Tips For Reducing Your Retail Insurance Premium

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There has been a staggering increase in reported thefts from general retailers in the last few years. As a result of this, retail insurance premiums are on the rise. So, how can a retailer ensure they are doing all they can to keep their retail insurance premiums to a minimum? Here we look at five ways in which a retailer can make their premises as safe and secure as possible.

Layout – Organising your shop layout in the best way possible will benefit the business in many ways. Having your shop floor as clutter-free and open plan as space will allow will help you to monitor customer activity. Mirrors can help you oversee certain areas too. If you are limited on floor space, be sure to have your stock ‘faced’. This means creating a solid wall of stock rather than spacing it out.

Surveillance Tools – This is crucial. All shops need to have efficient surveillance equipment. CCTV and surveillance rooms are essential for any retailer, and making it clear they are in operation can serve as a deterrent. CCTV footage is priceless when looking to prosecute or make an insurance claim.

Employee Training – Your staff should be confident about how to deal with a suspected thief. Training courses for managing these situations would be hugely beneficial. This training can take place in-house, or you can ask a security specialist for advice. Correctly trained staff can make a world of difference.

Signs – The police advise that all retailers should invest in signs stating that shoplifters will be prosecuted. You can customise your signs to suit your shop, but ultimately, they serve as a reminder theft will be punished.

Security Staff – The presence of a security guard will immediately deter a lot of ‘opportunist’ thieves. A trained security specialist will give their sole attention to monitoring activity and will be highly skilled at spotting suspicious activity as well as dealing with it.

If you are a retailer looking to minimise your retail insurance premiums, following these top tips will give you the best results.