solid wall of product. If someone sweeps the shelf, then it is easy to tell.”

Install surveillance equipment

This is an absolute must. As security specialists we can confidently say that surveillance equipment is a quick and integral part to keeping your store secure. CCTV and 24 hour surveillance rooms are the staple of keeping any business secure and can be used in a live setting in order to survey your store during business hours, or can be used to record any potential crimes after hours.

Hire a security guard

Nothing beats the personal touch. If you have peak hours or you simply run a busy business, consider manned guarding services. There isn’t a more trusted option than relying on a highly trained professional for your security needs and are a great visual deterrent from any potential theft.

Invest in signage

Seems like a simple suggestion, but the results of shoplifting signs are pretty significant. Police recommend all retailers have some form of official signage stating that shoplifters will be prosecuted. There are more extreme signage options and you can be creative, but for legal purposes you will be covered with the basics.

Here at 3000 security we understand keeping your business safe is your number one priority, but doing this at a low cost is pretty difficult! Hopefully these 5 tips will help you!

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