You awaken to a phone call from an employee who has discovered shattered glass and disarray when opening your business for the day. Hurried, you rush to your business only to find you have been burglarized. What do you do? Where do you go from here? Even more importantly, how much is this going to cost you?
When it comes to business burglary, a lot can be at stake. Knowing what to in a burglary, and taking the right steps is essential to increasing your chances of recovering your losses and returning to normal operations. In this article, we will walk you through some of the steps you may take and help you learn what to do after the burglary of a business.
The first step should always be contacting the authorities to file an official report. Police can process the crime scene, collect any evidence that may be present on the site, and secure the premises. The police report is an important step toward recovery of your losses. It can also confirm that the crime was indeed a burglary and not some other event. By definition burglary is the illegal entry into your business premises with intent to commit a crime, particularly a theft.
All businesses should have insurance that provides coverage against theft and vandalism. Your theft and burglary insurance coverage provider can begin processing your burglary insurance claim and may require additional information, such as a police report and documentation of your losses. Be sure to create a detailed list of all items that have been stolen or damaged.
If you do not have commercial theft insurance, it is possible that you may never recover your losses. Initially, you will be responsible for the cleanup and repair of your business property, as well as replacement of your lost inventory. You could also face financial losses due to business interruption, which could require additional resources to continue meeting your ongoing financial obligations.
There may be some hope if the authorities are successful in quickly tracking down the perpetrator. In that scenario, you may be able to recover some stolen items before they are expended or perhaps even sue the thief for restitution. Keep in mind, however, that most stolen goods are never recovered, the litigation process can be very long, and even if you win your case, there may be little or no assets available to fulfill any judgments you are awarded.
Instead of leaving your business vulnerable to risk, we recommend taking steps now to protect yourself against commercial crime. But does business insurance cover theft? It depends on your policy. We typically recommend business insurance coverage that includes protection against:
In addition to preparing for a burglary with business insurance, there are also steps you can take to better protect your company against theft or break-ins altogether. A study from the University of North Carolina, Charlotte found that 60 percent of admitted or convicted thieves reported they would find an alternative target to burglarize if a monitored business burglar alarm was present on the property. Likewise, visible security measures, such as surveillance cameras, were also more likely to deter would-be thieves.
Of course, sometimes businesses are not breached from the outside at all. Often, burglaries are an inside job. Business burglary statistics show that U.S. employers collectively lose approximately $50 billion per year to employee theft. Be sure to always thoroughly vet the employees you hire with a proper background check.
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Zuma offers commercial insurance solutions designed to save your business time and money when searching for the right coverage to meet your unique needs. If you need help securing your company against business burglary, theft, and vandalism, contact our team today for a free quote. We look forward to serving you soon.