What steps can I take to minimize theft in my store?

Posted On Tuesday May 21, 2019

Retail operations - Is theft affecting your bottom line?

Theft is a real issue for Canadian retailers. It is estimated that between employee theft and external theft around $5 billion is lost each year.

Who is at risk?

Small to mid-sized retailers may not have all the resources to put internal and external control mechanisms, policies and procedures in place, leaving them vulnerable.

What steps can I take to help minimize my risk?

Every retailer can benefit by proactively ensuring they have the best protective strategies in place for their operation, to discourage would be burglars, shoplifters, vandals and others. Protective measures may include:

  • Installing approved sprinklers, intruder alarms and fire alarms.
  • Securing all doors, windows and skylights, tightly.
  • Securing storage and other low-traffic areas.
  • Leaving some lights on and windows clear so police patrols can view the interior.
  • Encouraging employees to protect the company by being watchful and careful.
  • Registering with your local police and fire department so that they know who to call in an emergency.
  • Considering the hiring of a security guard when conditions warrant.
  • Purchasing specialized crime coverage to mitigate the risk of internal theft and fraud.
  • Good inventory control and meticulous bookkeeping to help take temptation away from employees and suppliers.

Source: Insurance Bureau of Canada

Tips to keep in mind that may help minimize shoplifting in your retail space:

  • Remove the clutter – thieves prefer a cluttered retail space, so keeping your store tidy is both inviting to your customers and uninviting to someone intent on taking items unlawfully.
  • Keep your corners visible – moving things around or installing mirrors so you can maintain visibility of all areas of your space will help to deter a potential theft.
  • Know your customers – shoplifters love anonymity. Building relationships with your customers is not only good for business. When you get to know your clients, they will be more likely to report suspicious behaviour to you.

Source: Bottom Line Matters

Making sure, you have the appropriate business insurance in place and taking a few proactive steps up front, can provide peace of mind. To discuss your business insurance options, contact a Middlesex Mutual agent today.