Whether you rent or own your office space in Canada, getting office insurance is important. Office insurance provides financial coverage for physical loss or damage to your property including valuable papers.
Burglary and theft are a growing concern for small business owners. It has a serious impact on the bottom line and can leave your business at risk of having to close shop. In a recent survey of over 3000 small businesses, more than 22% suffered losses from burglary or theft. The Hartford (a major insurer in the small business commercial space) also claims that theft makes up 20% of all small business claims. The claim amount is not small; on average the claims are for over $8000.
While the most important step in protecting your business from such devastating events is to have comprehensive insurance there are many other ways to protect your assets, manage and reduce your risk. Here are 5 ways you can minimize the risks:
1. Install CCTV Camera’s
CCTV Camera’s are a great tool for small business owners, they provide owners with video surveillance and recordings for when they are not there. The presence of CCTV cameras also discourages thieves from planning or perusing criminal activity. When setting up CCTV cameras at your businesses remember to store footage off site and to not only monitor customers but also employee activity.
2. Preform background checks
Trust is important, but there is nothing wrong with precaution. Sometimes employees commit fraud and it is not uncommon to hear of employees who have stolen from their place of employment. It is important to perform a background check on new hires and any contractors that have direct access to your office.
3. Install an alarm system
Alarm systems are probably the best way to deter any threats and protect your business. Burglaries are often avoided simply because the burglar does not want to risk triggering the alarm. Many small business owners believe that alarm systems are an expensive investment but they don’t have to be. Most setups today are customizable and there are many low-cost options. One of the key factors to remember is that your system should be easy to monitor/control remotely.
4. Check every entry point of the office
Before leaving your office for the holidays or a long weekend make sure all exits are locked and there are no signs of threats surrounding your building. Theft is a crime of opportunity; most thieves scout the target and wait for the perfect opportunity to execute their plans. To reduce your risk of becoming a victim it is your responsibility to not give them any opportunities. Ensure all exits are locked, all keys are accounted for and all work vehicles have been secured.
5. Keep track of your keys
Keep a log of every issued key and ensure that it is returned when an employee leaves the company. It is also important to keep track of keys used within the facility and keep expensive equipment locked up with extra protection. The more circulating keys you have the higher your risks so you may also want to invest in a personalized access system with passwords or fobs. Installing an access system helps you keep track of activity as well as restrict certain people from entering certain parts of your office.
Now back to the most important point; it is impossible to illuminate the risk of theft or burglary so it is important to have the appropriate insurance and the right coverage incase of an unfortunate event.
How can Small Business Insurance Help?
Commercial Property Insurance
Commercial Property Insurance can compensate you or your business for supplies, equipment, inventory, and any furniture stolen from your insured premises. This is an important insurance to have as it protects your assets as well as the leased or owned office space.
A Business Owner’s Policy
A business owner’s policy provides comprehensive coverage as it is a bundled offering. A business owner’s policy combines property insurance with general liability insurance. It provides the same coverage as individually purchased polices at a discounted rate.
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