Thefts Rise as Economic Climate Bites

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We are all a little tired of hearing about the doom and gloom surrounding the current recession. Snivelling apologies from fat cat bankers and profit warnings from our favourite retailers are just daily sound bites washing over our psyche. One of the consequences of the current climate could be more damaging to your business and your home. Burglary, fraud and robbery are officially on the rise. ……..

In September last year a leaked Home Office report modelled against the last recession in 1991 predicted sharp increases in acquisitive crime. These predictions are now becoming a reality, the quarterly update of Crime in England and Wales to September 2008 showed that police recorded domestic burglaries rose by four per cent in the quarter. Local police forces have reported even sharper increases in these crimes for the final quarter of last year, almost doubling in some areas.

A burglary at your business could have long lasting and far-reaching effects. Theft of or damage to IT and manufacturing equipment could lead to a sustained loss of production capability. Databases, technical drawings and business plans could hold vital and potentially sensitive information. They should be password protected and back-ups should be kept off site. Employees should be encouraged to leave valuables at home.

The first course of action should be to check and review your security arrangements. Is your alarm system up-to date and in good working order? Are windows and doors secure with strong modern locks? Do you have CCTV cameras installed? Does your reception area prevent the entry of unknown individuals?

Once you have done all you can to prevent a burglary you should check that your insurances cover you for the full potential value of a loss. Consider the real cost of a major theft including hidden costs such as business interruption, as well as the value of the contents in a building.

Perhaps the most worrying statistic included in the recent figures was an 18% increase in robberies using knives in the quarter to September against the same period last year. Of course, in these circumstances you should always hand over valuables to your assailant. However, with the value of possessions like jewellery and watches increasing, some standard home insurance products may not fully cover you for these losses. Potentially the value of possessions in and outside your home has reached a level that can only be covered by a more specialist product. A brief review with your local insurance broker should highlight any shortcomings in your current cover.

To find your local insurance expert visit: www.cherrypickedinsurance.co.uk/ta/bpf

Insurance will be provided through members of the Willis Commercial Network, who are authorised and regulated by the Financial Services Authority.

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