Tackling Crime Together -Does your Shop Insurance cover you?

The Association of Convenience Stores and the British Retail Consortium in conjunction with the Home Office have designed a website to enable retailers to share best practice examples of how they are supporting their local communities to reduce crime rates.

The latest Annual Retail Crime Survey published by the British Retail Consortium found that offences had significantly reduced when compared to last year’s survey results.

This reduction has however, come at a cost.

Protecting Your Business

Retailers have made considerable investments to protect their premises and their staff. The increase in security spends is reflected in the fact that the overall cost of retail crime has remained constant at £1.1 billion, as reported in last year’s survey, despite reductions in most criminal offence types.

As with any crime that is committed, you will need insurance to protect you or your business. Currently within the retail sector there is still minimal reporting of crimes and often in the past retail crime has been seen as a ‘victimless’ and are tagged as a lower priority call to the many other offences.

Shop insurance and/or retail insurance is needed to cover you in the instance of a crime taking place on your shop premises.  You may also need to report the crime to the police to enable you to use your shop insurance to make a claim.

The challenge ahead will be to tackle the reporting of offences, get retailers to report crimes, especially those experienced by retail employees who have come to accept daily abuse as a part of their job.

While some retailers support the introduction of locally elected Police & Crime Commissioners, they are concerned that the lack of appropriate measurement for retail crime, combined with greater reliance on crime maps to determine local crime priorities.

It will make it exceptionally difficult for retailers to influence the local crime agenda as we move towards more locally based policing, it is imperative that retail is recognized as a cornerstone to safe and vibrant communities and that retailers are genuinely involved in setting local crime priorities.

The Right Insurance

Financial protection is essential against potential risks including crime. It could affect you and your business dramatically if you are not insured which is why taking out adequate business insurance in vital.

Why not insure you and your business today with The Insurance Octopus – putting the right people together with tailored and competitive business insurance.