The Impact of Business Crime

Around 50% of small firms have been a victim of at least one crime in the past two years.

That’s one of the takeaways from FSB’s recent report, “Calling Time on Business Crime” which can be found here. The most commonly reported crimes affecting businesses are robbery and burglary, theft and criminal damage.

It is crucial to check that your insurance accurately covers your contents (the items you use in your business) as well as any stock (the items you may be selling) especially if you have seasonal fluctuations in the value of stock held. This way, if you do suffer a loss as the result of a crime, you will be able to report it to the police and claim against your insurance.

Note: Cyber-crime is an increasing concern in the small business community and as an FSB member you have some cyber insurance cover included in your membership. It is important to ensure your staff are adequately trained to identify potential scam or virus emails and that you have antivirus software in place.

Theft is on the rise

According to the ONS Crime Survey for England and Wales (July 2019) the number of theft offences reported has increased year on year since 2016. Business owners are also increasingly concerned about the impact of violent crime against staff members, a concern that was raised a few times during FSB’s business crime seminars in 2019.

Prevention is always the best way to avoid crime impacting your business. We have compiled a brief blog on the security measures that most insurers require, however there are many more sophisticated options on the market that will help keep your business secure. Visible security is a good deterrent that will dissuade most prospective criminals from attacking your business, but good cameras and alarms will also help ensure that criminals are caught. Always take time to understand the security conditions on your insurance policy, if you don’t comply with them you are likely to experience problems with any theft claim. 

It's important not to panic, while theft might be on the rise and small businesses can be vulnerable, you can make sure your insurance is up-to-date and install adequate security measures to protect yourself. Visible security is a strong deterrent and your insurance is there to help you if it fails.

Need help with your insurance? Call us Monday-Friday 9am-5.30pm on 020 3883 7976 to speak to a member of our team.